Twin Creeks Technologies goes under, owes Mississippi $26 million
There are 1 comment on the Mississippi Business Journal story from Nov 29, 2012, titled Twin Creeks Technologies goes under, owes Mississippi $26 million. In it, Mississippi Business Journal reports that:
In Nov. of 2011 the Mississippi Business Journal reported Twin Creeks Technologies' new 88,000-square-foot factory, funded with $26 million in state dollars, sat in Senatobia with very little going on.
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#1 Nov 29, 2012
BWHAWAHAHAHAHAHA -- you suckers fell for it again. I remember about a decade ago reading in the newspaper about that stupid hick with the cowboy hat who swindled the state out of 50 or so million for that stupid beef plant in Oakland that never materialized.
AGAIN you fell for it.
Again the state is stuck with one finger up its ass & the other scratching your scalp trying to figure it out. Why in the world would a solar panel company come here of all places? Why near Memphis? I've never heard of any solar panel operations or sectors near Memphis or this state. I think there are a few in parts of Texas(Dallas, I think), maybe a few in Florida or Atlanta but none here.
Why do you keep paying so much for this overpriced real estate? Real estate is in a MASSIVE bubble right now. The property taxes & valuations you ppl place on your otherwise worthless property is kinda scary.
The Chinese are pumping their solar ocmpanies up with subsidies & yet you ppl whine that Obama is throwing a tiny amt. of cash @ Solyndra.
Perhaps instead of whining about the money the GOP should change its policies on free trade & open borders & close up our market to Chinese junk imports. And you know -- start making things in this country again.
But I can't get over this -- Senatobia is on the line for this crap. They owe the state. Oh and good luck getting money out of the Ch. 11 filing, lol.
You guys are a part of the unsecured creditors. The top tier bondholders get first dibs on the assets followed by the lower tier bondholders probably then by the higher tier stockholers or banks who have liens for property and THEN your city or state gets a piece of the pie.
And well, if you get a few crumbs you'll be lucky.
Good luck collecting. My advice, eat the loss, sell the junky ass equipment NOW as equipment depreciates, fast. That equipment will probably lose a third to half its value within 2-3 years. Get rid of it, firesale on the real estate too, commercial real estate is in terminal decline & in even worse decline in such backwaters as Senatobia.
Cut your losses, eat crow on the lost money so to speak, grit your teeth & move on. Losing most of your money is better than losing it all. Nobody wants a worthless warehouse in the middle of nowhere. Look @ all the vacant warehouses down here on the coast....I can only imagine what its like up there. Oh & Senatobia -- expect your city's bond ratings to drop within the next few years over this liability. The state will probably put a lien on your transfer payments and/or just take it out of your ass by withholding certain funds.
Good luck, you guys are gonna eat this. Leave this region, while you still can.
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