Iron Works sued

Full story: The Bennington Banner

Bennington Iron Works, which has closed, is being sued by a New Hampshire company accusing it of fraud.
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1 - 7 of 7 Comments Last updated Jun 12, 2011
Elmer

Rutland, VT

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#1
Jun 10, 2011
 
Another successful Bennington bidnez.

$9 million in the hole??

Since: Feb 11

McHenry, MD

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#2
Jun 11, 2011
 
Elmer wrote:
Another successful Bennington bidnez.
$9 million in the hole??
$9 million is peanuts when you're talking the steel industry....
These guys were trying to play "Catch Up" by paying off old debt
with cash from jobs that weren't even completed.... Robbing from Peter to pay Paul will bite you in the ass every time.....

Am I reading this right because I wanna know who the financial genius was that approved a $4.3 million subordinated loan or bond issue to these guys.... Was this VEDA cash also?????
Elmer

Williston, VT

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#3
Jun 11, 2011
 
Alexs Tavern LLC wrote:
<quoted text>
$9 million is peanuts when you're talking the steel industry....
These guys were trying to play "Catch Up" by paying off old debt
with cash from jobs that weren't even completed.... Robbing from Peter to pay Paul will bite you in the ass every time.....
Am I reading this right because I wanna know who the financial genius was that approved a $4.3 million subordinated loan or bond issue to these guys.... Was this VEDA cash also?????
$9 million is still $9 million. Whoever supplied the unsecured dough is either a dope or a paid stooge.

"VEDA sparks business growth in Vermont with a wide range of low-cost lending programs for small and medium-sized businesses." from their website: www.veda.org

It STILL lists the Bennington Iron Works Loan as a glowing accomplishment. It also lists a $25 million bond to GMP (TransCanada -- a local SMALL business)

"VEDA Knows Low-Cost Financing"

"VEDA Knows Business"

"VEDA Knows Vermont"

"Low Cost Financing" Low cost to the guys that take the money and default. They certainly know "Vermont" though, at least the money trail part of the gubmint.

And BIW is the BATH Iron Works.
Community Disorganizer

Trumbull, CT

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#4
Jun 11, 2011
 
Is the Bennington Iron Works facility suitable to convert to another yogurt plant?
Elmer

Williston, VT

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#5
Jun 11, 2011
 
Community Disorganizer wrote:
Is the Bennington Iron Works facility suitable to convert to another yogurt plant?
VEDA is willing to give them a $2 million loan to try it!
Community Disorganizer

Trumbull, CT

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#6
Jun 12, 2011
 
Elmer wrote:
<quoted text>
VEDA is willing to give them a $2 million loan to try it!
Sounds like another jobs bonaza. Can Iron workers be retrained to swing a mop?
Alex

United States

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#7
Jun 12, 2011
 
Community Disorganizer wrote:
<quoted text>
Sounds like another jobs bonaza. Can Iron workers be retrained to swing a mop?
That depends, are we talking union or non union??????

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