Investors Pulling Out Of Dirty Coal Plant In Wellsville!

[irishbobcat]

The Green Party of Ohio has fought against the dirty coal-to fossil fuel plant in Wellsville for over 3 years now.....

Investors are finally beginning to realize the folly of such a plant.......


Another cloud over Baard
Investors want a deal before coming up with cash
April 9, 2011
By TOM GIAMBRONI - Staff Writer (tgiambroni@mojonews.com) , Morning Journal News
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LISBON - The investment firm providing the cash to purchase land for the Baard Energy project has quit doing so until it can reach a permanent agreement with Baard.

Columbiana County Port Authority CEO Tracy Drake said he learned of this development after an official with Planck Trading LLC told him he need not proceed with obtaining extensions from the remaining property owners on the purchase/option agreements.

"We were told not to go forward by Planck because they had yet to work out a deal with Baard," Drake said.

The Florida-based investment firm stepped in last fall to provide the money to purchase the 522 acres outside Wellsville where Baard plans to build a $6 billion plant that would convert coal into jet and diesel fuel. Until then, the project had been stalled for two years, due mostly to Baard's inability to obtain private financing.

Since then Planck has provided the port authority with funding to purchase 275 acres from four of the 17 property owners. The purchase/option agreements for the remaining properties expired March 31, and the port authority was working on obtaining another three-month extension when Planck told them there was no need.

Drake said Planck told him they are unwillingly to continue providing funding for property acquisition unless there is a long-term agreement in place with Baard.

While Planck provided the financing, the property is actually in the port authority's name. The plan was for the port authority to transfer or lease the property to Baard, whatever the company preferred, once all 522 acres were acquired.

The news comes two weeks after an engineering firm owed $222,764 by Baard filed a lawsuit in county Common Pleas Court seeking collection of the debt.