The Portland Press Herald newspaper had an interesting article that I'm hoping really has some sharp teeth to it. But unfortunately, I'm at the ten look-sees for the month, so, I've only able to report some partial information here.
As I've reported here the historic paper mill in Millinocket, Maine closed throwing hundreds of people out onto the bricks and roughly 43% of the local communities tax base went out the window with the workers. Poof. Up in smoke.
The question now is: Did any of this have to happen? I say that it did not.
The Portland Press Herald is reporting about a State Senate committee launching a probe/investigation into Portsmouth, N.H. based private equity firm Cate Street Capital, the owner(s) of the mill in question. The investigation will look into why Cate Street accepted some $40 million dollars in state grant money, for the upgrade of the mills but instead of using this money for its intended purpose-- it ended up in a complex arbitrage/broker led deal with most of the money ending up in Alabama.
A Big Bravo to the Maine State Senators that are making this happen. This is leadership and what elected officials are supposed to be doing!!!!!!
A new month approaches and I'll get another ten look-sees at the Portland Press Herald. Hopefully, there will be alot of more substance to report here. I'm thinking one word right now: