They were the last to know Wednesday, Nov 30 2011
In what is likely the least surprising development in economic development history in Louisiana was the announcement that a project which the state of Louisiana had committed $67 Million of OUR money is shutting down its effort.
My friend Walter Abbott publisher of the Lincoln Parish News Online has been reporting that the mystical auto plant in Monroe was a non-starter from the day it was announced. Abbott continued reporting on the expenditures of public funds that were being wasted on the boondoggle while many in the local media were going along with and promoting the gag.
Initially, the project was known as the V-Vehicle Company. After its efforts never got off the ground, it was reincarnated as the Next Autoworks Company.
Other than politicians and economic developers who were sprinkling “pixie dust” on the idea, nobody that had an ounce of business acumen ever thought the project was feasible.
The Wednesday before Thanksgiving, Next Autoworks announced that it was withdrawing its application to the U.S. Department of Energy for a $320 Million loan. The DOE said it would not approve the deal “given political and credit-risk concerns regarding the funding of startup companies.” Baton Rouge Business Report’s Daily Report November 23, 2011.
The promoters of this “snake oil” manufacturing operations must have been the last to figure it out.
C.B.
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