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вЂњNo funds are in fact utilized to get extra items or services, or even to build additional facilities. Current assets are changing fingers among relevant entities,вЂќ Roney penned to FAMEвЂ™s board into the memo that is same. HereвЂ™s just exactly exactly how Cate Street, Stonehenge, and Enhanced accomplished that: First, Cate Street developed a brand new entity called GNP Maine Holdings LLC to get the $40 million investment. That entity then paid the $31.8 million to GNP East Inc., the Cate that is existing Street entity that owned the mill, to purchase the paper devices and gear. Following the deal, GNP East had been kept having just the land. (Both entities fundamentally filed for bankruptcy.)
This one called GNP NMTC Finance Co. which then funneled the $31.8 million back to the original lenders, according to documents provided to FAMEвЂ™s board after selling its equipment to its sister subsidiary, GNP East passed the sale proceeds to another Cate Street controlled entity. The cash changed arms eight times in EnhancedвЂ™s percentage of the offer and seven times in StonehengeвЂ™s deal, at the least in component due to the complexity of this U.S. taxation rule and guidelines regulating MaineвЂ™s New Markets program.
Whenever Roney and FAMEвЂ™s staff voiced concern within the dealвЂ™s framework, Chris Howard, the lawyer through the Portland law practice Pierce Atwood whom aided produce the system and represented Stonehenge, improved and Cate Street when you look at the deal, argued that the application of 1 day loans could be qualified underneath the federal system, therefore must be underneath the Maine system, too. (more…)