Sunday, May 05, 2013

Terry Mac Is the MacDaddy of Failed Businesses and Tall Tales


Terry McAuliffe Gets Caught Misleading Virginians  

About Another Business Venture

-- Franklin Pellets Gets Exposed As Another Failed Business Deal From McAuliffe --  

After misleading Virginians about GreenTech Automotive, today another business venture from Terry McAuliffe has been exposed for failing to live up to its expectations.     

According to reports, Franklin Pellets is a company McAuliffe purchased and promised it would create jobs in the Commonwealth, yet three years later the company has yet to break ground on their facility.

As Tidewater News
reports


"As far back as early 2010, a group of investors that includes Democratic gubernatorial candidate Terry McAuliffe, announced an interest in buying International Paper Co.'s mill in Franklin. At that time, the plant was already in the midst of closing. The investors wanted to convert it into a wood-fired and biomass power plant. A company called Franklin Pellets was eventually formed. A little more than three years later, there has not been any tangible evidence that Franklin Pellets is any closer to a groundbreaking.  ... On Tuesday, prior to contacting CMI for comment, McAuliffe was listed as a partner on CMI's website. As of Friday, reference to McAuliffe had been removed."  (Stephen Cowles, Where Is Franklin Pellets, Tidewater News, 05/04/13)
 

 

McAuliffe: Lying About The Little Things
McAuliffe: Lying About The Little Things

 

"Terry McAuliffe promised that Franklin Pellets would create jobs, yet just like GreenTech the plant hasn't even broken ground," said RPV Chairman Pat Mullins.  "Simply put the man is a fraud and we can only hope that during his statewide tour this week, he explains why neither Franklin Pellets nor GreenTech Automotive has lived up to his hype."   

BACKGROUND ...

Shady Businessman Terry McAuliffe & Franklin Pellets

In 2010, McAuliffe And Investors "Announced An Interest In Buying International Paper Co.'s Mill In Franklin" "As far back as early 2010, a group of investors that includes Democratic gubernatorial candidate Terry McAuliffe, announced an interest in buying International Paper Co.'s mill in Franklin. At that time, the plant was already in the midst of closing. The investors wanted to convert it into a wood-fired and biomass power plant." (Stephen H. Cowles, "Where Is Franklin Pellets?" The Tidewater News, 5/4/13)

Over Three Years After The Announcement Of Franklin Pellets, "There Has Not Been Any Tangible Evidence That Franklin Pellets Is Any Closer To A Groundbreaking." "A little more than three years later, there has not been any tangible evidence that Franklin Pellets is any closer to a groundbreaking. Within those three years, ST Paper, a subsidiary of TAK Investments, established a presence at the mill and became operational in 2012. International Paper, after shutting down the mill in spring of 2010, has since repurposed part of the mill, and began producing fluff pulp there last year. Enviva, which also makes wood pellets, identified a location in Southampton County in fall of 2011 and broke ground on its new facility in July 2012." (Stephen H. Cowles, "Where Is Franklin Pellets?" The Tidewater News, 5/4/13)

Yet After McAuliffe's Company Was Exposed He Tried To Erase His Ties To Franklin Pellets

Capital Management International Is Invested In Franklin Pellets, And It Was Led By McAuliffe's "Longtime Associate" Peter O'Keefe. "Among the aforementioned parties invested in Franklin Pellets is CMI, an investment company based in Washington D.C., led by Peter O'Keefe. He's a longtime associate of McAuliffe with deep roots in fundraising for the Democratic National Party where McAuliffe was once chairman. O'Keefe is one of his partners in the Franklin Pellets venture." (Stephen H. Cowles, "Where Is Franklin Pellets?" The Tidewater News, 5/4/13)

"On Tuesday, Prior To Contacting CMI For Comment, McAuliffe Was Listed As A Partner On CMI's Website. As Of Friday, Reference To McAuliffe Had Been Removed." (Stephen H. Cowles, "Where Is Franklin Pellets?" The Tidewater News, 5/4/13)
After Requesting To Not Be Mentioned In The Story, O'Keefe Responded That Franklin Pellets Is "Still Actively Engaged In Our Due-Diligence Process," But He Could Not Account For Why McAuliffe's Information Was Removed From CMI's Website. "When contacted, after initially requesting to not be mentioned in this story, O'Keefe replied in an e-mail, 'We are still actively engaged in our due-diligence process. Once we have completed this phase, we will have further announcements to make.' He also gave no reason for McAuliffe's information being removed from the CMI website." (Stephen H. Cowles, "Where Is Franklin Pellets?" The Tidewater News, 5/4/13)

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