Gov. deJongh Recall
This whole story seems to be growing and getting more interesting.
You can listen to Boyle interview on WDHP 1620 right now.
Senator Nelson couldn't find a running mate for his gubernatorial run but ended up a Senator and, thankfully/hopefully, is now cooking his future political goose by wasting everybody's time petitioning for a recall. Dumber than dumb. The National Enquirer is more credible than that ridiculous Daily Caller. Bah humbug.
This has to do with the VIPSC permitting the sale of Innovative to the CFC at below market value. Supposedly hush money to the PSC ... and others in government. This denied monies to the Innovative creditors in bankruptcy proceedings. And supposed the Non-Profit CFC and For-Profit NCSC are affiliates where-as the non-profit (CFC) was used to shield NCSC profits. This is much much bigger than the USVI ... if the facts bear it out. USVI got caught in the middle. Seems like if there is this much smoke coming out of DC ... there must be some fire.
This seems to be beyond Prosser and the mis-workings within CFC and NCSC. Prosser may not be a saint. And maybe that is why the forces tried to pull this off and thought that to get that fortune back ... the end justified the means. Let's just wait and see before we pass judgement. In my comments, I refered to the details as "supposedly". Just trying to pass along the logistics of this MESS.
The sale of VITELCO has been upheld in every court in every jurisdiction for years now. Nelson is spouting a lot of grandstanding nonsense, he has no credibility, and it's more than highly unlikely his bill will make it onto the senate session agenda but will be placed to wallow in committee The Daily Caller's bill of fare can hardly be viewed as "journalism" but is simply the epitomy of sensational gutter press. I feel perfectly justified in "passing judgement" on any comments which give any credence whatsoever to this idiocy.
No matter, I'm not getting pulled into this conspiracy theory. I have enough to worry about with all these shooting stars buzzing around and need to get out and buy some more aluminum foil for my protective hats and window louvers.
That isn't how the transaction worked.
I worked with a group for fifteen months in evaluating and preparing a bid to purchase Innovative.
In May of 2008 there were eight finalist preparing final bids for Innovative. The team I worked on bid would of been in the neighborhood of $500 million which would have meant the creditors would have received eighty cents on the dollar. At the very last minute the Bankruptcy trustee decided to delay the bidding process thinking they could tweak Innovative and get more money. As we all know by December 2008 the credit markets had crashed and only the vulture capital firms had money and were willing to take the risk to purchase Innovative. Working with a vulture capitalist, the most they were prepared to bid was $125 million.
The RTFC (the agency that had lent the money ) thought they could fix up Innovative and some day in the future sell the business and get more of their money back so they credit bid the debt for Innovative. Similar to a reserve or a minimum bid in other types of auctions. Having the right to enter a credit bid is SOP in many bankruptcy proceedings. Bankruptcy is a Federal court matter so the VI Government or courts had no right to be a party in the proceeding and when they attempted to get involved they were clearly told back off as they had no standing.
The PSC had a limited rights after the sale to become involved however their rights and how long they could delay the process are proscribed by Federal law.
The fact that they delayed it for a year in the USVI after the sale is amazing, particularly since the BVI approved the sale of the system there in just a few weeks. Since Federal statues clearly state that local governments can't unduly delay or deny a transfer of ownership it seems highly unlikely that RFTC would have paid anyone off to get a deal done.
The price was set in Federal Bankruptcy Court. The RTFC was the high bidder. All the USVI had the right to do was rubber stamp the sale to Innovative's creditors.
The journalism used in this "report" is appalling.
I would not be surprised to hear of bribes being accepted by politicians but seriously, I think using such a shoddy piece of journalism to back a position of government corruption does a disservice to your cause.
It is a really, really badly written piece. From what I've heard the unnamed source is largely Prosser's attorney. But we'll never know that for sure because the so called journalist doesn't name their source or any corroborating sources and instead just uses what he's told by someone with a clear agenda to further his agenda.
I was kind of confused about your comment " Stellar credentials" I'm still confused as to your statement. If your knocking the College or the paper or the writer.:S
When the "bio" on the reporter on the headline of the story he's writing contains only the (as quoted verbatim) very minimal information on his journalism experience as editing the school's newspaper, that strikes me as quite rib-tickling. Boyle (and the other reporters who work for The Daily Rag) have a reputation for quoting "un-named sources" but it seems some are impressed when (as in this case) Boyle notes that the source was "a DC Justice Department investigator" as though that makes everything Boyle says the absolute truth. They leaped back onto this ridiculous story with glee when Senator Nelson contributed his two cents. I suppose if one thinks that Mr. Nelson is an educated, intelligent and articulate representative of the people of the Virgin Islands then that clinches the deal.
Hope that clears any confusion you had about my comments. I would love to expound further but I'm seriously concerned that although I got my own aluminum hat made to protect me from the conspiracy theory aliens, I only got half the window louvers encased and haven't yet got around to fashioning protective brain gear for the cats and the rat. Must get to work!
Tart - first of all. If you are referring to me in "but it seems some are impressed when (as in this case) Boyle notes that the source was a DC Justice Department investigator" ... then all I have to say is that I am not impressed. I'm not either way. But I would like to get as much info on this, as it may impact me down the road; if / when the VI Govt goes upside down. I am only stating the facts of what was said on the radio program. I thought the intend of the message board was to ask questions and inform .... and not just belly ache.
2ndly. A lot of people go to various schools, colleges and universities. By doing so they get "informed", BUT that does not make them smart. I know a lot of people that have not gone to college and can run rings around some that have advanced degrees, relative to common sense (smarts). The guy is doing investigative reporting .... not writing a novel.
Well, as my Mum used to say, "if the shoe fits wear it". Obviously you and I are quite different in that if I disseminate news or information I do my best (admittedly not always successfully but I try) to conduct some research to ensure that what I'm giving is good information from a reputable source and not outright scuttlebut based on sensationalism. Maybe you weren't around these parts when the VITELCO/ICC melee hit the fan and I can only presume you weren't to describe Prosser as "maybe not a saint". Ah well, this "discussion" is over for me.
In lighter news, the cat helmets worked out rather well, even though I say so myself and duct tape keeps them in place quite well. Still having a major problem fitting up Miss Ratatouille as she's apparently of the opinion that aluminum foil is for chewing to pieces. Maybe rats don't get affected by the alien forces ... 😀
Senator Nelson will be the top vote getter next time, because most of the terrified, abused, lied to government workers will vote for him, and against the likes of theiving Chucky, dummy Sanes, coked up Usie, pharmacist Alvin, Napoleon Hill, Alzheimer White, or double paycheck defendant Dowe. Nelson has the courage to call out the Governor who first denied, then admitted, then excused his spending of private money on public property. The same guy that gave us two disastrous rum deals, Cruzan used to give over $100 million annually, now we get $47 million from both companies combines ($47 mil from Cruzan alon) while we pay the debt service on the plant, and buy all their molasses for 60 years. If deJongh didn't get bribed for that one, then he should go to jail for making such a lopsided deal. We sshould ask the Securities and Exchange Commission to investigate this same Diageo that was just fined hundreds of millions for bribing government officials in exchange for absurd tax breaks in India, China, S.Korea. Sound familiar. DeJongh, who repeated two grades before graduating from highschool (his bio will confirm that he graduated at the age of 20) and got only a bachelors degree from a mediocre, now defunct university, who purported himself to be a financial guru, has borrowed almost $1 billion dollars, hired 1200 exempt employees, and arrested a political opponent even after the only witnes said that Dejongh's staff offered her $150,000 to accuse him.
So, we didn't all drink the koolaid. There are some of us who voted for him, and saw what an economic disaster he created. I can't wait to see the last of him.
And have you ever heard of anyone publishing stories that allege bribe taking, accusing two attorneys, and other government officials without the fear of slander suits. Either Matthew Boyle has unlimited money or is crazy, or he is right on the money.
And why hasn't Frazer (DeJongh's attorney general) or Sharpe (the US Atty) made a comment, even to deny the allegations. I think deJongh probably did everything they said and maybe more. And maybe the senate voted against hearing the recall bill because they are culpable; consider that Boyle says that local senators were bribed too.
Face it guys. DeJongh is not that good a governor. And he is a crook too.