The Lamar city council unanimously voted to table the motion until the California-based developer (Structured Equity Advisors) could come back with a proposal that would not require the city’s $1.5 million investment in the project until after the first phase is complete.
Calton fears the vote, initiated by council member John Gilkey, could jeopardize the future of the deal.
The apparent change in mind came after concerns were raised about Polymer-Wood Technologies and its CEO, Evan R. Daniels, as noted in the Nov. 4 Turner Report, which included this passage:
However, court documents indicate that the last company managed by Polymer-Wood Technologies CEO Evan R. Daniels, Trio Industries, ended up in bankruptcy with disappointed folks in Greenville, Miss, and Kalamazoo, Michigan, who had counted on manufacturing jobs that had been promised to them.
And in documents filed Oct. 13, 2005, in U. S. District Court for the Southern District of New York, Daniels' former partner, Robert E. Gyemant, accused Daniels of "theft of corporate property, unjust enrichment, misappropriation of trade secrets and tortious interference," with Trio after the two partners had a falling out.
The Globe story indicates Daniels was not pleased with the City Council's action, or lack thereof:
Evan Daniels, president and chief executive officer of Polymer-Wood, was visibly surprised by the vote Monday, and declined any comment to the Globe on the matter, saying, “It is not a good day to ask me questions.”
It appears John Gilkey may have saved the City of Lamar $1.5 million, that Lynn Calton was ready to give away, without much investigation. Of course Daniels was upset, he may have just lost $1.5 million.
ReplyDeleteHow dare Calton try and make John Gilkey look like the bad guy by stating "he fears the vote, initiated by John Gilkey could jeopardise the future of the deal". John Gilkey was doing his homework while Calton was doing TV interviews blowing about how great this is going to be and how the council will vote 8 to 0 in favor of it. If Calton thinks this is such a great deal let him invest his own 1.5 million dollars in it. Lamar can't afford to loss any more money. Job well done John Gilkey!!!
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