Monday, March 29, 2010

Busey Bank Files Against Globe Energy

On March 22, 2010, Busey Bank filed Judgment orders against Globe Energy Eco-System LLC, David M. Jones and Joan Jones, totaling $7,938,676.81 with attorney fees reserved.

Globe Energy owes Peoria County $128,155.38 currently. Recovery chances for Peoria County. I believe we will be at the end of the line????

Bad bets by the EDC who recommends these companies to the county, recently include In_PLay, River Station and FireFly and now, apparently Globe. County financial advisers included County Treasurer, Tripp O'Connor who, if you recall said, "I do not forsee a risk", when advising the County Board on guaranteeing City Nationals approximately $7 million loan to FireFly now in apparent default.

As I have advised the board many times and the record will so state that we should not be in the lending business with taxpayer money even if the money comes from the state.

We should not be loan officers because we are not qualified and some board members cannot read a financial statement. One reason the board apparently feels give validity to the loan if because there is a bank involved and sometimes the government. If the loan goes bad, the county generally stand last to get what left.

If any.

2 comments:

diane said...

This is what I always tell my Sellers who contemplate selling their home to a buyer on contract, because the buyer can't get a regular mortgage. If a bank who is in business to LOAN MONEY won't loan money to them, what does that tell you?

Chef Kevin said...

"If a bank who is in business to LOAN MONEY won't loan money to them, what does that tell you?"

That we shouldn't be building a museum or a downtown hotel?