This story explains my rather foul mood tonight. Excelsior Energy, a nearly 10-year-old front company staffed by lawyers and lobbyists with Range roots, is seeking a rather profound sweetheart extension on what was already a rather appalling $9.5 million in sweetheart loans from Iron Range Resources. If the terms of this proposal are upheld, the local political class would be breathing another half decade of life into the biggest mistake ever made by Iron Range Resources.
The MEP is a proposed coal gasification power plant that I’ve roundly criticized as a boondoggle here at the blog. Large investors and government agencies alike deemed the project not to be viable. It would provide jobs, jobs, jobs, though, if it is built. But it will never be built. Not as advertised. Not with the impact of its lofty, false promises. Not without some serious, even more appalling help from all levels of government. Apparently that last item is on the menu Thursday.
The IRR board meets Thursday morning. I expect some discussion on this matter. If this proposal is passed as described I’ll have some things to say Thursday evening. These will not be pleasant things.