ORC (Oregon Resources Corporation) is the sole asset of an Australian company, IDM International Limited. According to June 2012 fiscal year end reports the company has breached seven conditions of its project facility loans that include inadequate debt service cover ratios and sales below the minimum 80% of projected revenue. ORC has not made royalty payments as per terms of its royalty agreements and shows $43 million in debt compared to just $2.5 million in assets and the suspended all stock trading the 5th of October. The company auditor, Ernst & Young, concludes “there is material uncertainty whether the consolidated entity will continue as a going concern”.
The company and its contractors have amassed dozens of violations and penalties during their work on the Seven Devils Mine site and have yet to begin reclamation. Nevertheless, the commission will hold public hearings regarding a transferable/assignable surface use lease for 465 acres of county forest beginning November 26, 2012. Why the would even consider engaging in a speculative business with a clearly unstable company is anyone’s guess but today Messerle muttered something about “balancing risk”??? Someone else suggested he risk his own land at $25 per acre per year and see how the reclamation goes before tying up county forest to an Australian bank.
Yup, you watch as the Commissioners will proudly give ORC an open-ended binding long, very long, term lease to use the County lands.
That assignable lease will become among the biggest assets in the ORC bankruptcy.
Wasn’t ORC going to move tons and tons of sand somewhere on our Rusted Train To Nowhere? So for one hundred million dollars, who exactly is going to use it now?? I think that was part of their deal wasn’t it? Weren’t there photos of the celebrations? Poor bumpkins who continue to believe the Port is going to do anything but what it has done for forty years, stymie any and all development other than heavy industry completely financed by Other People’s Money, and Knutson and Sause have their fat little fingers all over it.
Why haven’t other mining companies visited us lately? Do they not share the mining industry expertise of Messerle and Parry? Why is Messy so eager to cook up a deal with a company that will go broke soon? Have we all forgotten the MasTec pipeline mess and all the ventures brought to us by the Port that went nowhere? We do have a 10 MPH train to Eugene that Roblan, McKeown, DeFazio are claiming that they gave to us (with your tax dollars). Is Messy privy to a draft Novation Agreement that benefits some local if ORC collapses? What do Messy and Knutson gain by cooking up a deal to help bail out ORC’s parent with total disregard for the citizens of the county? Messy must be gone soon.
And speaking of changing minds, etc. Who is Barbara Dodrill who could not hesitate to stab her friend Main in the back?
The answer to your first question is in the audit report. Sales have not met projections which says to me that the reason ORC was the only company interested in our chromite is because everyone else knew it wouldn’t pencil.
Revised version letter to the Editor. As the Revolution proceeds: “And, planning to dismantle and redistribute the County forest, giving away mineral rights at the cost of future County forest production.”
Viva The Coos County Revolution, next step, put in place the Oligarchy ie county ADMINISTRATOR.
The County Administrator Ordinance will put the final nail in the coffin of Representative Government in Coos County.
Two County Commissioners die, the Chaos. The Progressives and Statist organizational structures are already in place, they initiate the Revolution and move their people, appointed Commissioners into the Void.
As the Revolution proceeds, they begin to dismantle the current Representative Republic form of Government by decreasing representation by the general population. Dismantling County Self sufficient infrastructure, Beaver Hill facility, give tax abatements to the Favored few, ORC,Urban renewal redistribution to favored districts, Bandon. And, planning to dismantle and redistribute the County forest, giving away mineral rights at the cost of future County forest production and sharing the Coos Wagon road timber with the Tribe.
Non-government committees formed, they are membered with selected progressive’s and Statists. The Committees are officially recognized as part of the County governance. They become the official representation of the voice of the people, which is now limited.
Choice One. Proceed with the Revolution. Choice Two Vote for the commissioners of your choice. Choice Three, vote for the Home Rule Charter.
Choice one oligarchy. Choice two, position two, is part of the Oligarchy, position one and three will either go to the Revolution/Oligarchy, or to the continuance of the representative form of governance.
Choice three, the only chance to have representation by the registered voters of the County, is the Home Rule Charter. Voting Home Rule and its passing will bind all the Commissioners, no matter who wins, by law to follow the rules of the Charter. Stopping the Oligarchy for now, by requiring a vote of the registered voter of Coos county to approve an administrator.
Yes Main and Gurney say they do not support the Ordinance for an administrator. However they can change their minds. In my mine the commissioners have lost my respect regarding this kind of decisions without a vote of the people.
The Home rule Charter, nothing else will continue our current form of representative government in Coos County with all citizens involved and registered voters having more say in the operation of County Government.
The Charter is a law backed rule book, it can be amended by a vote of the people. The Current Commissioners have forgotten the rules and are voting their own agendas.
den
Alas, poor Yorick! All that remains of him is his putrid skull … but, we’ll give him a mineral lease anyway.
(Apologies to Wm. Shakespeare)