SCDC "poised" to move forward, please give $75K
The county is “poised” to hand off a big chunk of change to the same tight, secretive little cabal that has facilitated so many publicly funded failures while operating behind closed doors
Read MoreTag: Oregon Resources
Is ORC disposing of equipment?
A stock pile of machinery believed to belong to ORC and its subcontractors located just north of the Mill Casino is reported to be up for auction.
Read MoreDoes ORC still meet enterprize zone tax exemption conditions
Now that the company has laid off all but 15 of its 91 employees, does it still qualify for the tax incentive?
Read MoreORC halts operations, lays off 45
Less than a week after securing a surface use lease from Coos County ORC lays off 45 workers. From the IDM website
Read MoreBoard approves surface use lease with ORC
the board approved, two to one, a surface lease agreement with the ailing strip miners, ORC. Parry argued that allowing ORC to assign its lease rights put the county in a stronger position despite a legal argument presented by attorneys representing ORCA (Oregon Coast Alliance) and other citizen comments asking the clause be stricken from the contract.
Read MoreGoverning or economic development
The same leaders who promoted a disastrous $51 million pipeline promising 2,900 new jobs now want the county to bailout ORC (Oregon Resources) from its own failure to correctly judge the global market. The same leaders who pushed for $50 million airport expansion that now forces most of us to drive to Eugene or Portland to catch a reliable flight, want the county to sign a lease with a company that conventional institutional lenders and investors will not touch.
Read MoreProposed lease caves in to ORC requests
One of the major sticking points in the past is that ORC wants to be able to assign or transfer the lease to unnamed entities which this new lease allows*. Of course the company accepts the new lease, it is practically a gift.
Read MoreORC says reserves not enough to satisfy investors
I don’t really know if we can convert the customers that we need to to keep us going, if we can go any further at this rate and I don’t know if this funding will preserve those jobs.
Read MoreORC parent IDM breaches loan conditions
The company auditor, Ernst & Young, concludes “there is material uncertainty whether the consolidated entity will continue as a going concern”.
Read MoreBOC to discuss surface use lease with ORC
Coos County is not in the bail out business and the company may be in such dire straights has to be beyond rescue. Nevertheless, the board can convey public property if they deem it in the public’s best interest so I encourage concerned citizens to specifically ask the board to explain their analysis, provide a spreadsheet or otherwise prove how they arrived at any decision.
Read MoreMesserle slips, says we have “obligation” to ORC
Call it a Freudian slip but Messerle acknowledged that he feels obligated to the company even though it has made its own mistakes despite public aid in the form of tax exemptions.
Read MoreORC parent company suspends trading
The company has exceeded its borrowing capacity and exhausted its cash reserves and has been actively working to secure a mineral lease on county forest to potentially collateralize more loans.
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