Live and learn
I'm surprised that the regulars to this blog aren't giving me hell for not posting for the past couple weeks, thanks for giving me slack. ....I think that not hearing those half baked press releases from Laidlaw for a while is good news for those of us not too keen on the Laidlaw Energy project for downtown Berlin. Having followed the company since it made its debut in Berlin and knowing a little about their style, I will chance a guess that the deal with HH Capital to finance 100% of the Berlin project is in trouble. Recently and I believe also reported by Lea, I ran into a story in Power Finance & Risk that supports my theory. The story said "A New York biomass developer Laidlaw Energy Group is looking to raise about $100 million in expansion capital via a merger or initial public offering within the coming year". The story goes on to say that Michael Bartoszek's strategy is to retool pulp and paper facilities to biomass power plants. It also claims that Laidlaw is looking to merge with a company listed on the London Stock Exchange. From all of this I conclude that the HH Capital deal has failed and Mr. Bartoszek is looking further away for money to capitalize his .....hair brain ideas. In these days of instant communication, I don't believe he can go far enough "out there" to get away from the negative reputation he's given to the name "Laidlaw Energy". Let's face it, suing a small town of 2,000 people for $30M because they won't give you a permit doesn't ring true in too many circles, not even with folks with money. Real smart people don't burn their bridges that close behind them. At this point I wonder what's going on in Rick Marcicki (NADC) head? Of all of us with an interest in the mill property, he keeps investing in Laidlaw each and every day by keeping that boiler mothballed and people on payroll in Berlin! In a public statement a couple years ago, Mr. Marcicki said that he'd be gone from Berlin in a year or so, .....but that was before he was seduced by Bartoszek with an offer that was too good to be true! I bet he wishes that he would have followed his first plan of tearing everything down and moving on, so do we Mr. Marcicki!