" LYIN' EYES" eagles
You can't hide your lyin' eyes
And your smile is a thin disguise
At last Monday night's council meeting Electric Director Jeff McHugh gave a glowing report on AMP-OHIO and Prairie State. Well I believe he wasn't quite honest in his statements. First of all is Painesville City still paying 'Levelization' costs? Simple yes or No answer please.
Now what was going on that was making me upset as this report was presented?
First a little history Peabody Coal (btu) dreamt this all up . they had a coal mine Lively Grove Mine who's coal was pretty much worthless. They decided to build a power plant next to the mine.. With a two unit capacity of 1,600 MW PSEC. Now in their wisdom they decided to diverse themselves of 95% of the total operation leaving them with only a 5% interest. With Painesville being one of the 200 other communities owning the other 95%.
Peabody is presently selling it's 5% share in PSEC for $ 57,000,000? Do the math if this plant has a total investment value of what 5 billion. The infamous contract that we signed off on gives Peabody Energy and no one else to an opportunity to 'cut and run" the opposite ofl 'take or pay'. Yet no one else was given this opportunity? Gee do you think someone knew something?
So what's the big deal? Well if we are to go by what AMP-OHIO has on the books for their PSEC investment a value of it's 23% share value of $1,285 billion. If so than Peabody's 5% should have had a value of $246,000,000. But the plant's not worth 5. billion. more like only 20% of that amount. Remember AMP-OHIO value it's 23% stake showing a 1.6 billion in various forms of bond indebtedness and other notes.
Peabody Energy has been trying to diverse itself of Prairie State through a bidding process since the fourth quarter of last year.
Now as a side note if PSEC would ever or could ever run at 100% capacity it would still be a poor investment for Painesville charging twice the market cost for electric power. Along with a major failure as an asset? It' has a real value of only 20% of what we have been told and paying for.
What will the bond holders do if there is a major default by communities and they know their 5 billion dollar investment is only really worth less then one billion?
It's way past the time for attorney generals it's time for governors to represent us on this theft with a pen perpetrated on us.
Before Peabody can diverse itself of PSEC it must be subject to governmental and regulatory approvals. That's is where the facts should come out .
More information as it comes forward.
Again, I like Jeff McHugh I just wish he would stop representing AMP-OHIO and start Representing The City of Painesville. These facts should have been in his report to council. If anyone should represent AMP-OHIO views in the city it should be former City Manager Rita McMahon and retired Council-President Joseph Hada. Welcome them to come in and explain this mess.
Donald Trump's statement today that I could "shoot somebody in the middle of 5th Avenue and I wouldn't lose voters." Well that's not totally true. What if he shot one of the idiot's who was going to vote for him?
posted by terminator1 @ 4:29 PM
15 Comments
15 Comments:
Friday Peabody Energy ended trading at $3.45 a share.
The stock has traded between $123.45 and $2.83 over the last 52 weeks. There is a God!
According from what I get from all this is we purchased a $100,000 house that has structural problems and true worth is only $20,000? Most people would walk away. Can we?
Also it appears the Rat's are abandoning ship? Peabody wants out, Joe and Rita are out and we are 'proudly' left holding the bag. Thanks again for all your expertise!
The arrogance and self-love of Donald Trump is in a class by itself! Anyone with a brain can see through all this B.S. His purpose is to get Hillary Clinton elected and destroy the GOP! Wise up people
7:39...Whaaaaaaaaaaaaaaat?!! I don't think so.
Trump lets it show too much. All in the race, and politicians at that level in general, think they are the greatest thing since sliced bread. Think about it, what drives a person to fight that battle? Super ego to start.
Bloomberg is much scarier than Donald Trump.
5:22 Sorry but what do you want to be called? First off your votes for a guy who promises you a wall paid but someone else and hasn't even checked into it? Next he will easily deport 11 million people with roots in this country along with American born citizens. Must have one magic wand? Never held public office how hard can it be? Hell I ran a TV show named the Apprentice! I straightened out the likes of Gary Busey on that show! Brought Sarah back, ever wonder who writes her speeches? His book is only second to the Bible 'Art of the Deal' but then give it time the Bible had a head start. He believes he could shoot people and the likes of you will still follow him? Knew of a couple of other people like him in history didn't quite work out. He even knows 2 Corinthians. You remind me of the kid that went to see Santa Claus and went to bed Christmas Eve really thinking that pony would be there in the Morning. So what do I call the likes of you?
In a sad way I wish he would win to show you how little of what he promised he delivers.
5:24 is SO correct.
Many years ago I was enrolled in political science classes.
The professor brought in a number of local and national politicians to speak.
Even though I was about 20 years of age, I quickly realized a couple of things.
* These people were completely wrapped up in their own self importance.
* They were the only people who knew what was "right" for you. OTOH, the general population was just too stupid to think for themselves.
* Give a politician a dollar and they will try to spend three of them. It didn't work then and it doesn't work now.
* Contrary to the general conception of where they stood on any issue, politicians of a different viewpoint, as perceived by the media, still voted very much on party lines. For example, Metzenbaum and Glenn were both Democrats and were perceived very differently by the voters, but the reality is that their voting records were almost identical.
IOW, it doesn't matter who you vote for, they are not going to help you or make anything better.
Off topic, Elm Street School is in the running for Fox 8 cool school of the week, the link to vote is below, highlite it, hit copy, then paste into your address bar at top of screen.
http://fox8.com/2016/01/25/vote-now-for-the-next-cool-school/
I agree, 5:22, I also do not appreciate being called an idiot by Term, just because he is the party of "what else can we do but continue to give away all of our treasure and country?"
He wants the illegals to be legalized, and one of the reasons that makes them the fools is because they seem to think there will ever be an end to illegal immigration. If what is happening here and around the world has taught us anything (not the Democrats; they haven't learned anything), is that if you let one in, you get ten; if you let ten in, you get 100; if you let 100 in, you get 10,000; 10,000, you get 1 M, 1M, you get a never ending flow of millions. We now have 46.9% Hispanics in our Painesville school system as reported by The News-Herald. That is probably last years figures, because Painesville schools like to try to hide it as much as possible. And that probably doesn't tell us how many are in the elementary schools, which is probably a much larger number. That tells us that Painesville is now turning quickly into a Hispanic city. We just agreed to give Central America 750 BILLION to make changes to their country (!)so that someday we won't be swarmed with their illegal people. When will the swarming stop? Probably never, but Central America has been allocated 750 BILLION in taxpayer money to pretend they're doing something to change their country to help ours. But Term wants to keep saying nothing can be done, and vote for more of the same people who have made such a mess of America in this way and many others. From where I'm sitting, people voting for Trump aren't the idiots, but anyone who is voting for the regular Democrats and Republicans who got us into this huge mess of a country, is. He's getting worried that Trump will win, and not his beloved Hillary, so now he has resorted to calling people idiots. Vote Trump; he's the only hope we have.
Speaking of "Lying Eyes". The Texas Grand Jury just indicted the anti abortionist activists for producing covert videos! Thank You Texas!!
Planned Parenhood has been vindicated on all counts.
1:16/5:22 First off 1:16 your right. Now in my adult life I've had Presidents Nixon, Ford, Carter, Reagan, Bush H, Clinton, Bush W, Obama. You know who had the most influence on my life? ME! The decisions YOU make are what's going to impact your life. So in my thinking in four plus years there won't be this impregnable wall the only Mexicans that will leave will be by their own choosing. ISIS if not around will have MICES or someone else trying to kill us. The Lorain Steel Plants will still face the same competition they face today along with more job loses to God knows where. The only one who will give you a sense of control is YOU. Not some former first lady, or some blowhard from New York City! That's my point.
some of you claim Term calls you idiots? Trump himself has called some of you stupid? President Clinton exploits? Wait til yours come out Donnie. You called yourself Don Juan a time ago. Maybe idiots is to strong a term for some of you but you are surely misguided.
Think about it do you really think Trump even wants to be President? Criticized and questioned daily
? He can't even take the pressure of Megyn Kelly. I think he wants out!
6:53 Interesting turn of events. I guess we are all better off waiting for the end of the story. On another note if Carly Fiorina used one of my children as a campaign prop there would be Hell to pay.
Trump claims he can work with Democrats? How convenient considering he is one! Somebody's about to be surprised.
To get back to what this post was about in the first place. Peabody sells it's 5% interest in Prairie State Energy Campus? My first question was who was buying the share?
It seems an outfit Wabash Valley Power Association must feel a 5% share in the operation is worth 57 million dollars. I will post more of this company as I receive facts. Could they be the Indiana equivalent of AMP-OHIO?
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