IS IT TRUE March 26, 2012 Part 3

IS IT TRUE that former elected official Steve Bagby has been working the phones today trying to convince members of the Evansville City Council to vote in favor of handing an unsecured $5 Million loan to Earthcare Energy?…that we wonder just what captured Bag’s attention to get him involved in the last hour robo-calling to get this passed?…that several members of the Mole Nation are saying that Mr. Bagby is the leading candidate to be appointed to be the Evansville City Clerk when Alberta Matlock retires for medical reasons as has been announced?

IS IT TRUE that members of the management team of Earthcare Energy have been reported to be accompanying Mayor Winnecke in meetings to try and convince certain members of the Evansville City Council to vote yes on approval of a $5 Million loan for Earthcare TONIGHT?…that Mayor Winnecke may have deferred all questions to GAGE president Dewey yesterday when the CP called him but that making this personal makes this issue his issue?…that if this is jammed through TONIGHT without proper vetting that this loan has the potential to be Mayor Winnecke’s defining moment if things go even a little bit wrong?…that this could be his version of the Hudson Valley Christmas Tree debaucle?

IS IT TRUE that any member of the Evansville City Council that has had any discussion at all with Earthcare Energy officials with respect to employment, supplier contracts, consulting agreements, or any other self-serving propositions for either themselves, their relatives, or their businesses, should respectfully recuse themselves from casting any vote tonight?…that if any elected official votes yes tonight and this loan is made and then that official or a relative shows up somewhere in the pocket of this business that it shall be memorialized in the next city elections repeatedly?

IS IT TRUE that there was not even this much calling and coercion going on in the debate over the smoking ban?…that Councilman Al Lindsey as he often does boils it down to one simple question?…that Councilman Lindsey asked “is the City of Evansville a bank”?…that the answer is of course no but some of its members seem to try to play like they are?…that we wonder whether the loans that the City of Evansville has made in the past have a better or worse collection records than many of the failed banks in the recent banking mess?…that we are betting that the failed banks have a better track record?

IS IT TRUE: March 26, 2012 PART 2

IS IT TRUE that several years ago that the City of Evansville made a loan to a Christmas Tree Manufacturer from Newburgh, New York for a large amount of start up money, tossed in some tax abatement, a bit of reduced utilities rate charges, and provided them with prime location?…that they not only spent a short time in Evansville and quickly packed up and left the city taxpayers without repaying a red cent of the loans back?…that we wonder why this failed City sponsored start up venture didn’t receive the same political fanfare when they abruptly left this area as a failed Governmental sponsored business entity as they did when the administration in charge announced jobs with big smiles and self congratulations?

IS IT TRUE the Evansville City Councilman at-large, Dr. Dan Adams shall be challenging the authority of Councilman and Budget Chairman, John Friend’s, decision to hold the proposed Earthcare Energy project in committee in order to obtain more information about this startup company request for a $5 million dollar loan?…that Dr. Adams shall be asking City Council to force this request out of the Finance Committee in order for City Council to vote on this issue TONIGHT? …that CCO predicts that Dr. Adams political move shall fall on deaf ears and go down to defeat? …even with his back room political buddy helping (Council President, Connie Robinsons) this loan won’t be approved this evening?

IS IT TRUE: March 26, 2012 “Continued from Yesterday’s CPA Call to Action”

IS IT TRUE that aside from a call to action from certain CPA’s who are close to the process a technical vetting project of substance regarding the Earthcare Energy device has yet to be made available?…that yes we have read the words of GAGE president Debbie Dewey where she claims that it has been vetted by the Department of Defense but there is not one shred of documentation originating at the DOD that validates this device in any manner?…that the Concurrent Technologies Corp. study authored by Roger X. Lenard for the Air Force Research Labs does indeed verify that there is a significant amount of energy that could be captured from this kind of device?…that the rest of that document basically recommend that the AFRL actually do a test to verify that the Langson device is a good device to capture this energy with?…that in the “Investment Summary” presented to the City Council with Dewey’s blessing it is explicitly stated that this test will be finished by March 31, 2012?…that anyone with even a slight perspective on risk elimination would either delay a funding decision until after this test is available or make funding contingent on the results being available within about 30 days?…that moving forward when this test is only a week away from completion is playing recklessly with the people of Evansville’s money?

IS IT TRUE that the youtube video of the Langson device in the Carson City, NV lab shows an inlet pressure to the “shroud covered box that holds the special sauce” is set a 70 psi (pounds per square inch)?…that that Concurrent Technologies study for the AFRL states in its “Bottom Line Up Front” section that the pressure let downs that merit real world conditions are from 600 psi – 200 psi?…that given that as truth that any design that will have a long life in field conditions should have a safety factor built into the design that will work without failure or leakage up to about 1,000 psi?…that the most preferable test of this device would therefore be a real installation that operates at a pressure of 600 psi augmented by a four corner test that goes from extrema conditions of 1,000 psi with a temperature range that reflects the reality of the situation of maybe – 40 degrees to +200 degrees?…that after all these devices will have to work from Alaska to the Arabian Desert so they need to be tested for such conditions?…that the world of engineering design at 70 psi and 1,000 psi are very different?…that the world of 70 psi is dominated by consumer items like bicycle tires, replacement windows, pool pumps, and water hoses?…that one should imagine what might happen to a bicycle tire or a water hose taken up to 1,000 psi?…that every one of them will fail by design?…that when a test at working pressures and temperatures has been done by a third party we might start believing too?

IS IT TRUE that the Courier Press has an article up that strongly implies that the founder of Earthcare is basically threatening to pull the plug on this if the City Council of Evansville does not vote his company a $5 Million dollar loan TONIGHT?…that if and we do mean if this is true that it is time to pull the plug by taking it off of the agenda and wishing him well in some place that responds to ultimatums?…that NO SERIOUS BUSINESS PERSON would make such a demand and NO LOCAL GOVERNMENT WITH ANY STRENGTH WOULD GIVE IN TO SUCH DEMANDS?…that we were shocked to read the subtitle on the following CP article?…that if this is true that the giver of this ultimatum should be sent a strong message that EVANSVILLE DOES NOT RESPOND WELL TO THREATS and good luck in South Carolina?…that ultimatums whether given to city governments, people or small shops are the domain of bullies and despots neither of which we can recommend as business partners?

http://www.courierpress.com/news/2012/mar/25/earthcare-founder-says-he-may-locate-elsewhere/#comments

IS IT TRUE: March 25, 2012

IS IT TRUE that there is a situation about to happen that has the potential to make the City of Evansville an preferred “mark” for every business in the country that is having difficulty obtaining financing to start their latest idea off with a pile of cash?…that in spite of the pleadings of several citizens of Evansville for a public release of a third party technical vetting study of the Earthcare Energy concept with a test under real world conditions and a revised “Investment Summary” that is not full of errors, omissions, and contradictions THE VOTE TO GIVE THEM A $5 MILLION UNSECURED LOAN IS ON MONDAY NIGHTS AGENDA of the Evansville City Council?

IS IT TRUE that there are two people involved in the approval chain for this project who have the letters CPA (Certified Public Accountant) behind their names and that these two people need to do their sworn duty as stewards of the public coffers and express explicit opinions about the Earthcare Energy “Investment Summary” that was provided to the City Council by GAGE President Debbie Dewey?…that the CPA’s in this cluster are Evansville City Councilman John Friend, CPA and former Evansville Mayor and current City Controller Russ Lloyd Jr. CPA?…that these two gentlemen need to take their politician hats off and put their private practice CPA hats on to address the following questions before offering positive testimony, a recommendation, or a YES vote on this resolution”

1. In your capacity as a CPA would you recommend that your client(s) invest in a business that adds a column of numbers incorrectly in their investment summary?

2. In your capacity as a CPA would recommend that your client(s) invest in a business that is applying for a $5 Million loan but is projecting a cumulative loss of $26,695,185 during its first two years without identifying where the shortfall will be coming from?

3. In your capacity as a CPA would you recommend that your client(s) invest in a business that explicitly states that there will be no founder investment (ZERO) in its investment summary?

4. In your capacity as a CPA would you recommend that your client(s) invest in a business that states on page 3 that the 5th year headcount will be 39 yet conflicts that projection by projecting a 5th year headcount at 120 to the IEDC and on the pro-forma?

5. In your capacity as a CPA would you recommend that your client(s) invest in a business that claims in its investment summary to have a patent that it really does not have?

6. In your capacity as a CPA would you recommend that your client(s) invest in a business that asserts that there is no competition (there is) and summarily dismisses other threats to success such as other technologies that serve the same purpose and low barriers to entry as “two years behind”?

IS IT TRUE that if you Councilman Friend and Mayor Lloyd after spending your lives building great reputations in the field of accountancy can answer an emphatic “YES” to all of those questions then by all means provide positive testimony and vote affirmatively on the Earthcare loan resolution?…that your client in this case is the City of Evansville and even though governments do have a different view of the world when it comes to money, governments should share private values when it comes to things like ACCURACY, CONSISTENCY, AND COMPREHENSIVE PLANNING?…that the CCO calls upon you two gentlemen to rise above your peers who do not have the letters CPA behind their names and make the same recommendations for the City of Evansville that you would for your own private clientele?…that your private clientele will be watching how this is handled?

IS IT TRUE that the CCO also calls upon the non CPA’s on the Evansville City Council and in the Mayor’s office to look to these financial people for leadership in making your decision?…that you should all ask yourselves the same six questions and pretend it is your own retirement fund that you are considering to make this loan?…that Earthcare Energy may be nice guys who say they are going to create some jobs but the reality of the situation is that we all know the answer to those six questions?…that we all also know that a real world test by a third party which has been written in the Earthcare investment summary as scheduled for completion in 6 days should be reviewed completely by local technology experts before approving any loan?…that then there is the nagging question that many people have been asking the CCO, “should the City of Evansville be an investment bank for an out of state start-up company even if the planning and concept are flawless?”?

IS IT TRUE that it has now been 72 hours since the City County Observer offered Earthcare Energy a free supportive story if they will send us a third party assessment of their proposed technology that was conducted under real operating conditions as set forth in the report from Concurrent Technologies where they recommended to the Air Force that they should conduct such tests if they really wanted to consider implementing a solution utilizing the Langson device to capture step down pressure from gas transmission lines and turning it into electricity?…that we will extend this offer indefinitely as the financial projections in the “Investment Summary” do not even merit being read for anything but consistency until a real world 3rd party validation by a recognized testing company like Concurrent Technologies has been completed and made available to the people of Evansville?…that between our two 4 year universities, a decent number of companies, and wayward engineers who want to see Evansville do the right thing that there really are a fair number of people who will understand such a report?