Brattleboro’s Carbon Harvest files for Chapter 7 bankruptcy

first_imgBrattleboro Carbon Harvest LLCCourtVermont Bankruptcy CourtCase number5:13-bk-10302Assets$1,000,001 to $10 millionLiabilities$1,000,001 to $10 millionJudgeColleen A. BrownChapter7FiledApr 23, 2013TypevoluntaryUpdatedApr 26, 2013Last checkedApr 26, 2013 DebtorCarbon Harvest Algae, LLC130 Intervale RoadBurlington, VT 05401CHITTENDEN-VT DebtorCarbon Harvest Energy, LLC130 Intervale RoadBurlington, VT 05401CHITTENDEN-VTTax ID / EIN: xx-xxx0195 Carbon Harvest Energy, LLCCourtVermont Bankruptcy CourtCase number5:13-bk-10300Assets$0 to $50,000Liabilities$1,000,001 to $10 millionJudgeColleen A. BrownChapter7FiledApr 23, 2013TypevoluntaryUpdatedApr 26, 2013Last checkedApr 26, 2013 BANKRUPTCY FILINGS Carbon Harvest Algae, LLCCourtVermont Bankruptcy CourtCase number5:13-bk-10301Assets$0 to $50,000Liabilities$1,000,001 to $10 millionJudgeColleen A. BrownChapter7FiledApr 23, 2013TypevoluntaryUpdatedApr 26, 2013Last checkedApr 26, 2013 Lebanon Carbon Harvest LLCCourtVermont Bankruptcy CourtCase number5:13-bk-10305Assets$1,000,001 to $10 millionLiabilities$1,000,001 to $10 millionJudgeColleen A. BrownChapter7FiledApr 23, 2013TypevoluntaryUpdatedApr 26, 2013Last checkedApr 26, 2013 DebtorBrattleboro Carbon Harvest LLC130 Intervale RoadBurlington, VT 05401CHITTENDEN-VTTax ID / EIN: xx-xxx9913 Represented ByRaymond J Obuchowski PO Box 60 1542 Vt. Rt. 107 Bethel, VT 05032-0060 (802) 234-6244 Fax : (802) 234-6245 Email: [email protected](link sends e-mail)TrusteeDouglas J. Wolinsky PO Box 1489 Burlington, VT 05402-1489 (802) 864-0880 by Timothy McQuiston, Vermont Business Magazine A Brattleboro company that sought to grow vegetables, make bio-diesel and raise fish from the power generated by a closed landfill filed for Chapter 7 bankruptcy last week. Creditors met on Friday, April 26. The only operating part of the Brattleboro business as of today is the methane, resource-recovery electric facility. Both private and public investors lost money, but to what extent will not be known until the final bankruptcy court ruling in a couple of months.The company basically ran out of money in October, said Steve Magowan, who is serving as president since founder and former president Don McCormick resigned in January.Magowan was appointed president and represents a private investor. He said he does not expect to get any investor money back. He said it was a risky equity investment to begin with. He said the methane plant is only producing $11,000-$12,000 in revenues a month and could not support what seemed like a good idea at the time.The idea behind Carbon Harvest, founded in 2009 (under various LLCs, see bankruptcy filings below), was to use the energy and heat produced by the methane plant at the former Brattleboro landfill off Ferry Road to power and heat a greenhouse, a tilapia fish farm, which operated out of the old Book Press building off Putney Road, and a bio-diesel facility using byproducts of the other operations to grow algae. The secondary operations were closed last fall.Vermont Development Secretary Lawrence Miller said that while a lot of money was earmarked for the various projects, not all of it was distributed.For instance, according to Miller, the Vermont Economic Progress Council authorized VEGI incentives totaling $569,000 for Carbon Harvest/Carbon Harvest Brattleboro. But in December 2012, VEPC staff received an email from Don McCormick stating that CH must reorganize, will not complete the Brattleboro project, and was choosing to not complete the necessary filings to complete their 2011 VEGI (Vermont Employment Growth Incentives) claim (they had filed an incomplete claim).VEPC voted to terminate the incentives on December 13, 2012. The VEGI money was thus never distributed.Nor was the Vermont Community Development Program grant of $325,000 to the Town of Brattleboro for a loan to Carbon Harvest that was announced in July 2012. The funding has been re-allocated to other projects, according to Miller.The Vermont Economic Development Association did loan the project $360,000. Director Jo Bradley said she expects to get at least most of the money back through either ongoing operations of the electric generating facility or through its sale. She said all of that is still in process.It was a very interesting and innovative project, Bradley said.Like others who had high hopes for the project, she said, It was undercapitalized and a very complicated business to operate, Bradley said.Vermont Agricultural Credit Corp ($450,000) is also listed as a creditor.Miller said, The issue, as I understand it, is that they had gone along fairly well the (electric) facility at the landfill down in Brattleboro but that they had gone on with other projects and over-extended operationally.He said the renewable energy market was not robust enough to support the entire operation.Adding the fish component to the methane generation project added complexity to the operation, Miller said.From a research point of view, he said, they moved the needle.Ellen Kahler, Executive Director of the Vermont Sustainable Jobs Fund, said the VSJF provided $215,000 for the algae/bio-diesel component, which will be completed by the end of April. The VSJF wanted to make sure that the research got completed after the business failed.The money was funded through the US Department of Energy. A YouTube video of the research can be found at VIDEO, (with the Carbon Harvest piece at about the 6:30 minute mark). Carbon Harvest was required to come up with a 20 percent match, Kahler said.We thought this was really going to be an important project for us, she said, so she wanted to see the research part of it completed, which she said has been valuable.We wanted to salvage what we could salvage out of it, Kahler said.The Brattleboro Reformer ran a story last October which provided a warning shot to investors. SEE STORY It said Carbon Harvest, whose parent company is in Burlington, was forced to furlough six of its 11 workers in Brattleboro, President Don McCormick disclosed.Neither McCormick nor another early proponent of Carbon Harvest, Will Raap, immediately returned phone messages to Vermont Business Magazine.Raap is the founder of Gardeners Supply, which is based in Burlingtons interval. Carbon Harvests corporate office is located just down the street. On Raaps website www.willraap.org(link is external), he states: I have spent my career thinking globally and acting locally by building and helping to launch businesses like Gardeners Supply, Intervale Center, Seventh Generation, Living Technologies, and Carbon Harvest Energy.The Reformer quoted McCormick as saying last October rumors of Carbon Harvest’s closure are greatly exaggerated.”But outside the algae research continued by the VSJF, all the secondary operations were closed last fall and by the following January McCormick had resigned.And what about the tilapia?Magowan said, The fish got composted. TITLEASSETSLIABILITIESSTCHFILEDCarbon Harvest Energy, LLC$0-$50k$1M-$10MVT7Apr 23Carbon Harvest Algae, LLC$0-$50k$1M-$10MVT7Apr 23Brattleboro Carbon Harvest LLC$1M-$10M$1M-$10MVT7Apr 23Carbon Harvest Investments LLC$0-$50k$1M-$10MVT7Apr 23Lebanon Carbon Harvest LLC$1M-$10M$1M-$10MVT7Apr 23 DebtorLebanon Carbon Harvest LLC130 Intervale RoadBurlington, VT 05401CHITTENDEN-VTTax ID / EIN: xx-xxx0797 DebtorCarbon Harvest Investments LLC130 Intervale RoadBurlington, VT 05401CHITTENDEN-VT Carbon Harvest Investments LLCCourtVermont Bankruptcy CourtCase number5:13-bk-10304Assets$0 to $50,000Liabilities$1,000,001 to $10 millionJudgeColleen A. BrownChapter7FiledApr 23, 2013TypevoluntaryUpdatedApr 26, 2013Last checkedApr 26, 2013last_img read more

Childhood bullying causes worse long-term mental health problems than maltreatment

first_imgShare A new study published in The Lancet Psychiatry shows that children who have been bullied by peers suffer worse in the longer term than those who have been maltreated by adults.The research is led by Professor Dieter Wolke from Warwick’s Department of Psychology and Warwick Medical School. The study was presented at the Pediatric Academic Societies (PAS) annual meeting in San Diego on Tuesday 28 April.There is already an established link between maltreatment by adults and the mental health consequences for children. Professor Wolke and his team wanted to examine whether long-term mental health issues among victims of bullying were related to having been maltreated by adults as well. They looked at data from 4,026 participants in the UK ALSPAC study (Avon Longtitudinal Study of Parents and Children) and 1,273 participants from the US Great Smoky Mountain Study.For ALSPAC they looked at reports of maltreatment between the ages of 8 weeks and 8.6 years; bullying at ages 8, 10 and 13; and mental health outcomes at age 18. Data from the Great Smoky Mountain Study had reports of maltreatment and bullying between the ages of 9 and 16, and mental health outcomes from 19-25 years old.Professor Wolke said: “The mental health outcomes we were looking for included anxiety, depression or suicidal tendencies. Our results showed those who were bullied were more likely to suffer from mental health problems than those who were maltreated. Being both bullied and maltreated also increased the risk of overall mental health problems, anxiety and depression in both groups.”In the ALSPAC study 8.5% of children reported maltreatment only, 29.7% reported bullying only and 7% reported both maltreatment and bullying. In the Great Smoky Mountain Study, 15% reported maltreatment, 16.3% reported bullying and 9.8% reported maltreatment and bullying.Professor Wolke added: “Being bullied is not a harmless rite of passage or an inevitable part of growing up; it has serious long-term consequences. It is important for schools, health services and other agencies to work together to reduce bullying and the adverse effects related to it.” Share on Facebook Emailcenter_img Share on Twitter LinkedIn Pinterestlast_img read more

Heavy lift companies boost Liberian-flag

first_imgFollowing record growth figures in 2010 when the Liberian-flag fleet was boosted by 586 new registrations, 149 of which were newbuildings, the 3,500 ship milepost was reached with the registration of the 319,000 dwt oil/ore carrier G Whale.Net growth was 338 ships, aggregating 13.6 million gross tonnes. The average age of the 586 new registrations was 5.46 years, compared to the 17.32 average age of those vessels removed from the registry. The average age of the Liberian-flag fleet is now 12 years. Scott Bergeron, chief operating officer of LISCR, says: “The growth under LISCR management is testament to the quality of service and responsiveness provided by the Liberian Registry. Furthermore, throughout the course of this rapid expansion, Liberia’s Port State Control performance and its safety record with all independent rating bodies has been outstanding. We will continue to seek further selective, planned growth of our quality fleet, the average age of which is falling significantly as more and more owners join the registry.”last_img read more

Zimbabwe central bank says cash shortages affecting tourists

first_imgA vendor sell tourists a bunch of worthless bearer’s cheque notes on June 29, 2018 in the resort town of Victoria Falls. – After nearly two decades in the doldrums, Zimbabwe’s tourism sector is enjoying a rebound, with visitors returning in droves to see the majestic Victoria Falls and explore unspoilt safari reserves. (Photo by Zinyange AUNTONY / AFP) (Photo credit should read ZINYANGE AUNTONY/AFP/Getty Images) A vendor sell tourists a bunch of worthless bearer’s cheque notes on June 29, 2018 in the resort town of Victoria Falls. (Photo credit ZINYANGE AUNTONY/AFP/Getty Images)Zimbabwe’s central bank on Friday said the ongoing cash shortages are affecting foreign visitors to the country.The bank is controlling the supply of money in the economy to curb inflation that has begun to rise rapidly in recent months, Reserve Bank of Zimbabwe Governor John Mangudya said in his 2019 midterm monetary policy statement.“The increase in the demand for physical cash has worsened cash shortages, as reflected by unending queues at most banks in the country,” he said. “In addition, visitors to the country, including tourists, are failing to access cash for their domestic transactions, as they are supposed to buy local currency cash from banks or bureaux de change.”Failure to get cash is undermining confidence in the local currency and forcing economic agents to resort to illegal transactions in foreign currency and to selling cash at a premium, Mangudya said.As part of monetary reforms, Zimbabwe in June banned the use of the multi-currency regime that was introduced in 2009, and reintroduced the local currency that is currently made up of electronic money known as the Real Time Gross Settlement (RTGS), bond notes and coins.Early in February, the central bank introduced the inter-bank foreign currency market to curb rampant foreign currency trading on the parallel market and to harness foreign exchange through the formal market.As a result, Mangudya said, about 799 million U.S. dollars worth of foreign currency had been traded on the inter-bank market since its introduction.The central bank said it is moving toward bringing inflation under control and to lower it over time.To tame inflation, the central bank raised its overnight lending rate from 50 percent to 70 percent.“The bank expects inflation to start declining after the current high inflation cycle ends, as attested by ebbing exchange rate depreciation pressures, following the removal of the multi-currency system,” Mangudya said.He said the monetary reforms are aimed at easing current inflationary pressures.Inflation, at 5.39 percent in September 2018, surged to 175.5 percent in June 2019, mainly reflecting the exchange rate price indexation in an environment of high premiums in the parallel market.“The policies being pursued by government will undoubtedly tame the inflationary pressures currently bedeviling the economy,” Mangudya said.Related Zimbabwe’s central bank governor to get second term Zimbabwe’s Central Bank unveils eight measures to fix the cash crunchcenter_img Zimbabwe central bank eases forex rules for fuel, chrome minerslast_img read more

Prior to the Riga derby, no infection with Covid-19 was detected…

first_imgAfter receiving information about Covid-19, one person who attended the Latvian Football Federation (LFF) Congress on July 3 underwent extensive testing in the Latvian football community, including clubs.It has already been reported that three cases of infection have been detected in the administration of Jūrmala “Spartaka”, but one – in the management of “Valmiera”. As a precaution, the “Liepājas” – “Spartaka” match did not take place on Sunday, which has now been postponed to the middle of September.On Monday, the “Riga” team announced that all footballers, coaches, staff and other persons involved in the club’s activities had been tested, and none of them had been infected with Covid-19. On Tuesday, the same message came from RFS and “Jelgava” units.Related news Another case of Covid-19 has been identified at the Football Federation Congress After several cases of Covid-19 illness in Jurmala “Spartaks” team, the football league game is canceled Covid-19 footballer Indriksons attends “Valmiera” game with “Spartak” RFS and “Riga” teams will hold a duel at the stadium of the national sports base “Arkadia” on Friday, which will most likely decide which unit will finish the first lap in the leading position.In total, six people in the Latvian football family have been infected with Covid-19, five of whom participated in the congress held on July 3.Others are currently reading This “young girl” surprises everyone by revealing her true age “I’m not a Covid-19 tourist!” A woman from Russia explains why she is going to cross the Latvian border on foot VIDEO: Solid8 CEO resigns after racist behavior in restaurant. The waitress receives a tip of 720,000 euroslast_img read more