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View Diary: Poison and Dash - Freedom Industries Files for Bankruptcy (7 comments)

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  •  It's important to watch this Chris Hayes video (1+ / 0-)
    Recommended by:
    NancyWH

    Regarding what the scumbag owner of Freedom Industries is trying to pull;

    Short transcription of Chris Hayes' video:

    Freedom Industries came into existence on December 31, 2013. The product of a merger with 3 other companies. (Cliff Forrest owns Freedom Industries)
     On January 9, 2014, state officials discovered 7500 gallons of a coal-cleaning agent leaking down the riverside banks of Freedom Industries into the Elk River.

    That Elk River feeds into an intake tank for water distribution to citizens.

    That toxic chemical feed into the water supply resulted in more than 300 people being sent to hospitals with symptoms due to the spill.

    Today (January 17, 2014), Freedom Industries filed for Chapter 11 bankruptcy in a move to protect it from creditors and more than two dozen lawsuits that residents and businesses have already filed over the incident.

    When a company files Chapter 11 bankruptcy, it has to find another company to lend it money to restructure. In exchange for lending money to a company in such dire straits... that company doing the lending gets first dibs at the bankruptcy-filing company's assets if that company goes totally under.

    A newly-formed company (just incorporated on the day Freedom Industries filed bankruptcy), Mountaineer Funding, LLC, stepped up to provide Freedom Industries with its bankruptcy financing.

    Mountaineer Funding, LLC has only two officers, and J. Clifford Forrest is one of them.

    And, Cliff Forrest is the owner of Freedom Industries.

    So, Freedom Industries, with its massive legal liability for taking out 1/6 of WV's water supply, is quietly killed by filing for bankruptcy while its assets are taken over by a company that gave it bankruptcy financing. That company is called Mountaineer Funding and it is owned by a man whose name bears a striking resemblence to the name of Freedom Industries' current owner.

    "Do you suppose actually SEEING the candidate eat the rat could cost us the election?" - Republican campaign manager

    by Fordmandalay on Sun Jan 19, 2014 at 10:44:41 AM PST

    •  Just insane. (2+ / 0-)
      Recommended by:
      NancyWH, pickandshovel

      As someone who has come from a long line of small business owners, whenever I read these things, I try to figure out what they are thinking and how they are able to do these things. And then I realize that I am too ethical to pull these games.

      Also - anyone else want to venture a guess as to why we let someone who plead guilty to tax evasion incorporate a new company?

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