Here at SouthsideCentral, we like to answer our readers’ questions.
We were asked about Danville’s Industrial Development Authority and the various accounts receivable that they have. Here’s the aging summary for you.
These numbers are as of November 30, 2014…
So, what can we learn from this? Big Board, please!
- GOK, Hybrid Vehicles & Macerata Wheels are Busts. Those links will tell you that WE CALLED IT!
- LifeBatt paid $5,000 after this report was generated so they’re close to paying off their old debt. At the recent IDA meeting, Finance Director Michael Adkins said that payment was enough to get a continuance is their litigation.
- 123 N. Union St. is an empty storefront building that has a “Drastic Designs” sign on it. The last time I remember it being used was 3 years ago by Seward Anderson’s campaign in the race against Danny Marshall.
- Everybody else pays their bills on time according to this aging summary.
- This summary is for “active” accounts. Things like Joan Daniel’s payments on her “The Attic Hound” loan aren’t included here.
And there you go. We’ve got more coming up on SouthsideCentral!
Thanks for the report.
Why does Lou’s own them money. Is Mr. Ogden renting that building or something.
Yes, they rent the building from the IDA. The IDA bought it to get control of the building because it needed repairs badly.
Any word on the Macerata Wheel Bust? Have they attempted to make payments or have they skipped town too?
Macerata Wheels is currently in litigation with the city’s suit & the company’s countersuit. The $600K in Tobacco Commission money was repaid by the city in one payments, unlike the four easy payment plan for the others.
In my opinion, there’s a lot more to the Macerata Wheels story. I’ve done a lot of work on this case but I’m not willing to jeopardize the pending litigation at this time by publishing what I have found.
Can you update this accounts receivable report?
Sure. I asked for the IDA’s secretary to send me the financial reports yesterday. Once I get them, I’ll do a NumbersCentral on it.