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Ingrates
I'm sure that there's an entirely logical explanation, but, whatever it is, you'd think that the beneficiaries of Uncle Sam's munificence would, out of simple gratitude, do their best to comply with all environmental rules and regulations. But, you'd be wrong.
The Little Bay Seafood, LLC, doing business as Lordco Pier Associates, Inc, even though the Lord in the name left the organization in 2003, was cited and fined for significant violations of the Clean Water Act in 2007. After paying the fine, significantly reduced from the original $225,000, the new CEO, Craig Rief, proclaimed to the media that it wouldn't happen again. Yet, two years later, the New Hampshire DES had to send a Letter of Deficiency, outlining not just missing paper-work, but missing procedures to insure proper testing. In case you're tempted to think Little Bay Seafood, LLC is just a small business incapable of meeting the stringent requirements of the EPA, consider the following:
REFINANCE EXISTING DEBT FOR SHORESIDE FACILITY. ANNUAL DEBT SERVICE WILL BE LESS BECAUSE OF LONGER TERM AND LOWER INTEREST RATE.Then, in 2005, just before the environmental violations were cited, Johnathan Shafmaster, the principal owner since the Lord fellow had left in 2003, secured a loan of $3,750,000 to REFINANCE A FISHING VESSEL. ANNUAL DEBT SERVICE WILLBE LESS BECAUSE OF LONGER TERM AND LOWER INTEREST RATE.And in 2006, the Department of Commerce came through again with a loan of $3,560,000 to Lordco Pier Associates, Inc for the purpose of again REFINANCE A SHORESIDE FACILITY. ANNUAL DEBT SERVICE WILL BE LESS BECAUSE OF LONGER TERM AND LOWER INTEREST RATE.Does this mean that every time the Commerce Department changes its interest rates, the outstanding loans are re-negotiated and re-written? If so, that seem a bit inefficient.
Congressional District NH90: New Hampshire unknown districtsReally, the Commerce Department was uncertain about how many Congressional Districts there are in New Hampshire and couldn't find out in six years of handing out $9,110,000 to a lobster company? No wonder Judd Gregg thought he ought to be Secretary of Commerce!
By monica smith at 01/27/2010 - 05:25 | Economy | Environment | monica smith's blog | login or register to post comments
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