As tolling bells mark anniversary of raid, Iowa town pins hopes...
#1 May 12, 2009
If only the secured lenders cared as much about the future of the town and its residents as Sarachek does in trying to find a proper new owner of this company, then this company would have already been purchased and under new dedicated ownership.
The only reason the transaction hasn't been completed is that the secured lenders didn't want to accept the millions of dollars that were offered for the facility back in March.
Instead, from the time of the March failed auction until now, there have been untold amounts of additional funds spent trying to keep the plant running while trying to find buyers willing to spend even more millions of dollars to satisfy the banks.
All that at the expense of the town and its residents.
Amazing that in this time of tax payer bailouts of the banking system, it is again a bank that is holding an entire town hostage due to their selfishness.
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