-={ARCLIGHT}=- wrote:
Katz said the Development Corp. is being urged to consider the settlement because Plasmatronics is near bankruptcy. However, Plasmatronics PLC makes parts for Porsche, and Katz said 2008 bank statements from the guarantor indicate the company receives an average of about $40,000 a month from Porsche. Katz said Monday it would be "irresponsible" not to examine the company more closely if there's a possibility to recover more than $120,000 of the loan.
Good Lord! Porsche has been the one car company that has been immensely profitable the last couple of years. I googled "Porsche Profits". They made over $10 Billion last year. If Plasmatronics is supplying parts to Porsche, they certainly should be able to repay Crown Point's loan in full.
If Plasmatronics is near bankruptcy, where are they going to get $120,000 to pay the settlement amount? This sounds like ploy just like their fuel saving device.