No Proof of Private Equity for V-Vehicle

There is no proof of private equity investment in V-Vehicle Company, according to documents obtained by Lincoln Parish News Online. In a three-sentence letter to LED Secretary Stephen Moret, company CEO Frank Varasano says, “…this letter serves as the written confirmation that V-Vehicle Company has closed more than $50 million in immediately available funds in its Series B equity financing.” LPNO had requested supporting documentation from LED as proof that equity investment existed, but none was provided.

Earlier this week, The (Monroe) News-Star’s Greg Hilburn asserted in a story that the private equity was in place, naming high-profile investors such as T. Boone Pickens, Elton Kennedy of Morehouse Parish and Morris Mintz of Monroe. Hilburn cited no evidence that these investors had actually put money into the venture.

First Invoice to Taxpayers From Company

Also obtained in the public records request is the first invoice to the Taxpayers of Louisiana from V-Vehicle Company. Michigan sub-contractor CKGP/PW & Associates billed about $70,500 for “engineering services and expenses” from 6/15/09 through 6/28/09.

Also included was about $9,200 from San Diego architect/developer OliverMcMillan. According to the invoice, Senior Vice-President and Principal James F. Reynolds bills his time at $300/hr., and Director of Construction Bob Mueller bills his time at $175/hr.

Lincoln Parish News Online will continue to closely follow this story and publish as developments occur. The Taxpayers of Louisiana deserve to know for what their money is spent.

5 Responses to “No Proof of Private Equity for V-Vehicle”

  1. Wascator Says:

    Thanks; at least someone is watching this potential fiasco unfold with a critical eye. Where are all the real reporters?

  2. Walter Abbott Says:

    In all fairness, The (Baton Rouge) Advocate is also asking questions. But I am proud to be leading the way here.

    Matt Drudge said it best in 1998: “Anyone With A Modem Can Report On The World”

  3. V-Vehicle Still Using Out-of-State Contractors « Lincoln Parish News Online Says:

    […] Diego architect/developer. Two of the companies – Gray and CKGP/PW – were listed on the first round of invoices submitted by […]

  4. Eighty-Year Heritage vs Company on Paper Only « Lincoln Parish News Online Says:

    […] despite language in the CEA directing just that condition. LPNO had reported on that issue here and […]

  5. Louisiana Contractors Still SOL on V Car Plant « Lincoln Parish News Online Says:

    […] architect/developer. All of these companies had previously billed Louisiana Taxpayers as reported here and […]

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