Do you suppose that the Clean Line executives sing and dance for their investors? They ought to, since I believe that's all the investors are going to get in exchange for their philanthropy.
It's been a while since we've gotten a look at who's supplying the money that keeps this rickety boat afloat. During the ICC RICL hearings in December of 2013, we heard that Clean Line was going to be out of money by mid-2014.
But, here they still are... being a nuisance to Mayberry. Looks like National Grid had to up the ante and kick in another $15M. And since a 40% share seems to have increased in value, does this mean that other investors have also flushed some more money down the Clean Line potty? And what about Bank of America? Didn't one of Clean Line's spinners say the company was getting cash from Bank of America?
If we can believe Clean Line's Grain Belt Express application to the Illinois Commerce Commission, here's a listing of who's to blame for funding this fiasco:
GridAmerica Holdings (National Grid) has invested $55.7M and currently owns 40% of the company.
ZAM Ventures (Ziff brothers) has invested $73.8M and currently is the majority owner, with a 53% stake.
Michael Zilkha has a piddling $2.8M invested, which gives him a 2% ownership interest.
The remaining 5% (or $6.7M) is owned by "Clean Line Investment" which is some vague investment vehicle owned by "service providers and employees of Clean Line."
Total investment: Around $140M
That's a lot of green that is simply going to disappear when Clean Line's circus tent folds in the middle of the night and the company slips out of town. But that's okay, I'm sure these savvy investors wouldn't invest money they couldn't afford to lose.
$140M invested and the company still doesn't have even one of its projects fully permitted and ready to build.
In addition, all the interest in the project is coming from non-existent generators. It really doesn't matter how much Clean Line talks about how much its project is needed by other states in the east, without any contracts, Clean Line will fail.
Dance, Clean Line, dance!!!