Is anyone else having a hard time wrapping their heads around the amount of money Clean Line Energy Partners llc has squandered?
Let's start with National Grid's $40 million. That bought to British corporation a 40% interest in the company. One can surmise the Ziff Brothers investment, Michael Zilkha and Clean Line upper management has supplied the remainder $60 million for a 60% interest in the company. So there's $100 million dollars. Some time in the last half of last year, it was estimated Clean Line would need another infusion of money. National Grid had to throw a few million more in the pot. It is unknown if the Ziff's also put more in the pot.
Now we have Bluescape Resources willing to another $50 million and receive 2 board members.
My guess we are looking at closer to $200 million dollars. What does Clean Line have to show for that?
Kansas gave a contingent approval for the Grain Belt Express llc (providing Missouri and Illinois approve it also).
Missouri has denied GBE llc.
Arkansas has denied the Plains & Eastern llc.
Illinois has denied eminent domain for the Rock Island Clean Line.
Illinois Commerce Commission is reviewing the GBE application.
There is no demand for any of the company's llc's. In the economic sense, there is no value added.
The Tennessee Valley Authority does not wind energy from the Plains & Eastern Clean Line llc.
With no demand for the P&ECL llc, federal eminent domain from Section 1222 is in doubt.
What has Clean Line accomplished? They have probably spent at least $125 million, and perhaps above $150 million.
Zilkha's biomass pellet plant in Alabama probably doesn't even cost that much. At least Michael Zilkha has a physical plant, property, and equipment to show for his investment.
When this is all over and Clean Line Energy Partners llc is gone and history, there will likely be some wild stories told. Can anyone spend $150 million with nothing to show for the accomplishment without parties, booze, and possibly a little cocain ?
Just speculating here and not accusing anyone, but how does one piss away $150 million without wild trade organization parties?
We're there Christmas parties at the Four Seasons to promote team building?
How about the utility commission hearing in Springfield, Illinois or Jefferson City, Missouri when a big chunk of team CLEP came together?
I almost hope y'all had a good time frittering away millions upon millions. I'd hate to hear the lawyers got it all.
Now I've never heard a demeaning or unethical word about Clean Line's Illinois attorney. While not connected and not in the know, from all accounts I've heard, the company's Illinois attorney has done an honorable job representing a despicable client. Those high priced Chicago attorneys have put out some voluminous work with mountains of paper.... And billable hours.
I bet Clean Line has gone beyond being referred to as the attorney's "RETIREMENT FUND". It wouldn't surprise me if there is a yacht on Lake Michigan bought for by Clean Line Energy Partners llc.
If CLEP's attorney fees have actually bought a boat, I wonder what the name is. Here's a couple suggestions.
"BILLABLE OURS" as the boat was bought one hour at a time.
"CLEPTO" might be another good name for a yacht. As billing Clean Line was as easy as shoplifting or picking their pockets like a cleptomaniac.
Now this is just idle speculation. No one really knows how Clean Line has spent the millions of investors money. Regulated public utilities have to account for all costs to be allowed customer allocation and consumers pay for utility transmission improvements.
Unfortunately Clean Line is not a regulated public utility. Unfortunately Clean Line's Financials are proprietary and confidential at the ICC. We can only speculate how one blows through somewhere between $150-$200 million dollars in a few years with nothing tangible to show for it. It wouldn't surprise me if they've spent more on attorneys than engineering.
And how much is Clean Line willing to pay for the Plains & Eastern llc easement? Less the $60 million and probably closer to $50 million for 17,000 acres of easement. They sure have gone through a lot of money with nothing to show for it.