Mon Jul 2, 2012, 08:25 PM
white cloud (2,496 posts)
Tech Company Funded by Texas Gov. Rick Perry Files for Bankruptcy
And prior to their bankruptcy filings, the companies had failed to submit annual financial reports for the last three years, according to a critical state auditorís report. Supporters of Gov. Perry, however, are quick to note that NanoTailor Inc. received one of the smallest investments issued by the governorís fund.
And they also note that the company closed its doors after failing to meet the governorís strict performance expectations. But the failure of NanoTailor Inc. brings the total amount of failed investments issued by the special fund to $2.5 million, which is no small amount, especially in a state where Gov. Perry is facing a tough reelection challenge.
And during his brief run as a presidential candidate, Gov. Perry was highly critical of failed government loans made by President Obama to certain tech companies. So, given the recent failures in Texas, it is likely that this issue will remain hotly debated by members of both political parties.
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Tech Company Funded by Texas Gov. Rick Perry Files for Bankruptcy (Original post)
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Response to white cloud (Original post)
Mon Jul 2, 2012, 08:44 PM
benld74 (5,711 posts)
1. The SMALLEST investments by the gov? Oh wait 3 total busts!
Posted: May 3, 2010 Nanotube Manufacturer Nanotailor, Inc. Receives Texas Commercialization Award (Nanowerk News) The Austin Chamber of Commerce and the Central Texas Regional Center of Innovation and Commercialization (CenTex RCIC) announce that the state of Texas has chosen Nanotailor Inc. as the recipient of a commercialization award funded through the Texas Emerging Technology Fund (TETF). This company, which is a manufacturer of single walled carbon nanotubes (SWNT), will receive an initial $250,000 pre-seed award of a reserved $1.25 million for the commercialization of its technology. Read more: http://www.nanowerk.com/news/newsid=16086.php#ixzz1zW1Z5a7k
The other two bankruptcies in the fund portfolio happened in 2010. Thrombovision Inc. was awarded $1.5 million, and StarVision Technologies received $750,000. A state auditor's report in 2011 found that neither company had submitted required annual reports for three years, and that the fund managers didn't even know that Thrombovision had filed for bankruptcy until it was reported in the press.