Area Man | Seven Days | Vermont's Independent Voice

Area Man 
Member since Feb 10, 2015


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Re: “Burlington Writes Down BT Debt

I'm a little late coming to the discussion, so help me understand. BT is (was?) privately owned, and was established with private capital, but was allowed to borrow money from the city of Burlington. The private owners proceeded to borrow far more than was allowed in the original agreement. During this time, the private owners continued to draw salaries and benefits from BT. Now the city is saying: "Meh, I suppose we won't be collecting that $16 million, because it's embarrassing to admit that we loaned it to them in the first place." Do I have this right?

0 likes, 6 dislikes
Posted by Area Man on 02/10/2015 at 3:53 PM

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