[CPEO-MEF] Talon Manufacturing's munitions problems

[Lenny Siegel <lsiegel@cpeo.org>]

State to lose $1.2 million on Talon investment

By Ken Ward Jr.
Charleston Gazette (WV)
February 15, 2007

State officials expect to lose more than $1.2 million in public money 
they invested in Talon Manufacturing now that environmental problems 
have forced the company to close its operations in Mason and Wyoming 
counties.

The state Jobs Investment Trust hopes to recoup a $500,000 loan once 
Talon is able to sell off its equipment, but the agency expects to lose 
its $1.25 million ownership stake in Talon.

"In all likelihood, we'll probably end up writing that off," said 
Richard Ross, the investment trust's executive director.

Talon started operations in 1993, and acquired government contracts to 
disassemble ammunition. The company has had a series of problems, 
including several explosions, run-ins with environmental regulators, 
failure to pay workers' compensation premiums on time, and bankruptcy 
reorganization.

...

For the entire article, see
http://sundaygazettemail.com/section/News/2007021414

--


Lenny Siegel
Director, Center for Public Environmental Oversight
c/o PSC, 278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org


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