Thursday, June 29, 2006 Great Plains Bankruptcy Costs Illinois Taxpayers
Illinois County fails to file proper paperwork for bankruptcy auction
After last weeks bankruptcy fire sale of Great Plains Airlines' spare parts, revelations are coming forward that Great Plains' incompetence was not only a localized affair. The St. Louis Post Dispatch is reporting that the repercussions have spread to St. Claire County, Illinois, home of MidAmerica Airport. The county pulled out all the stops to get airline service at an all-but-empty airport, including guaranteeing $750,000 in loans to Great Plains. Its only collateral - the recently auctioned spare parts. According to the bankruptcy trustee, the county, "failed to file the proper paperwork" which will entitle the county to absolutely nothing. How many more Mid America Airport scenarios are there out there connected to the Great Plains debacle? Oklahoma Political News Service is investigating...
Posted at 6/29/2006 01:04:00 PM
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