Altus Venture $126 million View
Scissortail $90 million View
Foxborough $300 million View
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Venture capital (also known as VC or Venture) is a type of private equity capital typically provided to early-stage, high-potential, growth companies where the rewards are years out and carry a high risk. Venture capital is a special kind of funding to create a foundation for building the businesses that will replace today's diminishing industry and jobs. Oklahoma's venture tax credit program was intended to incentivize that venture capital funding needed by rewarding investors tax credits worth 20 to 30% of their at risk investment. |
Numbers don't lie, People do.
Cipher the numbers, decipher the lies.
Who are the players?
December 18, 2008 Altus group sued over Colorado resort area fraud.
December 18, 2008 Insurance troubles for furloughed workers in Altus
December 16, 2008 Altus firm leaves its employees out in cold
November 2008 update: QMA announced downsizing and ceased operations.
September 2008 update: QMA announced reaching an agreement with the city of Coffeyville KS to move it sheet metal work there. Sheet metal is virtually the entire manufacturing element of an aircraft fabrication facility. The remaining comes from outside vendors. This reduces QMA to an assembly facility.
Now QMA is hiring workers from Coffeyville KS, and paying living expenses to travel to and work in Altus.
QMA (Quartz Mountain Aerospace), who has yet to create revenue, is has gone before the City of Altus, claiming it is broke and asking for another million dollar loan. Threatening employees, some Kansas employees, will not be paid.What happened to $189 million of the $221 million Altus Venture claimed to invest in order to take $66.3 million in tax credits? QMA only received $32 million. State officials are failing to act and audit the records of the Altus Venture QMA deal.
Why was Altus Venture ever allowed to participate in the program?
Altus Venture is being operated by a group with a history of financial lawsuits, and used a large donation to muscle their way into helping write this very law they were/are abusing to operate a program where public officials can enjoy huge profits with no risk without violating the law. fleece the OK public. See See Suspicious Contributions| Lawsuits naming FSB Bancorp Altus and/or affiliates as defendants in financial wrongs. | |||
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Mountain Adventure Property Investments Defendants include: FSB Bancorp and its affiliates Oasis Development, LLC; Global Industrial, LLC; F. Don Anderson; and non affiliate Robinson & Sons, LLC an Oregon limited liability company, Randy Note: FSB Bancorp and its affiliate, Altus Ventures along with its President Paul Doughty is involved |
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| Oklahoma Industrial Finance Authority Vs. Quartz Mountain Aerospace | View | ||
| Former employee Quartz Mountain Aerospace CEO Mark Aceiro | View | ||
| Attorney suing Quartz Mountain Aerospace | View | ||
| First National Bank Altus suing First State Bank Of Altus and Quartz Mountain Aerospace | View | ||
| Oasis Involvement in Hayden Lake legitation | View | ||
| Vectra Bank lawsuit 1 (09/04/2008), defendant Oasis Development LLC | View | ||
| Vectra Bank lawsuit 2 (11/10/2008), defendant Oasis Development LLC | View | ||
| Lawsuit Recently filed in Denver CO. | View | ||
| EZ-Way - Lawsuit Defendants: Altus Ventures, LLC, Bill Grissom, Paul Doughty | View | ||
| SIL-FLO - Lawsuit Defendants: Paul Doughty, Harold Doughty, Almer E. Ellison, and Rod Fancher. | View | ||
$66.3 million is what the Oklahoma's economic development program awarded the Quartz Mountain
Aerospace project for the 300 job created. $221,000 per job.
$66.3 million should have created 5000 new jobs, not 300!
[Ref N104]
Note: The $66.3 million is in addition to the $9.5 million Quartz Mountain received from the City of Altus and yet even more from the State's Quality Jobs program. The Quality Jobs data is not available, but based on how the program is structured, the number of employees and years, it is reasonable to assume roughly $700,000 plus per temporary job. [Ref A137]. This is probably a stretch to assume each job lasted 3 years, but let's assume that scenario. At $35,000 per employee that puts the total pay received at a little over $100,000 per employee. Meaning if the state paid the entire salary there is still over $600,000 per employee unaccounted?
The investors were promised a return of $2 for every $1 invested in the $32 Million Quartz Mountain Aerospace venture. (Actually $3 for every one invested since they keep the investment, and the $2 is all incentive.) The state turned around and gave those investor $66.3 Million. With some flim-flam in between.
The investors have already been issued the entire $66.3 million in tax credits. All without a binding agreement that even one job has to be created.
| Additional explanation and supporting information. | |||||
| View | External factors that help understand the articles. | ||||
| View | Oklahoma flim-flam sham. How the tax credit scam works? | ||||
| View | Dubious relation in Oklahoma's legislative branch with tax credit abuse promoter. | ||||
| View |
Calvey gets big donations from venture capitalists. State Rep. Kevin Calvey, R, was Chairman of the House Revenue and Taxation Committee handling the tax credit legislation that these donors received $66.3 million through. | ||||
| View | More related news articles. | ||||
| View | Tax abuse site map. |
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FSB Bancorp is the holding company for a variety of investment related entities, including:
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| Reference Articles | |||
| Reference | Click to view | Article | |
| A137 | view |
Altus aircraft maker cites FAA delays in layoffs Production delays plague airplane company June 1, 2007 |
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Reference notes |
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| N104 |
Oklahoma's program to create jobs! $66.3 million should have created 5000 new jobs, not 300! Oklahoma's Quality Jobs program goal is to pay employers 5% of new taxable payroll for 10 years, for new jobs with an average salary of $30,000. Allowing each company 3 years to ramp up to full employment. Oklahoma should have had 5000 jobs, not 300. |
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