What makes this scheme so unbelievable? Why did the Oklahoma Tax Commission legitimize?
Why would a Portfolio Company that is financially sound enough to have in this case $90 million in unencumbered assets get involved in a scheme that was given control of the funds, tied up its assets then invested only a portion of those funds in exchange for an ownership interest in the Portfolio Company.
The answer is this would be a horrendous mistake for any legitimate Portfolio Company! Unless they were mislead and duped?
Void of any legitimate justification for that arrangement, that leaves any reasonable person to surmise the plan stated is some kind of ruse or straw scheme to cover something highly suspicious.
What are some possibilities?
We can't dismiss the fact the Portfolio Company was mislead about what they were getting into. It is very unlikely the Portfolio Company was ever shown the documents we now have.
This demonstrates another potential harm to legitimate businesses by state officials refusing the public access to these public funded programs.
Download a copy of Scissortail tax credit scheme documents. Click to download.