This is my interpretation of Excelsior’s pushback in Today’s Trib:
The Trib did a lousy job describing why $40 million has been spent on our company with little to show for it.
Excelsior has given all its spending info to its funding sources – the government, but not the public. Translation. Tom Bakk knows how we spent our money. You don’t need to know. (left unsaid: Thank goodness someone – not Tom Bakk – made sure we get to keep our secrets by law)
The IRRRB loaned us $9.5 million. That stopped 4 years ago so no more good money from them after bad.
Starting a new energy company is hard work. We’ve been given the permits to move our energy just not the right to move it on other people’s wires or any demand for our energy.
Our coal will be cleaned up. (left unsaid: whether it will ever be a truly clean source of energy or not we’re not saying – never mind all those alarmist environmentalists)
We’re entrepreneurs (left unsaid – using taxes to fund our work but not private capital except for our little drop in the bucket)
Everyone is having a tough time in this recession (left unsaid – our project is so ill conceived it would have had just as much trouble in good times)
Other alternative energy sources might not work out (left unsaid – even though they are moving along a lot faster than our project)
We’d like to thank the elected officials who gambled on us (left usaid: and voted to give us lots of money when owners of private capital were too skeptical to offer there money)