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Saturday, November 6, 2010

First Wind Pulls IPO After Expectations Not Met

Executives at First Wind Holdings Inc. pulled the plug on their initial public offering (IPO) just hours before the company’s stock was due to begin trading on the Nasdaq late last week.

Initially the company wanted to sell roughly 12 million shares in a price range of $24 to $26 each, which would have generated as much as $312 million.

A lowered price range of $18 to $20 was announced before trading began last Thursday, but the company decided to hold off. More...

The town relies heavily on the wind project, Zigenfus said. Prior to the turbines coming to Cohocton, the tax levy was $4.18 in 2007.

This year the town received $725,000 as part of the community host payment, and $100,000 of that will be used to repair roads. The rest will go into the general fund. More...

9 comments :

Anonymous said...

Should have seen this coming.
The economy has dented the wind turbine business for two years and maybe now that the Socialists, I mean Democrats, got their butts kicked in the election we will not see the welfare checks/tax dollars doing to these big corporations that want to build these things in Potter County.
Take away the tax subsidies and the tax credits that the wind companies have been getting from our socialist Uncle Sam and these things cannot survive on their own energy production/merit in areas where the wind is so marginal.
On Tuesday night the people spoke and maybe this socialist sham will end.
The election was a good thing when it came to these liberal giveaways of my hard earned dollars!

Anonymous said...

Don't be so sure. A lot of people who believe in less government welfare and socialism have a blind spot with it comes to the giveaways to the turbine companies. Basically they are hypocrites.
What really makes these things outdated in marginal wind areas like we have here is the shift in domestic energy sources.
Natural gas is our energy future for at least the next 50 years. Probably longer.
Solar and wind have their place though and they are cleaner. I believe in them. Solar can be produced where there is, uhm, sun. And turbines make sense where there is, uhm, wind.
Anyone who knows anything can see that a wind energy plan which made sense in 2007 already doesn't make sense today and thank God they didn't put these things up in Potter County during the frenzy.
The only hope for AES now is if the Democrats somehow push their socialist agenda through Congress to make the economics work for AES. That's not how I voted!

Anonymous said...

I sure hope the election means an end to the welfare that we were gonna be paying AES when the liberals were in charge of the federal check book. If that company and the landowners who are leasing out for windmills want to produce energy from wind thats fine by me, but do it on your own investment and not on the taxpayer (my) dollars.

Anonymous said...

I think the vote Tuesday was for free enterprise system and capitalism so the handouts to these big companies to build windmills where there's not much wind and solar panels where there's not much sun should be coming to an end.

Anonymous said...

@11:34:00 PM; Did you READ the article? The whole article? I don't think so because it is obvious that you have NO clue what you are talking about. This had NOTHING to do with government money. It was about the companies decision not to go public on the stock market at this time due to the volatility in the market.

It's too damn bad that someone doesn't invent a way to fix stupid, they could get rich in Potter County.

Anonymous said...

I understood the article. I also understood the point of the comments about the subsidies and about the tax credits.
So really what is happening is the windmill companies can't get money from investors and with the giveaway liberals getting voted out maybe they can't get the handouts from us taxpayers.
Two issues, did I get that right?
Am I stupid?

Anonymous said...

Boy, it's ashame that Ulysses twp. couldn't hold out for that kind of money on their host agreement.I,m sure that one of their supervisors won't have to worry about their retirements ( they stand to gain 110,000.000 a year) on windmills put on their properties. Hold out Allegany, Hector, and Sweden, we have something they want ! Don't sell us out cheap to these "Wind Companies "

Really??? said...

Talk about entertainment, it doesn't get any better than this! Ha Ha Ha

So many opinions on others investments, any one of you could have purchased the land that "one supervisor" did and years of hard work.

It is so funny to hear time and time again how these land owners are "thinking only of themselves and not their good neighbors, these land owners are greedy, only the land owners are going to gain anything from the turbines"!!!

But now it is, gee how much can or will we benefit???? Talk about greed, get off others coat tails and make your own investments!!!

Yep, it sure is entertaining...

Anonymous said...

Yes it is greed. You nailed it 10:32. It's funny what money does to some people. They vote Republican and limited government. Then they turn around and act Democrat and socialist by supporting the taxpayer supported windmills. Meanwhile we have more natural gas than we know what to do with on the same dang land as they're building turbines and the companies who want to draw out the gas don't expect a tax subsidy, tax credit and all the other socialist benefits.
Greed greed greed.
Hypocrisy hypocrisy hypocrisy.
To 4:10 you are not stupid at all. The economic market is turning against this technology where there is not much wind and the voters are turning against wasting tax dollars on it. So you got it right.