Do you know what happened as a result? I am looking for evidence that Darden et al made public money "disappear".
I guess the state got to collect the collateral... Which was mostly future projected income from the project ... and I guess they got the land back (but they already had that.)
... After what EIT representatives believed was full disclosure by EnCap, and EIT and DEP staffunderstood that EnCap had no other resources it could pledge in addition to a bank letter of credit, EIT and DEP staff agreed to accept some collateral that was not likely to materialize for many years. For instance, EnCap pledged its rights to Brownfields reimbursement that would not materialize until after successful completion of the vertical development. ... ... became aware that EnCap had failed to disclose to EIT/DEP a potentially significant source of income that could have been used as additional collateral.