[MrGompers]

Originally Posted by Mr_250

The State should not be picking winners (or losers) for the "development" packages:

Back9Network vacates Boat Building, returns TV equipment | HartfordBusiness.com

Back9Network is gone (basically). $5million dollars down the drain. I hope the State can recover some of that money so we can use it for more useful items like roads or schools.

If you read that article the back 9 network is a great example of what networking and having friends in the right places can do for you. They even managed to get a loan from Webster bank without having any revenue. The network was only on the air for 8 months I think.

They managed to get Amed Rashad to introduce their channel I think. That guy hasn't be relevant since 1990. Just a bunch of fools including the CT Govt who temporarily were blinded by the chance to meet celebrities.

"There are about 140 investors, well over half of them in Connecticut, Bosworth said. The group includes Geno Auriemma and Ray Allen, he said."

That's not even relevant to the story. Frank Sinatra told me to NEVER name drop.

Two Sides Compete To Revive Back9Network - Hartford Courant

[mlassoff]

Originally Posted by Mr_250

The State should not be picking winners (or losers) for the "development" packages:

Back9Network vacates Boat Building, returns TV equipment | HartfordBusiness.com

Back9Network is gone (basically). $5million dollars down the drain. I hope the State can recover some of that money so we can use it for more useful items like roads or schools.

Back9 is officially out of business as of yesterday. They are completely out of cash. It's over.

To me the government is the funder of last resort for a corporation... and these Back9 guys had plenty of friends on both sides of the aisle. Personally, I think Back9 network was a poorly conceived idea from the beginning-- However it would have been a boon for the state if something like it did work.

Low taxes can't be a complete answer (or may even an answer if you look at SFO and NYC) to attracting corporations. Back9 came here because of the state package, multimedia tax credit and number of other strategic reasons. Maybe the next idea will be better and will work...

You can't simultaneously scream "bad business environment" and then crap on the efforts made to improve it.

I think Back9 was a poorly conceived idea that should not have attracted state investment. I think the face that they leveraged state resources with relationships and power is disgusting. However, I don't think don't think the resources and incentives themselves are a bad idea if leveraged correctly.

[Mr_250]

Originally Posted by mlassoff

Back9 is officially out of business as of yesterday. They are completely out of cash. It's over.

To me the government is the funder of last resort for a corporation... and these Back9 guys had plenty of friends on both sides of the aisle. Personally, I think Back9 network was a poorly conceived idea from the beginning-- However it would have been a boon for the state if something like it did work.

Low taxes can't be a complete answer (or may even an answer if you look at SFO and NYC) to attracting corporations. Back9 came here because of the state package, multimedia tax credit and number of other strategic reasons. Maybe the next idea will be better and will work...

You can't simultaneously scream "bad business environment" and then crap on the efforts made to improve it.

I think Back9 was a poorly conceived idea that should not have attracted state investment. I think the face that they leveraged state resources with relationships and power is disgusting. However, I don't think don't think the resources and incentives themselves are a bad idea if leveraged correctly.

What I didn't like is how conceded, for lack of a better word, they seemed to be.

I mean, this was essentially a start up company with big money. Instead of starting in a garage or small office, grow a little, take use of some incentives offered, grow a little more, move into new office and be self sufficient; these guys went from napkin to hanging motorcycles on the wall and sitting amongst waterfalls. It's like a rich kid who took over his family business and used it as a personal shrine to himself (themselves). They did not work yet reaped the reward.

Sad to see 80 people out of a job and 140 investors stuck, but that's life.

[MrGompers]

I'd like to know what personal assets the founder had to put up for collateral ? My guess would be zero, but I'd like to verify that. Getting a bank to loan you money for an "idea" is near impossible.

[BobNJ1960]

Originally Posted by Mr_250

The State should not be picking winners (or losers) for the "development" packages:

Back9Network vacates Boat Building, returns TV equipment | HartfordBusiness.com

Back9Network is gone (basically). $5million dollars down the drain. I hope the State can recover some of that money so we can use it for more useful items like roads or schools.

What choice does it have? Ct has one of the worst ranked business climates, so when any opportunity comes, it better be seized.

The alternative is trying to deal with no job creation, with Sikorsky looming, GE relo committee doing its thing, Insurance corps angry about the state tax climate plus industry consolidation...

This is the ugliest Ct employment outlook I have ever seen. Especially as this is happening while the national economy is doing well.

[Lalalally]

What can be done to stop this spiral? Does it all go back to funding state pensions? Can this be stopped? This is definitely not the same state I moved to 20 years ago. It wasn't always like this here. The last 5 years have been awful, and future seems so much worse, if that's even possible...

[nep321]

The economic climate in CT is atrocious. I am looking forward to moving to a state with low unemployment, a $2 billion budget surplus, low taxes and superb GDP growth.

[BobNJ1960]

Originally Posted by Lalalally

What can be done to stop this spiral? Does it all go back to funding state pensions? Can this be stopped? This is definitely not the same state I moved to 20 years ago. It wasn't always like this here. The last 5 years have been awful, and future seems so much worse, if that's even possible...

A leader who vetoes budgets with tax hikes, unless severe cuts were made in advance, to the full extent possible.

NJ just had a 10,100 net new job creation month, but with unemp like Ct > US, even with projections showing we'll be the best in the Northeast at job growth the rest of year, Christie has announced he will veto the Democrats tax-raising budget. They lack the votes to override him. BRAVO!!

Good leaders use the bully pulpit, just as good pitchers are not averse to brushing back batters.

Malloy either adores tax hikes or is a perpetual follower IMO. Neither trait makes for a good leader. Ct deserves better.

[HumpDay]

Originally Posted by BobNJ1960

A leader who vetoes budgets with tax hikes, unless severe cuts were made in advance, to the full extent possible.

NJ just had a 10,100 net new job creation month, but with unemp like Ct > US, even with projections showing we'll be the best in the Northeast at job growth the rest of year, Christie has announced he will veto the Democrats tax-raising budget. They lack the votes to override him. BRAVO!!

Good leaders use the bully pulpit, just as good pitchers are not averse to brushing back batters.

Malloy either adores tax hikes or is a perpetual follower IMO. Neither trait makes for a good leader. Ct deserves better.

I wish Christie was the governor of CT. I mean he's ok but better than Malloy. I don't want to get into in a political battle but Malloy only won because of Hartford, New Haven, and Bridgeport. He only wanted to keep the Hartford polls open because that's where he knows he can get those votes. I agree CT does deserve better because we've had decades of bad governance and just when it seems like it's getting better...it's actually getting worse.

[Lalalally]

Originally Posted by nep321

The economic climate in CT is atrocious. I am looking forward to moving to a state with low unemployment, a $2 billion budget surplus, low taxes and superb GDP growth.

Yep nep! And don't ever ruin that by voting the way you're usually inclined to! JK.......well maybe not really kidding at all!! Lol! Kudos to Ohio for turning itself around -- a former dismal rust belt state, to one that's now redefining & reinventing itself and whopping the crap out of us!! Hey - also, I just read an article today on the CT post: Ohio is one of the top summer road place destinations in the country this year, while CT is dead freaking last -- Number 50!! LOL! Good choice and good luck again!!!! When do you leave? Soon, right?