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Old 02-27-2013, 09:57 AM
 
Location: Central Maine
2,866 posts, read 3,306,152 times
Reputation: 3997

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Vermont Life Magazine » The $600 Million Question
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Old 02-27-2013, 10:49 AM
 
Location: Live - VT, Work - MA
819 posts, read 1,380,264 times
Reputation: 606
Quote:
Originally Posted by DauntlessDan View Post

I'm familiar with thh author, good writer, does a good job with his pieces.

As for the Stenger plan overall, it has been hard for me gauge how people feel about it. I ahve read everything I can on the plan and looks through the plan, even talked to some people in his organization and I have mixed feelings about it.
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Old 02-27-2013, 02:13 PM
 
Location: in a cabin overlooking the mountains
3,078 posts, read 4,064,431 times
Reputation: 2263
This biotech thing has my attention since it is right up my alley. The more I read up on it the more I don't like it. I'm all for high-tech businesses but story has my BS alarm going woop-woop-woop.

Check this out:
Quote:
The Food and Drug Administration (FDA) has approved the plans for the bio-technology facility slated for Newport City.
FDA approves bio-tech, project heads to city council | Newport Daily Express

Since when does the FDA approve building or facility plans? They "approve" drugs or class III devices, they determine whether a company is or is not in compliance with "Good Manufacturing Processes," they grant permission to use drugs or devices in clinical trials prior to granting clearance or approval, but the FDA is not in the business of evaluating facility plans. They do have standards for buildings in which medical products are produced, however

Quote:
When it is necessary to control the environment, specifications for parameters such as temperature, humidity, colony forming units (CFU's), and particulates per cubic foot, etc. should be established. No FDA guidances for these parameters presently exist for environmentally controlled areas such as clean rooms.
6. Buildings and Environment

This in direct contrast to what was published here:
Quote:
Each clean room would have to meet U.S. Food and Drug Administration approval and would employee two to 10 people depending on the research, Stenger told the three dozen people gathered at the Gateway Center.
AnC Bio VT Could Double Job Creation | Orleans County Record | Discover Newport

The only thing I can find that looks like someone is serious about developing a product and interacting with the FDA is this:
FDA Approves Stemedica Phase II Clinical Trial For Acute Myocardial Infarction With Ischemia Tolerant Mesenchymal Stem Cells
and Stemedica has signed a joint venture agreement with AnC Bio to produce cells developed by Stememedica (but not in VT).
Stemedica International Announces Joint Venture with AnC Bio Group -- SAN DIEGO, Oct. 5 /PRNewswire/ --

Need a dose of reality?

Quote:
Earlier this year Florida's BioHeart notified the SEC that AnC Bio had never made good on its pledge to invest $4 million in the company--defaulting on the deal after only coming up with an initial $400,000--and an official with the company said that the tsunami in Japan had affected its business partners and hurt AnC's ability to invest.
VT officials spotlight foreign financing role for stem cell facility - FierceBiotech
That same info was also in the article that Nutsosa posted and I think it deserves emphasis.

Somehow this all sounds very familiar to me. There is a part of me that thinks that Shumlin deserves to be had after the nonsense he has spewed on behalf of his out-of-state wind energy buddies. It's just a shame that hopes are going to be raised and taxpayer money is going to be thrown out the window.
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Old 02-27-2013, 03:36 PM
 
Location: Maidstone
14 posts, read 26,989 times
Reputation: 20
It would be nice to see someone from a larger media outlet run with this story, and actually do some investigation.
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Old 02-27-2013, 04:41 PM
 
Location: Maidstone
14 posts, read 26,989 times
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I found this complaint mentioning Ariel Quiros.
Ariel I Quiros Quiros, Ariel I Took almost $16,000 and never delivered the product. Miami, Florida - Scams, Reviews And Complaints / Scams, Complaints and Reviews

There are two sides to every story, and there is only one side posted there. While I have no way of knowing if the information is accurate, I did find the following. The address of Q Vision LLC, with which Mr. Quiros is/was associated, is 111 NE 1st St, 4th floor, Miami, FL.
Google map, streetview, of that address: 111 NE 1st St Fl 4 Miami, FL - Google Maps
If you zoom in to the sign on the building, instead of Q Vision on the 4th floor, it shows "Jay Peak Ski & Summer Resort." Strange? I don't know.

Also, I can confirm the claim of "...has over 28 companies listed with the state of Florida..." (via Sunbiz.org). Indeed, most of them seem to be registered at the same address in Miami (I stopped checking after a few . . . I have other things to do today!).
I work in a lab, I'm not a businessperson, and have never studied business or economics. However, having that many business registrations seems strange to me.

You can't be particularly vested in any one business if you have so many, and none of them could have had much success. I would think that if you had a successful business, you'd stick with it, and not open 30 more. Seems like a situation of getting in, making some money, and getting out quickly before the place burns with you in it.

Everything I've written is speculation, and not even the opinion of an expert in these matters. I'm hopeful that this biotech is legit, and becomes a reality. I would like nothing more than to land a biotech job back in the NEK. Pessimism comes naturally to me, and has only been sharpened with age, and something just doesn't seem right. As I've said, I'd like to see a journalist take on this story, and dig deep.
Attached Thumbnails
Newport biotech-qvision-address-florida.jpg   Newport biotech-business-list_p1.jpg   Newport biotech-business-list_p2.jpg  

Last edited by Nutsosa; 02-27-2013 at 05:23 PM.. Reason: added images
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Old 02-28-2013, 04:06 AM
 
Location: Live - VT, Work - MA
819 posts, read 1,380,264 times
Reputation: 606
Nice web work right there......

Interesting research; I'm familiar with the FDA approval process at the high level and I agree some of this is a little odd. Time will tell.
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Old 02-28-2013, 06:47 AM
 
Location: Maidstone
14 posts, read 26,989 times
Reputation: 20
Any remaining optimism I had, is fading . . .

KELLY LLC v. HINSON, No. 02
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Old 02-28-2013, 08:09 AM
 
Location: Live - VT, Work - MA
819 posts, read 1,380,264 times
Reputation: 606
So it sounds like (I skimmed the legal doc as leagease puts me to sleep here at work let alone during my personal sanity checks into the VT forum) that some original investors in one of his other ventures did not receive funds consistent with the original agreement and were seeking an arbitrator to settle the dispute...fun fun.

While it isn't rare to have a legal trail when dealing with up and down startups, it can also cast a skeptical glow on things.
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Old 02-28-2013, 08:29 AM
 
Location: Maidstone
14 posts, read 26,989 times
Reputation: 20
Quote:
Originally Posted by Logs and Dogs View Post
So it sounds like (I skimmed the legal doc as leagease puts me to sleep here at work let alone during my personal sanity checks into the VT forum) that some original investors in one of his other ventures did not receive funds consistent with the original agreement and were seeking an arbitrator to settle the dispute...fun fun.

While it isn't rare to have a legal trail when dealing with up and down startups, it can also cast a skeptical glow on things.

I also skimmed. It looks like Quiros' group wanted to force it to go to arbitration, but the previous judge ruled in favor of the plaintiff(?), and disregarded the request for arbitration. I think the linked article was from the appeal of that decision, and ruled in favor of Quiros (ie, judge agreed it should have gone to arbitration?).

Since they wanted to use an arbitrator in the first place, suggests to me that they know they are somewhat at fault and are trying to negotiate down the amount they pay. More optimistically, perhaps they knew they had a solid case and wouldn't have to pay a dime if they went to court, but were playing nice and opted for arbitration.
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Old 02-28-2013, 09:11 AM
 
Location: Live - VT, Work - MA
819 posts, read 1,380,264 times
Reputation: 606
Quote:
Originally Posted by Nutsosa View Post
I also skimmed. It looks like Quiros' group wanted to force it to go to arbitration, but the previous judge ruled in favor of the plaintiff(?), and disregarded the request for arbitration. I think the linked article was from the appeal of that decision, and ruled in favor of Quiros (ie, judge agreed it should have gone to arbitration?).

Since they wanted to use an arbitrator in the first place, suggests to me that they know they are somewhat at fault and are trying to negotiate down the amount they pay. More optimistically, perhaps they knew they had a solid case and wouldn't have to pay a dime if they went to court, but were playing nice and opted for arbitration.
Either way, something went south for the investors who put in $130K and were expecting it back at the end of 10 years and didn't get it......
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