kellenw

New Windsor aquaponic farm's fish to have day in court

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New Windsor aquaponic farm's fish to have day in court

Could the nearly 60,000 fish swimming at a New Windsor aquaponic farm that went broke be destined for woks in Chinatown?
Michael Timmons, a biology and environmental engineering professor at Cornell University, said Monday he suggested to the local Cornell Cooperative Extension that the bank should “wholesale the fish live to the Chinese markets.”
Whether Sterling Bank got that message was uncertain.
The bank has declined to discuss its plans as it seeks to recover money it loaned to Continental Organics, which is seeking to liquidate its assets in U.S. Bankruptcy Court in Poughkeepsie. Sterling counts the fish and equipment associated with them as secured assets. Continental valued the fish at nearly $64,000 at maturity.
Rosemarie Baglia, commercial horticulture resource educator for the Cooperative Extension in Middletown, thinks she got the message across to the bank.
She said, though, that her phone calls were bounced around to so many people, departments and voicemails that she couldn’t be 100 percent certain.
Professor Timmons knew of Continental Organics because of visits he made to the site during summer lectures at Mount Saint Mary College in Newburgh. Continental owner Michael Finnegan also lectured at no charge, Timmons said.
The fate of the tilapia will likely be sealed Tuesday, when U.S. Bankruptcy Court Judge Cecelia Morris hears Sterling’s request to be relieved of caring for them.
Sterling is owed $1.9 million, according to court documents. Continental owes a total of $9.7 million against assets of $2.3 million.



Source: http://www.recordonline.com/article/20151109/NEWS/151109348

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So back to the "is commercial aquaponics viable discussion".  Bad management?  I followed these guys from their inception, State backing, Veteran employment, links with Cornell, near a huge market....what went wrong?

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So back to the "is commercial aquaponics viable discussion".  Bad management?  I followed these guys from their inception, State backing, Veteran employment, links with Cornell, near a huge market....what went wrong?

 

"production was just 15 percent of what was planned"

 

So basically it would suggest that they had no bloody idea what they were doing... :D

Clint likes this

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