The Mackinac Center's Michigan Capital Confidential reports that a green tech transportation company has burned through a significant taxpayer loan, and they ain't payin' it back, because the business went belly-up:
In September of 2009, Fisher Coachworks was mentioned in a press release from (former) Gov. Jennifer Granholm as a "green technology" company that was part of the "new energy economy for Michigan." Two years later, the state says Fisher Coachworks is out of business and the state has to write off $1.6 million it loaned the electric bus manufacturing company.
Edgar Benning, general manager of Flint's Mass Transportation Authority, said in an email that Fisher Coachworks went out of business in the development phase of making two $1.1 million electric buses that Flint was going to purchase with grants from the American Recovery and Reinvestment Act, commonly referred to as the "stimulus plan."