Tuesday, January 26, 2010

Naikun Wind Power on the Rocks!

Well well well, just a little update on Paul Taylor`s Naikun Pipe dream....For a $2 billion dollar capital investment project...How come Naikun Wind Power has had to LAY-OFF 25% of their work force to protect its already weak financial position?

Last I heard Naikun had only $14 million dollars left, it appears they had to get rid of 25% of the money sponges to hold that weak position, my estimates.....Naikun is basically BROKE!

Vaughn Palmer has the story, although he only grazes over the financially depleted Naikun company...

Is it me...or a company needing $2 billion dollars worth of "gullible investors" and they have but pennies? Well, if it walks like a duck.......You know how it goes!(read Palmer`s piece here)http://www.vancouversun.com/technology/Ontario+takes+green+energy+lead+while+keeps+blowing+smoke/2485427/story.html

And for those who need a little background on Naikun read this-- http://powellriverpersuader.blogspot.com/2009/12/haida-nation-meets-snake-oil-salesman.html

More on this story....I`m looking friends, Stay tuned!

The Straight Goods

Cheers-Eyes Wide Open


Norm Farrell said...

It's not Naikun's fault, according to the Vancouver Sun's Vaughn Palmer. He says the province has done too little to assist "green/clean" power.

Wow, with reporting like that, it is no wonder that many citizens are confused. This report cannot be accidental or benign error. It has the aroma of something else.


Evil Eye said...

Around and around she goes - and where it stops, nobody knows! The Naikun wind power scheme seems like a tired old carny game and as everyone knows, only the house wins with a carny game.

Do I hear Ponzie scheme?

Grant G said...

Thanks for that Norman...I hear you Evil and agree.

Make sure to check out the newest member to the "Honest newspapers" section on the right side of the home page!

Evil Eye said...

Years ago when the VSE was the great 'get rich quick' stock exchange, there was all sorts of ponzie schemes and outright stock frauds and little was done to correct such a 'suckers paradise'. Remember the giant clam and giant pearl scheme and the millions suckered out of rubes? It was like a legal Nigerian Email scam.

Fast forward to Gordoland, where the Independent Power producer scam is in full swing. Run of river, wind power, solar energy, tidal power, all the great panacea for global warming and pollution.

Trouble is, most are outright frauds, designed to fleece the unwary of their hard owned money.

This is not to say that there is a place for alternative power, but not on the scale as what is happening in Gordoland.

Run of river is strictly a USA energy export scheme subsidized by Hydro, er I mean the taxpayer. Yes the taxpayer has been suckered in Gordoland.

And where is the NDP and Carole "do nothing" James? She has become the invisible woman, never seen, never heard of; in fact I think she is a figment of the imagination caused by mass hysteria in Gordoland.

It is all going to crash and crash bad and I'm afraid the taxpayer will be left with empty bank accounts and empty cupboards in Gordoland, when El Gordo leaves the scene.

Hugh said...

Grant, did you see this article about a proposed power link between Van Island and Wash. state?


Grant G said...

Yea I saw it Hugh...It`s just a fuff piece, they need 1/2 billion dollars in private investment,and with Electricity pricing trending down the private equity markets won`t touch it.
Gordon Campbell`s entire energy ponzi scheme is falling apart, the transmission line will need a government to fund it...

California entrepeneurs are getting into cheap renewables, B.C. green power is a bust,too expensive..

But I will keep mt eyes and ears open.