Gov. Andy Beshear last week released documents related to Kentucky’s investment in Braidy Industries.
The documents include a letter of intent regarding Kentucky’s $15 million investment, stock purchase agreement, voting agreement and investors’ rights agreement. The documents reveal the names of those invested in Braidy Industries.
Gov. Andy Beshear released documents related to Kentucky’s investment with Braidy Industries on Friday. (Photo by Mark Maynard, Kentucky Today)
“In releasing these documents, we are showing Kentuckians that we are committed to transparency and open government,” Beshear said in a release.
“Braidy Industries believes in transparency as well as in the privacy of its shareholders,” said CEO and chairman of Braidy Industries Craig Bouchard. “The state asked for the release of these documents and we were happy to support this request.
“The Commonwealth Seed Fund is a valued shareholder. Braidy strongly supports the governor, the bipartisan leadership of the state of Kentucky, and all of its agencies.”
The Bevin administration refused to release the documents requested by The Courier-Journal despite an attorney general’s open records decision and multiple court rulings holding that they are public records.
By following the court orders and releasing the documents, the Beshear administration has ended years of legal battles by the previous administration.
The letter of intent includes the formalization of the initial mutual understanding between the Commonwealth and Braidy Industries regarding the Commonwealth’s $15 million investment. The stock purchase agreement details the initial investors in Braidy Industries following the letter of intent.
Kentuckians can learn about the structure of governance of Braidy Industries by reading the voting agreement. The investors’ rights agreement contains the rights of the initial investors to inspect the company, cause stock to be issued and purchase future sales of stock.
The documents include minimal redactions of personal addresses in accordance with state open records laws and the circuit court’s order.
Kentucky initially invested $15 million 2 1/2 years ago in the project, which promised more than 600 jobs with good pay. Earlier last year, it was announced that Rusal, a Russsian aluminum company, planned to invest $200 million in the $1.7 billion project that hopes to be fully operational in 2022.
I think the state of KY is getting took to cleaners all I’ve seen is some fence covered in Corp propaganda and some surveying crews over the last 2 years . But the interest on that 15 MILLON in state money A.K.A tax payers money , will drag this along until the jig is up . I hope for the peoples sake the jobs do come and I hope that Cleveland Cliffs merger with A.K steel reopens Amanda and b.o plant but folks let’s dont hold our breath . But if this deal with Brandy ends up being a scam the people of KY should get every dime of there money back .
what do you expect from a republican honesty ?
Well I told everybody the taxes are going up and they did . Now since Obama shut the mines down the c.s.x yards are empty , AK steel is shut down in Ashland and now the belphonte hospital is shutting in sept . I bet all you liberals are not worried . No your lined up to get all those solar jobs and wind mill tech jobs all over eastern ky. Standing there with joint in one hand and your o man phone in the other. I’ll bet that since taxes are going up no co. In right mind would build a factory or business in eastern ky now . And as usual the whole country has jobs it’s just the old repulicrate political machine run by the teachers unions and 5th generation court house swindlers got white trash opioid meth mouth eastern ky right where they want it poor as hell and taxed to death. Bernie Sanders is locking better all time I mean if going to be economically raped and Corp doped up ,politically conned the at least it be by new face and not same old good ole boy pat on back yo yo crowd
Go on, take the money and run…..