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This Just In ...

Kevin Fischer is a veteran broadcaster, the recipient of over 150 major journalism awards from the Milwaukee Press Club, the Wisconsin Associated Press, the Northwest Broadcast News Association, the Wisconsin Bar Association, and others. He has been seen and heard on Milwaukee TV and radio stations for over three decades. A longtime aide to state Senate Republicans in the Wisconsin Legislature, Kevin can be seen offering his views on the news on the public affairs program, "InterCHANGE," on Milwaukee Public Television Channel 10, and heard filling in on Newstalk 1130 WISN. He lives with his wife, Jennifer, and their lovely young daughter, Kyla Audrey, in Franklin.

When a campaign stop backfires


Before stopping in Milwaukee to raise money for Tom Barrett, President Obama visited ZBB Energy in Menomonee Falls. No one from the lObama-loving local press bothered to make anything of the photo op stop. That’s not a shock. But the Wall Street Journal did do some digging:

“Mr. Obama couldn't have chosen a better company to demonstrate the risks that taxpayers are taking with their billions in green stimulus investment.

Last January, when the Department of Energy announced $2.3 billion in 'clean energy manufacturing tax credits,' ZBB was one of 183 recipients—collecting $14 million.

We wonder who in government looked at ZBB's filings with the Securities and Exchange Commission. Since going public in June of 2007, ZBB has been hemorrhaging money. The firm lost $4.9 million in fiscal 2008 and $5.5 million in fiscal 2009. In its most recent filing, in May, it said it had lost $6.9 million for the first nine months of its current fiscal year. It explained it had a "cumulative deficit" of $44.1 million and informed shareholders that it "anticipates incurring continuing losses." It acknowledged that its ability to continue as a "going concern" was predicated on its ability to drum up additional funds.

In March the company engaged in various stock transactions—including a private placement to the company's directors—to raise some $1.9 million. It obtained a $1.3 million loan from the federal stimulus program and borrowed $1.5 million more from Investors Bank. In June it announced a debt agreement, which would allow it to tap a further $10 million.

Meanwhile, a review by the company's audit committee last fall discovered that ZBB's former CEO had been wrongly compensated as both an employee and an independent contractor, and that the company had failed to withhold his proper taxes. He stepped down, and the management team was reshuffled. ZBB was also forced to restate its financial results after a separate audit committee review found the company had recognized revenue from a contract in the wrong quarter.”

Read the entire article.

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