Auditors say Port of Astoria has approached insolvency
Fri Jul 20, 2012.
By EDWARD STRATTON - The Daily AstorianDaily Astorian
After years of paying for major deferred maintenance and considerable litigation, investing in acquisitions and dealing with a down economy, the Port of Astoria has approached insolvency.
In financial statements for fiscal years 2009-10 and 2010-11, accepted by the Port Commission at its June 19 meeting, auditors attached “NOTE 18 – Going Concern.” That is accounting parlance for whether a business is able to pay its bills and continue operating.
The fiscal years run from July 1 to June 30 each year.
Read Full Daily Astorian Article
1 comment:
This is not surprising in the least. It's not like they weren't warned.
And of course they were warned again.
Buying Tongue Point was a bad idea.
Log exports was short sighted. Focus should have been on the Boat Haulout facility.
The lawsuit against Leucadia was borderline moronic.
The commission hasn't played the Bush card yet. I'm sure someone or something must have been responsible.
Maybe George Zimmerman did it.
Where's Al Sharpton when you need him.
Post a Comment