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$4M suit filed against failed wind energy company
Credit: CBC News, www.cbc.ca 15 August 2011 ~~
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The fallout from a failed wind energy company continues as one of its major creditors is still trying to recoup the money it put into the company.
Mercantile Financial Services has launched a suit for almost $4 million against Entegrity Wind Systems’ former president and CEO, James Heath, who is based in Santa Fe, New Mexico.
Heath signed an unconditional written guarantee in 2008 promising to pay Mercantile whatever Entegrity owed.
That bill, according to Mercantile adds up to about $4 million dollars.
Entegrity entered the wind energy market at a promising time in 2002, when wind was emerging as a popular alternative to traditional energy sources.
Entegrity sold small, 50-kilowatt wind turbines across North America and provided jobs for 35 Islanders.
It closed its doors two years ago, leaving $10 million in unpaid bills.
After it closed, its assets were sold last year to a Nova Scotian wind energy company – Seaforth Energy.
Last year, Mercantile Financial filed a $4 million-lawsuit against one of Entegrity’s founders, shareholder Malcolm Lodge.
That suit claimed Lodge had guaranteed the loan would be paid.
That case is still before the courts.
Heath has until the end of September to respond to the claim.
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