Bergamo Acquisition Corp. (BGMO)

[Investman432]

Probably getting pretty close - Default interest at 25% on the $800k loan seems reasonable. The 100% default rate was usurious. I guess after the judgment is approved, the lender will move against the collateral and then BGMO and Hillard/Parekh personally, if he can find any assets. The lesson - never personally guarantee business loans - Hillard would be much happier if BGMO had failed four years ago, before he signed on the Platinum and Camofi loans. He might be wise to file personal bankruptcy - instead of losing the LV house and anything else. Just MO.



Our friend Ansari seems to have succeeded in raising money for Morgan Solar and is building manufacturing ops in "low-cost" Southern CA. Wonder how things are doing at Suntrough. Those Morgan CPV seem a lot more compelling than the CSP which requires a lot of water.

MORGAN SOLAR GETS FUNDING TO BUILD SAN DIEGO MANUFACTURING PLANT
27 May 2011 / Solar / VC / PRIVATE EQUITY / United States
Morgan Solar Inc., a closely held Canadian solar company, received $16.5 million from investors to expand manufacturing of its Sun Simba concentrated photovoltaic panels.

New backer Frost Group LLC joined existing investors Nypro Inc. and Iberdrola SA unit Inversiones Financieras Perseo in the first phase of a Series B funding round, according to a statement Thursday from Toronto-based Morgan Solar.

The funding will be used with a $3.3 million grant from the California Energy Commission to build a manufacturing facility in San Diego and to expand production and research and development in Ontario, Canada