Morning Read: Laurentian Aerospace dissolves, accidentally

Yikes.  The big Laurentian Aerospace project, widely seen as the Next Big Thing for Northeastern New York, has been snagged for years as it seeks to lock down private financing.  (New York state has already offered up a generous incentive package.)

The project’s backers hope to use part of the old Plattsburgh Airforce base as a site to refurbish and clean jetliners.

Now the Plattsburgh Press-Republican is reporting that “Laurentian Aerospace Corporation was dissolved for non-payment of franchise taxes in March…”

Company officials tell reporter Dan Heath that the project is still viable and the dissolution was the result of “an oversight.”

“This was a matter that should have been attended to and, unfortunately, was not,” [Laurentian chief financial officer Andrew Edwards] said.

This project has been percolating for six years or so, with several public false starts, so a misstep like this certainly stings.  What do you think?  Is Laurentian still ready to lift off?  Is this one of those projects that will see the light of day once the economy improves a bit more?

Comments welcome.

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7 Comments on “Morning Read: Laurentian Aerospace dissolves, accidentally”

  1. Jim Bullard says:

    “It ain’t over until it’s over” and it doesn’t start until it starts. From where I sit, so far it’s all talk. About as much substance as a derivative.

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  2. Ken Hall says:

    If one does a Google Satellite/Earth flyover of PAFB/Plattsburgh International Airport one will observe a Boeing 747, minus right outboard engine, parked next to the alert hangers (black Quonset style buildings) at the north end of the apron paralleling the runway. That aircraft has been in a partially disassembled state for 12- 14 years that I know of. Did Laurentian Aerospace start then stop this effort?

    One would have to assume the generous incentive package already offered up by New York state has failed to satisfied Laurentian Aerospace Corporate desires. Be there a method by which the specifics of such offer may be obtained?

    I believe that Bombardier built around 1000+ light rail cars for the NYC MTA back in the late 90’s early 2000’s at the PAFB location; however, one must assume that no additional contracts were won as a cursory perusal of the Bombardier web site finds mention of the NYC rail cars build sans any mention of where such was accomplished.

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  3. mervel says:

    I think it is being impacted by the economy, they can’t lock down private funding because the private markets are tight right now and they don’t believe in the project.

    Usually missed payments etc, are a sign that they don’t have the funds, not an oversight. But who knows.

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  4. Tupper Lake Local says says:

    Sounds like this has about as much chance of success as the ACR project here in Tupper Lake. Good Luck.

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  5. oa says:

    Don’t know why, but tunes from “The Music Man” keep going through my head every time there’s a Laurentian headline.

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  6. Paul says:

    A project like this will have to wait. Maybe the same for the ACR. In time they both could work.

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  7. Steven Wilson says:

    I worked for a very large corporation in Los Angeles, CA. I worked with several very influential people in the media businees. One day we were told that our payroll service had a glitch and our checks were going to be late. We thought nothing of it at the time. As the weeks rolled on we were continually told that all expenses and paychecks were coming. They never did and the company filed for bankruptcy! Large corporation DO NOT MAKE “Oversights”!
    They simply do not have the funds and they are running out of excuses. The writing is on the wall. Look for another investor!

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