OMG: PSL Cuts Blank Check While One Billion in Debt

Port Saint Lousy continue to live up to its name.

The City Council on Monday wrote a blank check to a crisis-management firm to advise the city on how to deal with the financially floundering Vaccine & Gene Therapy Institute of Florida.

The original contract, agreed to by city administrators and New York-based Alvarez & Marsal, set a $25,000 cap on what the city would pay. The council, however, removed the cap, leaving the cost open-ended.

Look at how these fools think they can spend the money they stole from you that they alleged to be stewards of.

City Attorney Pam Booker said the firm’s services would cost more, but would not tell the council how much. That figure is part of the city’s legal strategy against VGTI and exempt from public disclosure, Booker said Monday. She said she would disclose potential costs privately to the council.

Mayor Greg Oravec, who publicly said he objected to the open-ended contract, voted to approve it.

“My principles will not allow me to support this item because I can’t publicly disclose what our exposure as an organization is to the cost,” Oravec said. “There’s no cap that I’m being presented with here.”

Finally some sense from Oravec. The real spend should be zero so one wonders what he may approve of spending. It’s embarrassing they would foolishly waste your money and then spend more of it to cover their asses from embarrassment. Instead they should just walk away before they dig a deeper grave.

Read more on VGTI here.

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Source: Port St. Lucie City Council writes blank check to VGTI crisis-management firm – TC Palm

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  • Exit 135

    (1) New York-based Alvarez & Marsal is a distressed turnaround firm. PSL retained is their municipal division. PSL essentially retained a municipal restructuring firm. This firm must divulge its fees in a timely and orderly way. They are not a law firm. Someone ought to tell the legal department that Sunshine Laws pertain.

    (2) When a city retains a firm that brags how they were involved in the Detroit Bankruptcy proceedings, you know you are now a national embarrassment.

    (3) During the public power point presentation, the municipal restructuring expert from Alvarez & Marsal informed the City Counsel the last thing the City should do is file a civil action against VGTI. Of course, that is precisely the first thing the City Council did prior to retaining Alvarez & Marsal.