Convalt sued by Jefferson County Industrial Development Agency over unpaid $1.05 million loan
On Monday, the JCIDA filed papers in state Supreme Court on the $1.05 million lawsuit alleging that Convalt failed to pay back a loan for constructing a 300,000-square-foot solar manufacturing plant on land that the economic development agency owns near the Watertown International Airport in the town of Hounsfield.
In November, the JCIDA and Convalt parted ways after the company failed to fulfill its obligations on a land development agreement to build on the 88-acre site on Route 12F.
According to the court papers, Convalt has defaulted on the loan.
Marshall Weir, the JCIDA's CEO, declined to comment on the legal action against the company.
"I really can't say anything at this point," he said.
The JCIDA board talked about the lawsuit during a lengthy executive session at Thursday's February meeting.
Contacted by phone on Monday afternoon, company president Hari Achuthan declined to comment, saying he was unaware the lawsuit was filed.
"I have no idea," he said. "Maybe they did. I don't know. They did not notify us."
According to court papers, Convalt failed to pay on the construction costs at the site, legal fees, costs and disbursements, "despite demands" by the JCIDA.
The legal papers list Convalt Energy, Convalt Manufacturing LLC, Acco Investment Group and Achuthan as defendants.
The JCIDA has learned that Achuthan is now seeking to build the solar manufacturing plant in Colorado Springs. Six weeks ago, Convalt was awarded $6.25 million in funding from the Colorado Economic Development Commission to build the plant there.
Achuthan has promised to pay back the loan to the JCIDA.
The project was once billed as the largest economic development project in Jefferson County's history. The JCIDA board decided in November not to renew the land development agreement after continued delays.
Plans were announced in February 2021 for Convalt, then a New York City-based renewable energy company, to invest $650 million in the project that would manufacture solar panels, initially creating hundreds of jobs but projected to employ thousands over time. A sister company, DigiCollect, would also build a facility in the airport industrial park.
Achuthan has blamed a glut of solar products into the U.S. from China and deep cuts in product prices, harming the feasibility of the large project. He has also indicated that it was taking more time to obtain financing for the project.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Los Angeles Times
16 minutes ago
- Los Angeles Times
Tinder rolls out mandatory face verification for California users
West Hollywood-based Tinder is now requiring facial recognition scans for all users in California as part of its efforts to build trust among users and reduce the prevalence of scams and fraud that plague dating apps. The feature, called Face Check, prompts users to take a short video selfie that is used to verify their identity. The verification data allows Tinder, owned by Match Group, to check whether a person's face matches their uploaded photos. The scan is also used to check other photos on the app to detect if a user is impersonating someone else or operating duplicate accounts. The technology is from a company called FaceTec. Users' verification data will be stored for the lifetime of their Tinder account and deleted within 30 days of account closure. 'As part of our continued efforts, we are always testing ways to deliver the best experience for our users to seek authentic connections,' a Tinder spokesperson said. While Tinder already offers photo and ID verification features, they are optional. Face Check will be mandatory in some places in hopes of stopping bad actors and bots who rarely opt into voluntary verification measures. The new function is 'about confirming that this person is a real, live person and not a bot or a spoofed account,' said Yoel Roth, Match Group's vice president of trust and safety. Tinder has been adding safety features to help users feel more comfortable on the app, including 'Are You Sure?' and 'Does This Bother You?' prompts that pop up to police potentially unwelcome interactions, as well as newer additions like Share My Date. The timing of this pilot program comes as romance scams become more prevalent across the United States. Romance scammers typically create fake profiles on dating platforms or contact victims through social media platforms. They build relationships over time through frequent communication before fabricating emergencies and requesting money from their targets. With over 60 million Americans using online dating services in 2023, the stakes are significant. The Federal Trade Commission reported that romance scams cost victims more than $1.1 billion, highlighting the scale of the problem. Congressional action is also underway to address these concerns. The House of Representatives unanimously passed the Romance Scam Prevention Act on June 23, which would require dating apps to notify users when they have interacted with someone removed from the platform for fraudulent activity. Face Check is already being used in Canada and Colombia.
Yahoo
19 minutes ago
- Yahoo
Constellation Brands: Fiscal Q1 Earnings Snapshot
ROCHESTER, N.Y. (AP) — ROCHESTER, N.Y. (AP) — Constellation Brands Inc. (STZ) on Tuesday reported fiscal first-quarter earnings of $516.1 million. The Rochester, New York-based company said it had net income of $2.90 per share. Earnings, adjusted for non-recurring costs, came to $3.22 per share. The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.34 per share. The wine, liquor and beer company posted revenue of $2.68 billion in the period. Its adjusted revenue was $2.52 billion, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $2.57 billion. Constellation Brands expects full-year earnings in the range of $12.60 to $12.90 per share. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on STZ at Sign in to access your portfolio
Business Wire
20 minutes ago
- Business Wire
Chariot Re Launches with Co-Sponsorship by MetLife and General Atlantic
NEW YORK--(BUSINESS WIRE)--MetLife, Inc., General Atlantic, and Chariot Reinsurance, Ltd. (Chariot Re), an independent Bermuda-based Class E life and annuity reinsurance company, today announced the completion of Chariot Re's initial reinsurance transaction with a subsidiary of MetLife. Chariot Re will reinsure approximately $10 billion of liabilities, including structured settlement annuity contracts and group annuity contracts associated with pension risk transfers originated by MetLife. Chariot Re provides a unique platform positioned to reshape the life and annuity reinsurance market. The company is co-sponsored by MetLife and General Atlantic with backing from lead investor Chubb and other investors. MetLife Investment Management and General Atlantic serve as Chariot Re's exclusive external asset managers, providing a differentiated investment model that combines scale, specialization, and a long-term perspective. Cynthia Smith, a 30-year insurance veteran who most recently led MetLife's Group Benefits Regional Business, serves as Chief Executive Officer of Chariot Re. She is supported by a leadership team with deep operational and strategic expertise across insurance and reinsurance. Ms. Smith commented: 'We are launching Chariot Re from a position of strength with high-quality liabilities, a seasoned leadership team, and strong sponsors and investors, in order to meet the growing demand for life and annuity reinsurance solutions around the world.' Michel Khalaf, President and Chief Executive Officer of MetLife, said: 'This transaction with co-sponsor General Atlantic represents a significant step in establishing Chariot Re as a premier global provider of innovative reinsurance solutions. For MetLife, our strategic partnership with Chariot Re supports growth in our diversified retirement platform and asset management business, two key priorities of our New Frontier strategy.' Bill Ford, Chairman and Chief Executive Officer of General Atlantic, said: 'Together with MetLife, one of the leading and largest global insurance companies, we are committed to supporting Chariot Re as it delivers high-quality reinsurance solutions, with a focus on long-term value creation, underpinned by disciplined growth and thoughtful risk management.' Chariot Re's Board of Directors brings extensive experience and insights from across the global insurance and asset management industries, providing strong strategic direction and governance. The Board includes current and former senior executives from MetLife, General Atlantic, Chubb, and other leading organizations. MetLife's ongoing commitment to its policyholders will remain unchanged following the transaction and MetLife will continue to be responsible for all customer-related functions. About Chariot Re Chariot Reinsurance, Ltd. (Chariot Re), is an independent Bermuda-based Class E life and annuity reinsurance company. Co-sponsored by MetLife and General Atlantic with backing from Chubb and other investors, Chariot Re's unique platform leverages MetLife's global liability origination capabilities and the asset management expertise of MetLife Investment Management and General Atlantic to deliver differentiated solutions that combine scale, specialization, and a long-term perspective. For more information, visit About MetLife MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ('MetLife'), is one of the world's leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit About MetLife Investment Management MetLife Investment Management, the institutional asset management business of MetLife, Inc., is a global public fixed income, small and small-mid cap equities, private capital and real estate investment manager providing tailored investment solutions to institutional investors worldwide. MetLife Investment Management provides public and private pension plans, insurance companies, endowments, funds and other institutional clients with a range of bespoke investment and financing solutions that seek to meet a range of long-term investment objectives and risk-adjusted returns over time. MetLife Investment Management has over 150 years of investment experience and, as of March 31, 2025, had $616.9 billion in total assets under management. For more information, see the total assets under management fact sheet for the quarter ended March 31, 2025, available on MetLife's Investor Relations webpage ( About General Atlantic General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 830 companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Infrastructure strategies. General Atlantic manages approximately $108 billion in assets under management, inclusive of all strategies, as of March 31, 2025, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: MetLife Forward-Looking Statements The forward-looking statements in this news release, which use terms such as 'growth,' and 'will,' are based on assumptions and expectations that involve risks and uncertainties, including the 'Risk Factors' MetLife, Inc. describes in its U.S. Securities and Exchange Commission filings. MetLife, Inc.'s results could differ materially from those it expresses or implies in forward-looking statements. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved.
