Tribe to borrow $4 million to fund federal grant requirement, other investments in Plastics venture

from a report of the 3.12.07 Bay Mills Indian Community Executive Council meeting published at BayMillsNews.com:

The next agenda item to be discussed was the authorization to borrow funds from National City Bank. Chairman Jeffrey Parker said the money the tribe is looking to borrow, between $3 and $4 million, would serve several different purposes.

Although Parker said the money would be used primarily to refinance the tribe's current debt, he added that a portion of it ($650,000) would be used to fund assets the tribe will be acquiring from FiberForm for the Great Lakes Composites Institute, in addition to any future licenses it may need. Another portion ($600,000) is needed for the match on the Economic Development Administration Grant the tribe was recently awarded for the construction of that institute, he added.

Parker said the purchasing of the equipment for the institute is a necessity since there are already a number of applications for research and development services "waiting in the wings." He added the money could possibly be used to buy out one of PolyComp's shareholders within the next couple of years should the opportunity arise.

Bay Mills Chief Financial Officer Mike Brooks said the amount requested would cost the tribe $35,700 for the first two years, after which they could renegotiate. After a brief discussion, a resolution to borrow the funds from National City Bank was approved.

Funds borrowed by the tribe are said to be directed toward these and other possible entities:

1. Fiberform, Inc. (development of processes, equipment and production of specialty fiber reinforced thermoplastic materials) was incorporated in 2004 by:
   
• Timothy L. Collins, President
• Joel A. Dyksterhouse, Vice President
• Anthony E. Andary
  


2. Great Lakes Composites Institute is not registered with the Michigan Department of Labor and Economic Growth.



3. Polycomp, Inc. was incorporated by R. Charles Balmer of Royal Oak, MI, in 1998; his attorney was Gregory Kudela. From 1999-2003, the corporation filed documents indicating Balmer was President and Treasurer; Joel Dyksterhouse was Secretary. In 2004 it was noted Dyksterhouse had become President; Jane Balmer was Secretary; and Timothy L. Collins was Vice President & Treasurer. Jane Balmer was dropped in 2005.


In May 2007, documents were filed naming Allyn J. Cameron as President and resident agent of Polycomp Inc. at an address in Brimley, MI.


4. International Composites Institute of Michigan was formed in November 2004 by:
   
   • Anthony E. Andary; and
   • Joel Dyksterhouse
   
   Andary is recorded as president in a 2005 filing.



5. Integrated Composites, LLC was formed in September 2003, by Jeffrey Parker. Anthony Andary was managing member in 2004, 2006 & 2007. Jeffrey Parker was managing member in 2005.

NOTE: It was previously reported by Bay Mills General Tribal Council Chairman Jeff Parker that Michael J. Malik, Sr. owns 49% of the tribe's plastics venture. It is not clear which entity(ies) Malik is bankrolling.

you may also want to review these additional posts or click on the "labels" below for other related posts:

• Bay Mills GTC ignored tribe members request for investigation into structure of plastics venture
• Tribe's chair reported two members were hired for its plastics business
• Bay Mills plastics venture awarded $906k U.S. Commerce Dept. grant