Category Archives: Economy

Sabal Trail offers barely-investment-grade bonds

I’ve wondered whatever happened to Andrea Grover since she no longer has landowner “stakeholders” to try to sell on her pipeline. Diagram, Moodys Bond Ratings Turns out she’s selling debt bonds for Sabal Trail now, according to a press release of Monday.

The notes were issued in three tranches as follows (collectively, the “Notes”): $500 million principal amount of 4.246% senior notes due 2028, $600 million principal amount of 4.682% senior notes due 2038, and $400 million principal amount of 4.832% senior notes due 2048.

Those sound like good interest rates, especially that 4.832%. But why is it listed on the Berlin Stock Exchange, and what about that Baa1 Moody’s bond rating? That is eight steps from the top and three steps above “Non-Investment Grade” aka junk bonds.

I wonder what happens if Sabal Trail doesn’t make its FERC-extended construction deadlines? Somebody remind me, what assets does Sabal Trail Transmission, LLC have, as in what recourse would a bond-holder have if the issuer decided to cancel them?

Two months (2018-04-01 -- 2018-05-03), STT Graphs
Graph: by WWALS, from Sabal Trail’s FERC-required Informational Postings.

Or maybe, unlike the amount of gas Sabal Trail is pumping (see above graph), SEP’s stock price will stop dropping and Continue reading

Stigma and market fear count, says jury over Sabal Trail

A jury slapped Sabal Trail’s pet consultants with the stigma of market fear:

Sabal Trail contended that there are no damages to market value based on market fear or stigma.

…the jury rendered a verdict in the amount of $309,500. This, of course, is over five-times the amount offered by Sabal….

Perhaps farmer Randy Dowdy is also right to object to Sabal Trail’s soil mixing consultants. And I wonder how this precedent might affect other property takings cases.

Lake Erie Road and Bay Lake Road,, Sunderland Groves
Photo: Mark Skogman for WWALS on Southwings flight 2 February 2017 of Sunderland Groves on Lake Erie Road near Bay Lake Road, 28.4775900, -81.9026000

Brigham Property Rights Law Firm ( http://www.propertyrights.com), PRWeb, 20 March 2018, Jury Sides with Property Owners in Eminent Domain Suit with Sabal Trail Pipeline, Continue reading

HR 158 against state fee diversions passed 166:1 in GA House 2018-02-14

Yesterday’s Valentine’s Day present from the Georgia House was passing HR 158 with 166 yea and only 1 nay (6 not voting, and 7 excused). Except for district 175, which just finished a Special Election, every Georgia House member from the Suwannee River Basin voted yea. Thank you, Patty Bentley, John Corbett, Buddy Harden, Penny Houston, Dominic LaRiccia, Clay Pirkle, Jay Powell, Ed Rynders, Dexter Sharper, Jason Shaw, Jason Spencer, and Sam Watson!

Yea 166 Nay 1, Tally

Onwards to the Georgia Senate. We look forward to every Georgia State Senator from the Suwannee River Basin voting yea. WWALS members and others may want to give them a ring to remind them to do so. Senators Ellis Black (District 8) and Tyler Harper (District 7) please note that local governments in your districts have passed resolutions supporting HR 158.

 -jsq, John S. Quarterman, Suwannee RIVERKEEPER®

You can join this fun and work by becoming a WWALS member today!

Hahira passed resolution supporting Withlacoochee and Little River Water Trail 2018-02-01

Many thanks to the Hahira Mayor and Council for passing a resolution in support of the water trail for the rivers that run less than six miles west (the Little River) and east (the Withlacoochee River) of the Hahira Courthouse where they met.

Clear view, City Council
Left to right: Council Patrick Warren (District 3) Mayor Pro Tem Kenneth Davis (District 2), Mayor Bruce Cain, Empty Chair for City Attorney Rob Plumb, City Manager Jonathan Sumner, Council Terry Benjamin (District 1), Council Mason Barfield (District 4), City Clerk Lisa Mashburn.

I spoke briefly at their Work Session, Tuesday, January 30, 2018, outlining the Withlacoochee and Little River Water Trail (WLRWT) and the resolution, and I invited them to upcoming WWALS outings. Several of the Council had positive comments.

Council Patrick Warren also mentioned his fear of Continue reading

Hahira is sixth resolution supporting GA HR 158, now in statehouse 2018-02-01

HR 158 may be scheduled for a vote in the Georgia House as soon as tomorrow. Help dedicate state fees to their intended purposes: please contact your Georgia House Representative or Georgia State Senator (follow the links for contact information) and ask them to pass HR 158. If you don’t know who your Georgia Representative or Senator are, see Georgia My Voter Page.

Hahira is the most recent of six local governments representing the majority of the population in the Suwannee River Basin in Georgia, in five Georgia House districts and two Senate districts, that have passed a resolution supporting Georgia HR 158 against state fee diversions, with five stories and an editorial in the biggest circulation newspaper in the Basin. More local resolutions passed elsewhere in the state, but that ain’t bad for the Suwannee River Basin.

Camera, City Council

  1. 2018-01-08 Lanier County, House District 176 (Jason Shaw), Senate District 8 (Ellis Black) Continue reading

Hahira: against GA state fee diversions and for WLRWT 2018-01-30

Tonight, a resolution supporting the Withlacoochee and Little River Water Trail, and a resolution for Georgia HR 158 against state fee diversions, (the one already passed by three counties and two cities in the Suwannee River Basin), on the agenda at the Hahira City Council Work Session (and Thursday at the Regular Session). Both will be introduced by Suwannee Riverkeeper John S. Quarterman.

When: 6:00 PM, Tuesday, January 30, 2018

Where: Hahira Courthouse, 301 W Main Street, Hahira, GA 31632

What: Work Session, Hahira City Council

Continue reading

Biggest county in Suwannee River Basin passes resolution against Georgia state fee diversions 2018-01-23

Monday the Lowndes County Chairman spoke for it, Tuesday the Lowndes County Manager spoke for it, and then they passed it: a resolution to stop the Georgia legislature from diverting funds collected by state fees. This was the fourth such local resolution in the Suwannee River Basin in Georgia. Thursday Valdosta also passed it (video to come) and more after that.

5.f. Resolution Supporting HR 158 to Stop Diversion of State Fees 
      5.f. Resolution Supporting HR 158 to Stop Diversion of State Fees

Video. County Manager Joe Pritchard said the resolution “really is supporting Continue reading

Atkinson County passes resolution against Georgia state fee diversions 2018-01-18

Chairman Lace Futch had a few words about my grandfather and a few questions, then he asked me to read the BE IT RESOLVED part to the Atkinson County Commissioners. They voted unanimously for the resolution to ask the Georgia state legislature to stop diversion of state fees, Thursday January 18, 2018. WWALS Board Member and Atkinson County resident Shirley Kokidko had asked for it to be on the agenda, and she thanked the Commissioners at the end of the meeting for passing it.

See also the resolutions previously passed by Lanier County 2018-01-08 and the City of Adel 2018-01-16.

Reading, Commission
Photo: Atkinson County Commission by John S. Quarterman for WWALS 2018-01-18.

Text of the Resolution

Continue reading

City of Adel passed resolution against state fee diversions 2018-01-16

The City of Adel passed a city resolution in support of Georgia House Resolution 158, “a measure allowing the Georgia General Assembly to dedicate fee collections for their statutorily designated programs,” this Tuesday, January 16, 2018. That’s the second in the Suwannee River Basin, after Lanier County. The more of these urging resolutions that get passed, the more likely the legislature will act to schedule a Georgia Constitutional Amendment to stop many millions of dollars of diversions of state fees from their intended purposes.

Mayor, Council, Staff, Meeting
Photo: Adel City Council in their December 4, 2018 meeting, by John S. Quarterman for WWALS.

Text of the Resolution

Continue reading

Resolution against state fee diversions discussed at Valdosta City Council 2018-01-11

For our waters, last Thursday, Valdosta City Council Tim Carroll recommended (Video) a resolution in support of a resolution in the Georgia state legislature to stop state fee diversions.


      12. Council Comments - Tim Carroll
Video by Gretchen Quarterman for Lowndes Area Knowledge Exchange (LAKE) at Valdosta City Council, Thursday, January 11, 2018.

Newly elected Mayor Pro Tem Sandra Tooley wanted to know whether Continue reading