Comments on: New York company to team up with REVA to roll out EVs in 2010 http://www.egmcartech.com/2009/10/27/east-coast-electric/?utm_source=rss&utm_medium=rss&utm_campaign=east-coast-electric Auto News, Car Reviews, Live Auto Show Coverage Mon, 13 Feb 2012 03:44:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Concerned Friend http://www.egmcartech.com/2009/10/27/east-coast-electric/comment-page-1/#comment-624694 Concerned Friend Thu, 04 Mar 2010 19:26:33 +0000 http://www.egmcartech.com/?p=43407#comment-624694 By mid-2008 all five of the funds managed by Fursa Alternative Strategies had suspended redemptions and had gone into liquidation. Most investors believe that Mickey Harley, as manager of the funds, over-leveraged and over-concentrated the funds in a few illiquid positions which subsequently performed poorly. Because of high leverage utilized by the funds, most investors expect to recover little, if anything from their investment. As of March 2010 all the Fursa's funds are still in liquidation and resolution is unclear.<br><br>Mickey Harley is now a Hooters Restaurant franchisee and CEO of Bannon Automotive, a company he formed away from the funds where he is seeking federal and state loans in an attempt to construct and manage a Reva automotive assembly plant in Onondaga County, New York. By mid-2008 all five of the funds managed by Fursa Alternative Strategies had suspended redemptions and had gone into liquidation. Most investors believe that Mickey Harley, as manager of the funds, over-leveraged and over-concentrated the funds in a few illiquid positions which subsequently performed poorly. Because of high leverage utilized by the funds, most investors expect to recover little, if anything from their investment. As of March 2010 all the Fursa's funds are still in liquidation and resolution is unclear.

Mickey Harley is now a Hooters Restaurant franchisee and CEO of Bannon Automotive, a company he formed away from the funds where he is seeking federal and state loans in an attempt to construct and manage a Reva automotive assembly plant in Onondaga County, New York.

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