Fallout: 3.5 years and $100,000 fine

December 12, 2018.        Dr. K. sentenced to 3.5 years and $100,00 fine. 

ref: https://www.nytimes.com/2018/12/11/nyregion/kaloyeros-buffalo-billion-sentencing-cuomo.html?utm_source=newsletter&utm_medium=email&utm_campaign=Timesunion_Capcon

Fallout: Money lost on Films ($750,000)

Fort Schuyler loss of $750,000 on one film and had to support another film for $1.1 million. 

Ref: https://www.timesunion.com/business/article/SUNY-Poly-takes-a-750-000-hit-on-Pottersville-13212185.php

Fallout: Kaloyeros Convicted July 12, 2018

Dr. Kaloyeros (aka Dr. K, AK-47, "Special-K") convicted.  Nasty man to work for.  Some drank his kool-aid; many did not like him from the start.  He was intelligent but narcistic and corrupted by power. 


ref: https://www.nytimes.com/2018/07/12/nyregion/kaloyeros-guilty-buffalo-billion-cuomo.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=second-column-region&region=top-news&WT.nav=top-news

Summary of "Under-Utilized" Sites

Syracuse New York Film Hub-Worth $14.4 million; sold for $1

Smart Systems, Candandaigua-Worth $7.7 million; sold for $2.75 million

Kirnan Plaza, Albany-Worth $12 million

Canal Ponds, Rochester-Worth $4.6 million

NanoFabX, CNSE Albany, $38.5 million being spent to find new tenant after 450 Consortium folded

Ref: https://www.timesunion.com/business/article/SUNY-Poly-has-been-walking-away-from-real-estate-12987984.php?utm_source=email&utm_medium=newsletter&utm_campaign=Timesunion_Capcon

$14 million film hub sold for $1 to Onondaga County

FSMC sells DeWitt $14 million film hub to Ononda County for $1. 

No permanent jobs were ever produced; 350 jobs were projected.

Ouch!

https://www.syracuse.com/news/index.ssf/2018/06/onondaga_county_poised_to_take_struggling_cny_film_hub_from_ny_state.html

Balloon Payments-NanoFab X

NanoFab X -was used for chip manufacturing consortium (now defunct)

Money was borrowed to build the $365 million building with the following payments due:

2017  36m (million)
2018  85m
2019  291m (????-what was the reason for setting up a balloon payment for this amount?  what anticipated funds would be available?)

Incoming rent $40m per year

Ref: https://www.politico.com/states/new-york/albany/story/2018/01/18/proposed-300-m-fund-raises-suspicion-of-suny-poly-bailout-195670

Note:  the 2017 36m was covered by a $38.5m grant

Rents are $40m per year but none of that money was used to pay off the debt?

Ref:  https://www.timesunion.com/business/article/38-5-million-SUNY-Poly-bailout-finally-approved-12388422.php

Fallout: Percoco Convicted

Percoco convicted of two counts of wire fraud and one count of bribery.

ref: http://cbs6albany.com/news/local/ex-cuomo-aide-convicted-on-federal-bribery-charges