Todd Flood explains Allen Park SEC request in Freep Story
Allen Park officials set to cooperate with SEC probe into bond sale for failed movie deal
From the Detroit Free Press March 5, 2011
Story by Melanie D. Scott – Detroit Free Press Staff Writer
Allen Park officials say they will fully and voluntarily cooperate with a Securities and Exchange Commission inquiry seeking information about the city’s failed deal to open Unity Studios film production and training institute in 2009.
Allen Park received an informal, nonpublic inquiry regarding bond offerings for the purchase of the 104-acre Allen Park Studio Center.
“It is a request for documentation,” said Todd Flood, the city’s attorney. In October 2009, the city sold $25.3 million in long-term general obligation bonds to finance the land purchase.
Flood, who became the city’s attorney nine weeks ago, described the inquiry as a way for federal authorities to review the documents associated with the studio deal.
Read the entire story on freep.com
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