The Redacted (deleted) Sections From the SIC 108-Page Backgrounder

From New Mexico Watchdog -The Watchdog obtained through a public records request the 108-page backgrounder prepared by Charles Wollmann, SIC Director of Communications, at the request of two council members in support of council discussion on the topic of the SIC’s investments in two private equity ventures – Earthstone and Growstone.The sections that the SIC redacted were: • Capitalization Tables• Salary Information• Co-Investment ownership table• Company Valuation InformationFrom the beginning of the Watchdog investigation starting last month into these two investments, the Watchdog sought to find out how the $11 million of state money had been spent, how many jobs have been created in New Mexico (the management of Earthstone used the number “200″ when it was seeking state money), and, finally, how the companies are performing and what are the chances of the people of New Mexico getting their money back and then some.  Charles Wollmann in an email to me explained: “Disclosure of individual investment valuations within the portfolio prior to exit (selling the company), is not only contrary to industry standard, it is potentially damaging to the company in question and ultimately jeopardizes the state’s investment of public dollars.” Wollmann added: “I should also note that there is also a confidentiality concern, that would be releasing competitive company trade secrets, the state could violate partnership agreements and incur legal liabilities.”   More here

The Redacted (deleted) Sections From the SIC 108-Page Backgrounder