Earthstone to Bill

Bill Richardson

NMWatchdog - Boy, things have changed since the last time Watchdog took a look at the State Investment Council’s direct investment in a company named EarthStone International in which former Watchdog reporter Jim Scarantino wrote the story here in a three-part investigation in 2009.

Since Mr. Scarantino last visited the EarthStone story over two years ago, I thought it timely to update the story as your new Watchdog reporter and see how the company is doing and to see if the people of New Mexico have a snowball’s chance in hell of getting any of their money back.
First off, to flashback to Scarantino’s discoveries, let’s start from the incestuous beginning. Andrew Ungerleider and Gay Dillingham, the entrepreneur husband and wife team behind the EarthStone idea, approached the SIC to invest in their company. This, I might add, was after the New Mexico Angels, a group of early-stage individual investors turned down Mr. Ungerleider and Ms. Dillingham’s idea as unworthy of investment. Read full story here: News New Mexico

Earthstone to Bill