AP: lawsuits have scared off Wall Street investors who won't purchase any of the $3 billion in bonds
Although AP reports that the present Prop. 71 "lawsuits have scared off Wall Street investors who won't purchase any of the $3 billion in bonds," the situation is a bit more complicated. A legal opinion for Cal state treasurer Angelides indicated that tax-exempt bonds could not be used IF patent royalties were shared with the state, so the bonds presently pushed were odd "anticipation" bonds, in which no one may have interest for other reasons.
AP also reported:
The fate of the United States' most ambitious stem cell research agency is resting in the hands of a California judge as both sides filed written closing arguments in a trial challenging the institute's legality.
Three taxpayer groups alleged the voter-approved California Institute for Regenerative Medicine lacks the proper state government oversight to dole out $3 billion in research grants for the next decade.
Lawyers for the state, which is supporting the institute, and opponents of the group submitted their closing statements with Alameda County Superior Court Judge Bonnie Lewman Sabraw, who soon will decide the verdict in the nonjury trial. The trial lasted about a week, and the judge opted to have attorneys file their closing arguments Wednesday rather than make them in open court.
The taxpayer groups said the institute violates the state Constitution because it lacks proper government and public oversight. The institute deliberates in secret over which researchers and companies it considers recommending for funding and "is answerable to no public authority."
(...)
California's attorneys said the officials were appointed to the board because they have specialized scientific expertise and they won't deliberate or participate in any decisions related to the UC campuses they represent.
The institute has been unable to fund any grants because the lawsuits have scared off Wall Street investors who won't purchase any of the $3 billion in bonds until the litigation is resolved.
AP also reported:
The fate of the United States' most ambitious stem cell research agency is resting in the hands of a California judge as both sides filed written closing arguments in a trial challenging the institute's legality.
Three taxpayer groups alleged the voter-approved California Institute for Regenerative Medicine lacks the proper state government oversight to dole out $3 billion in research grants for the next decade.
Lawyers for the state, which is supporting the institute, and opponents of the group submitted their closing statements with Alameda County Superior Court Judge Bonnie Lewman Sabraw, who soon will decide the verdict in the nonjury trial. The trial lasted about a week, and the judge opted to have attorneys file their closing arguments Wednesday rather than make them in open court.
The taxpayer groups said the institute violates the state Constitution because it lacks proper government and public oversight. The institute deliberates in secret over which researchers and companies it considers recommending for funding and "is answerable to no public authority."
(...)
California's attorneys said the officials were appointed to the board because they have specialized scientific expertise and they won't deliberate or participate in any decisions related to the UC campuses they represent.
The institute has been unable to fund any grants because the lawsuits have scared off Wall Street investors who won't purchase any of the $3 billion in bonds until the litigation is resolved.
posted by Lawrence B. Ebert at 4:09 PM
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