By now there should be a hydro farm operating in the Township of Muscoda with around 91 employees.
The money was there to get the business started. The problem is the principles of the company, Donald and Michael Bingham, had no idea the money was approved. The two are addressed at at 998 County Road J, Mineral Point, WI.
The amount of the bond that was awarded to R&M Hydro Farms (LLC) was $100,000,000 and with approval given October 31, 2018. The award was not communicated with the Binghams until they learned about it March 1, 2026.
Foley and Lardner was the bond counsel and R&M elected to use direct financing. Contacts interested were involved until bond counsel was contacted David Ryan of Foley and Lardner was contacted as bond counsel. According to Foley and Lardner Ryan has since retired.
During the process the Wisconsin Attorney General signed the final project documents.
But the 34 acre greenhouse was never built. R&M representatives would like to know why.
They have taken their quest to get answers on the road and are asking for help from county boards and the Wisconsin Counties Association. Recently they were allowed to speak at the Iowa County Board meeting. They are asking the units of government along with Senator Howard Marklein and Assembly Representative Travis Tranel to check on the project status and find out where the money went.
R&M’s attempt to secure answers have been met with cease and desist orders from vonBriesen and Roper, SC, Attolles, Foley and Lardner and Mark O’Connell of the Wisconsin Counties Association. R&M has a request before the Grant County Board to see of they can help obtain answers and bring the financing current.
After contacting Robert Keeney, Grant County Board Chairman, they were informed Don would not be placed on the agenda.
On February 5, 2019 David Ryan told R&M to secure financing either directly or through financial advisors.
R&M has learned that it appears Foley has blocked their financing attempts. They were unable to receive help from Chicago Federal Reserve Economic Development and Wisconsin State Director, Goldman- Sachs, Mizuho, TD Securities, Jefferies, International FC Stone, MBS Financial and SeaRaven Global LTD because the project was already funded and doing so again would have it funded twice which would be illegal.
On July 25, 2018 Don Bingham received a draft of the initial resolution which would go to the Muscoda Town Board. That came from David B. Ryan a day after Bingham had asked for a progress report.
With the answers apparently still “out there” Bingham plans to keep seeking them with the hope that the matter will eventually get to court.
“We want the truth to come out,” Bingham said.