County Executive Meyer won’t OK converting Board of Trade loan to stock

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New Castle County Executive Matt Meyer will not sign a resolution calling for a loan to the Delaware Board of Trade to be converted to county-owned stock in its parent company.

The resolution had previously passed the County Council.

Board of Trade owner Ideanomics proposed paying off the loan in stock after it decided to ditch software that has been used as collateral for the $3 million loan.

County spokesman Brian Cunningham confirmed Wednesday that Meyer will not sign the resolution.

The loan remains current.

Former New Castle County Executive Tom Gordon pushed through a loan, which was taken from a county park fund. Gordon argued that the loan would earn a higher interest rate than other investments.

Critics at the time question why the venture would need a county loan, given other financing sources looking for investments.

The Board of Trade was promoted as a way to bring high-paid jobs to downtown Wilmington. To date, the venture has only a few employees

In recent weeks, stock in Ideanomics has dropped from $1.10 a share to 85 cents, moving shares into the penny stock arena. (See earlier column).

A stock slide for owner of the Board of Trade

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