Now that a judge has approved giving Greenwood nearly $2 million from the sale of a failed pharmaceutical company’s building and other assets, we can finally put this sorry episode behind us. But the lessons were painful and costly.
About $500,000 will go back to the redevelopment commission, and any other money the city gets must be used to pay off loans for the Elona Biotechnologies land and building. Former Elona employees also may need to be paid, if that’s what a judge decides.
About $100,000 will go to pay a receiver appointed by a judge last year to control Elona’s property. A receiver is a specialist in determining if businesses can continue functioning or whether the property and assets should be sold.