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Miss. lawsuit: Twin Creeks tried to deceive state

Published on NewsOK Modified: November 30, 2012 at 4:25 pm •  Published: November 30, 2012

JACKSON, Miss. (AP) — Mississippi state government says Twin Creeks Technologies trumped up a single solar panel sale in August in an attempt to hold onto the $27.7 million in state aid the company received to build a solar plant in Senatobia.

The fraud allegation comes in a lawsuit Mississippi officials filed in an unsuccessful effort to block Twin Creeks, a San Jose, Calif. firm, from selling its patents to GT Advanced Technologies for $10 million. The suit was also unsuccessful in blocking creditor Silicon Valley Bank from reaping $7 million from the sale.

Twin Creeks, which is liquidating, offered before the suit to erase its debt by paying $1.25 million, plus giving the state rights to up to $8 million in future technology royalties, income the state described as "highly uncertain."