This blog is not the only entity asking interested questions about the finances of Harvest Prep, the subject of recent blog coverage, click here and here and also here.
The Star Tribune wrote a story in August, "Harvest Prep asked to reveal details of finances." (Hurry, click here before the STrib link goes dead or takes you to a website asking you to pay for old junk in their archive) Until the last few days, I confess that I didn't have a firm grasp on how massive these finances are. I mean, my word, we're talking about the BOND MARKET, here.
The bond market is not my forte. Give me a nice criminal complaint any old time, and I'll unscramble it and try to make some sense of it.
Having said that...
On December 1 of this year, it appears the City of Minneapolis--which holds Seed Academy bonds, LOTS OF THEM--gave notice that, as of January 1, 2013, the city was redeeming $125,000 worth of those bonds. The bonds matured in 2016 so, the way I read it, that's early.
So was this a routine, long ago planned cashing in of bonds THREE YEARS EARLY?
Or should this be looked upon with worry like an omen, as when rats leave a ship?
Click here to look over the document about the bond redemption for yourself.
ADDENDUM: I have learned that Minneapolis holds $5,950,000 in Series A bonds and $1,050,000 in Series 2006B bonds.
Here is more. Make of it what you will.