Powell — with the blessings and funding of several top Triad executives
including BB&T's Kelly King and former Greensboro mayor and banker Jim Melvin
bet big on two concepts: developing a megasite to attract what Powell called a "catalytic" project,
like an automobile plant; and creating a group called Triad First Capital.
Sam Simpson
General Partner
TriadFirst Capital
April 2014 – Present (11 months)Greensboro/Winston-Salem, North Carolina Area
TFC's mission is described as raising money and using it to
"seed and nurture a new generation of entrepreneurial leaders in the Triad region."
As 2014 came to a close, Powell
— working closely with Melvin and Greensboro real estate broker Sam Simpson
— had success in piecing together options for about 1,350 acres
in the Liberty area of Randolph County.
Triad Business Journal
"Powell said he plans on staying in the Triad
to pursue the private commercial real estate business.
He is pursuing partnerships with Simpson,
as well as developers who have nothing to do with the Randolph County megasite."
"As well as", meaning Powell appeared to have plans
to profit from the water and sewer between Greensboro and Randolph County
via a partnership with Sam Simpson
with what appears to be stolen money
with some kind of consent from Jim Melvin etc...
"I've been working on this since 2011," Powell said.
If David Powell had been embezzling money since 2011
on top of a $326,000 salary,
what was he doing with the money?
"It was my idea.
It was something that I put a lot of risk into.
"Risk" as in some of his allegedly stolen money into properties
set to rise in value as he worked to get Greensboro hooked into water and sewer
south of town?
It's a great moment that the county stepped up.
Now that they've stepped up,
I think we are going to be able to entice other stakeholders to put money into it."
.
.
"In a bid to draw new investors into its fold, the Piedmont Angel Network is adding to its structure and launching a new brand name.
PAN, as the organization has been known for over a decade, is in the process of launching a sister organization to be known as Triad First Capital Network. That organization will be a membership group to which interested individuals will pay a membership fee in order to gain access to deals under consideration. The individual investor will decide whether to put his or her money into a particular company.
Powell put most of his energy into two projects;
the creation of a megasite with the aim of drawing an automaker or similar big employer,
and the creation of TriadFirst,
a group designed to help provide capital for growing local businesses.
Triad Business Journal
...In committed capital funds, members pool their money upfront, then perform their due diligence and decide collectively whether or not to invest in a deal.
...since the group decided to join under the Piedmont Triad Partnership regional economic development umbrella last summer, it is now putting more focus on broadening both its reach and impact...
...Most of the deals that members of Triad First Capital Network will see will be traditional angel investments, but they'll also have some opportunities to take part in some other kinds of deals such as company recapitalizations or commercial real estate development. Those kinds of deals would flow through Triad First Capital Private Equity, a separate fund currently in the fundraising stage being spearheaded by PTP CEO David Powell and others.
...The expanded investor options should succeed in bringing new investors to the table..."
.
.
"Triad First Capital
Investment Objective
At TFC, we seek to achieve financial returns for members
through private investments in select businesses and real estate assets
that we expect will benefit the Piedmont Triad region of North Carolina.
...At TFC, our management team believes that a principled investment approach,
combined with a disciplined investment process,
will yield the best outcomes for our members and the Triad.
...The Board includes local entrepreneurs and executives
capable of identifying and evaluating unique investment opportunities in the Triad,
who have extensive networks within the business,
banking, transaction service provider, investment, entrepreneurial, private equity,
and venture capital communities in the area...
...TFC will establish a separate limited liability company (“LLC”)
for each specific investment made by TFC members.
What did David Powell do with the money?
Each LLC will be managed by TFC.
An investing TFC member will become an LLC member of the LLC
in which the TFC member determines to make an investment."
.
.
On "Ex-Triad economic developer David Powell [buddies with Jim Melvin etc...] charged with four felonies" and links to the linked
