Pipeline between Searsport, former base to be auctioned

http://www.pressherald.com/news/maine-local-dispatches_2012-05-05.html

This is the bit of the article that caught my eye -

"The auction was scheduled after Loring BioEnergy, which had previously leased the pipeline, defaulted on its payments."

My bold. Have not researched the company yet. Yes I do have some preconceptions of what I will find. They couldn't get any more "green" money from my government to pay their bills.

Edited to add:

This article from BDN Aug. 5 2011.
http://bangordailynews.com/2011/08/05/business/power-of-progress-out-wit...

"In 2005, Loring BioEnergy LLC announced a $60 million project to construct a 55-megawatt cogeneration facility on 54 acres of land on which it had an option.
It also included LBE’s lease of a 200-mile-long pipeline running from Loring to Searsport
That $60 million project, along with the anticipated 700 construction jobs and 80 full-time jobs, was never implemented."

So the project that funded the lease of the pipeline was not implemented. So how and or why did LBE acquire the lease?

This article from Maine Biz May 4 2012
http://www.mainebiz.biz/apps/pbcs.dll/article?AID=/20120504/NEWS0101/120...

"The corridor is owned by Loring Development Authority, a nonprofit that oversees the Loring Commerce Center, and Loring BioEnergy was leasing the pipeline as part of its plan to build a cogeneration power facility at the former base."

The same cogeneration power facility that was never implemented in 2005.