Les Otten, the CEO of Maine Energy Systems and current chair of Maine Pellet Fuels Association, this morning announced his intention to run for governor as a Republican.
Otten , a well-known entrepreneur from Bethel and former CEO of American Skiing Co., made his announcement this morning in South Portland. A former chair of the Governor’s Wood To Energy Task Force, Otten intends to focus on renewable energy, job creation, efficient government and leadership, according to his website.
Who’s buying what Les Otten’s selling — this time?
http://www.maineenergysystems.com/company_information.htm
Les Otten, a marketing man for sports venues, may run for governor as a Republican. So far, I haven’t heard of his little Bethel company having any positive economic impact; even he says he’s “willing to invest $10 million” with no certainty it won’t fold. Do we want to share his gambles if he’s Governor?
His website says it costs $15,300 to buy and install the Bosch system required (approx. double US-made pellet systems) It would take big government subsidies to get anybody to do it ; source(s) of such subsidies never mentioned. Read between the lines: http://www.bethelcitizen.com/story.php?storyid=6269 “…[Otten] has “a deep belief that government is here to support business, and business wasn’t created to support government – and I think we’ve got it a little bit wrong.”
“…Otten has declined to comment on whether he would run as a Republican, Democrat or independent. He said he’ll announce his political affiliation at the news conference….” Why?
See what his peers say about him: https://mainebiz.biz/news42838.html “…another example of Otten’s greatest strength and his greatest weakness – his ambition….”;
See esp. “Ups and Downs” — he raised $265 million in an IPO; then “poof” (sounds like Wall Street and AIG execs.): “…By 1997, when Otten raised $265 million in an initial public offering of American Skiing Company, his majority share was valued at $270 million. And then, in an epic stroke of bad luck, a string of warm winters dried up revenue at a number of American Skiing resorts. Burdened by debt from its rapid expansion, American Skiing was never able to recover….”
http://www.timesargus.com/apps/pbcs.dll/article?AID=/20080513/NEWS02/805130364/1003/NEWS02 Maine Conservation Commissioner Patrick McGowan, who’s also a member of the wood-to-energy task force, wonders if Mainers instead will choose less-costly pellet-burning stoves over central heating systems. “It’s going to have to be a hell of a selling job to get people to tear out their oil furnaces and convert,” said McGowan. “But I think Les’s motto is, go big or go home.”
CONCLUSION: Les Otten has shown he’s willing to try going big (esp. with other people’s money) and, if it doesn’t work, he goes home; who loses, if he does this as Governor?