The Delaware Board of Trade (DBOT) has re-paid a controversial $3 million loan to New Castle County in a failed attempt to create a Delaware stock exchange.
In November of 2015, Ideanomics, the founders of DBOT, borrowed $3 million from county taxpayers, in an effort to create the stock exchange, under then-County Executive Tom Gordon.
Wednesday, November 25, 2020, Ideanomics' debt was repaid along with an interest payment of $180,000, according to County Executive Matt Meyer.
The repayment comes after Meyer called the whole deal a "scam" last year and demanded taxpayers get their money back. At that time, he rejected a deal he called "fishy" that would've converted collateral for "worthless" software from the company that aimed to create a Delaware stock exchange into penny stocks.
"This whole deal's a scam. I don't care what the collateral is, give the taxpayers their $3 million back," Meyer told WDEL in December of 2019. "Since day one, I'm trying to get out of this...giving the taxpayers a Chinese penny stock is not the way out of it. The way out of is for them to pay us back $3 million."
Meyer, who gave credit to DBOT for making timely annual interest payments, pledged the debt would be repaid by the end of 2020. After the debt was repaid, Meyer said he's thrilled to put this chapter of county government to rest.
“I am thankful that the Delaware Board of Trade honored their debt to New Castle County residents,” said County Executive Meyer in a prepared statement. “Among our most sacred duties is to be a good steward of your tax dollars, and I made a personal pledge four years ago to get this money back."