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New Castle County gets loan money back from failed stock exchange

Delaware Public Media

New Castle County gets back the money it loaned to a failed attempt to create a Delaware stock exchange.

County Executive Matt Meyer announced Wednesday that Ideanomics, which owns the Delaware Board of Trade, repaid the $3 million loan, along with an annual 180 thousand dollar interest payment.

The county made the loan in November 2015 under Meyer’s predecessor Tom Gordon in hopes of creating the exchange and the jobs associated with it.

The effort never got off the ground and last December, Ideanomics sought to convert company software used as collateral for the loan to penny stocks in the company.

Meyer ultimately rejected that deal, and now the loan is officially off the books.

Meyer in a statement said he is thankful the Delaware Board of Trade honored its debt.

"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," said Meyer in his statement."I am thrilled that this chapter of county government is now behind us.”

Tom Byrne has been a fixture covering news in Delaware for three decades. He joined Delaware Public Media in 2010 as our first news director and has guided the news team ever since. When he's not covering the news, he can be found reading history or pursuing his love of all things athletic.