Are you surprised?

If there are any Caddo citizens who still believe in the Elio fairy tale other than Caddo Commissioner Ken Epperson, then an article in the July 7 edition of the Wall Street Journal may just end that dream. Elio had hoped to raise $50 million in an initial public offering; less than $17 million was funded in the February offering. These funds, along with the $45 million in nonbinding reservations, leaves the company a mere $312 million short that is needed to fund “production activities.”

Elio has promised the manufacture in Shreveport of a three-wheeled vehicle as a low-cost, high-mileage alternative to conventional cars. Paul Elio, the company founder, chief executive and spin doctor, reported that none of the dozen people who said they would invest $500 grand each actually bought shares. Elio reported “people were putting in false indications”; perhaps those deep pockets saw the light or just decided not to plug into a pipe dream.

The Elio Web site promises up to “84 mpg highway, American-made twoseater vehicle, targeted $6,800 base price.” For as little as $100 a vehicle can be reserved – with a limited 25 percent bonus; those reserving by July 17 will also get a limited-edition Elio T-shirt and a bumper sticker. The “bonus” is the privilege of paying more money to get higher up on the Elio reservation list; sounds like paying more to get first dibs on swampland in Florida.

And if one’s memory is short, it was the Elio dream that served as the catalyst for the Caddo Commission to purchase the former GM facility. Caddo Commissioner Ken Epperson led that charge along with former Commissioner John Escude, who later worked for a contractor at the plant. Epperson still swears by the Elio being manufactured in Shreveport, which seemingly should be a higher priority than his continual “move the monument” rant that falls on more and more deaf ears each day.

John E. Settle Jr. is an attorney who has practiced in Shreveport- Bossier since 1977. His columns have appeared in local publications for more than 15 years. He can be reached at 742-5513 or John@ settlelawfirm.com.