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Mac Pherson's first audit, in 2015, examined the government decision-making process on the loan guarantees.
The recommendations included requiring companies looking for money to provide more documentation of their financial status, and having Opportunities New Brunswick investigate whether it is valid.
That first audit said Premier Shawn Graham's Liberal cabinet had rejected advice by civil servants to reject Atcon's request for help.
She said at the time that showed "a very troubling disregard for taxpayers' money." The Liberal cabinet approved million in loan guarantees, despite warnings from officials that Atcon's profitability was "marginal," that its ability to pay its debt was "very questionable," and that its track record of repaying government was "dismal." A key moment later in 2009 was the decision to remove the province's position as primary creditor, which would have given it the first right to collect money owed if the company went bankrupt.
Despite warnings that the change "could result in a large loss to the province" if Atcon went bankrupt, then-Business New Brunswick minister Victor Boudreau signed off on the removal of security in October 2009.
Mac Pherson said if not for that decision, the province might have recouped million to million of the Atcon loan guarantees, not the .8 million it has recovered.
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"In my view, public expectation justifiably remains for these elected officials to be transparent and give rationale for this inexplicable multi-million dollar decision," Mac Pherson said.