The lead investor in the Hangar42 movie studio deal was in court today for a preliminary exam, according to The Grand Rapids Press. Joseph Peters is charged with attempted false pretenses over $20,000.
Attention was first drawn to Hangar42 after the Mackinac Center broke the story following a months-long investigation by Center analysts, including a call for the Michigan Attorney General to investigate. Fiscal Policy Director Mike LaFaive and Communications Specialist Kathy Hoekstra raised several questions about the matter with an essay and investigative video posted May 20. At issue was the value of the proposed film studio, which those involved said was worth $40 million, even though it had been listed by a real estate agent for $10 million shortly before the deal was announced.