Through the end of 2012, Vanguard has spent roughly $240.4 million in capital improvements at DMC, which is about $40 million short of the target. However, Vanguard has deposited nearly $28 million in an escrow account to make up part of that amount, according to the report. Last year, Vanguard was similarly behind by roughly $40 million in its capital improvements.
The information comes from Legacy DMC, the non-profit organization monitoring Vanguard’s obligations to DMC, and the office of Michigan Attorney General Bill Schuette.
Vanguard executives still plan on investing all $850 million into DMC, which was part of the sale agreement, according to the Free Press.
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