Our reading of the Iron Nation pivot: whatever its merits, moving 21 Fund money into a foreign-managed fund puts it one more layer away from the forensic tracing the state's own auditor said was already impossible. The money that could not be tracked at Elevate will not be easier to track in Tel Aviv.

Who read it

joe, from N1 and F2.

The innocent reading

Iron Nation-Indiana is a standard economic-development bet, publicly announced, with named managers, private co-investors, and a first company placed within five months. A fund commitment is not a transfer of Elevate's untracked returns.

What would prove us wrong

• Show the $15 million came from newly appropriated 21 Fund money with no Elevate returns in it.
• Show IEDC's reporting and audit rights over Iron Nation II are stronger than those it had over Elevate.