The 12th COES, in partnership with E Energy Adams, LLC, out of Adams, NE is scheduled for a 2009 completion. Only a minor update here, it seems that our partner has gone private, in that they have reclassified its "units" (read "type of shares") into groups of a, b, and c dependent on how many units owned by the individual. The "a" group is 5% or more, the "b" is 3-4 units and the "c" is two or less. They will now be like quite a few LLCs, not having to go through the major expense, liability and hassle of filing with the SEC.
Here is how they originally felt about reporting to the SEC - from their web site - History:
"We received our Securities and Exchange Commission clearance on May 15, 2006 and shortly thereafter became a public company comprised of almost 800 members. We are proud of our grass-roots efforts. Nearly 400 of our members hold the minimum investment of $20,000. Groundbreaking ceremonies were held on June 2, 2006 followed by actual excavation work commencing in July. Fagen Inc. mobilized on site to begin construction on August 14, 2006. The plant successfully reached start-up on schedule and began operations on October 27, 2007."
How does that effect us as GERS shareholders? Well it just gives us one less tool to monitor our progress. Not a big deal, but one that may be repeated with some of the other LLCs that still file. Here it is from the E Energy Adams filing:
The reclassification has reduced the number of holders of our common equity units to less than 300, enabling the Company to terminate its registration and suspend its reporting obligations with the Securities and Exchange Commission. The Company expects to file a Form 15 with the Securities and Exchange Commission to cease reporting as a public company as soon as practicable.
And here is that form 15 they promised as they reduced their common equity units (this I believe is the "c" units) to about 237.
SkunK
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