December 11, 2008
CleanBioenergy Partners, LLC, a Delaware limited liability company ("CleanBioenergy"), a newly formed joint venture company owned by two members: one is an affiliate of GE Energy Financial Services, a unit of General Electric Company, and the other member is an affiliate of YA Global Investments, L.P., a private investment firm managed by Yorkville Advisors, LLC.
January 30, 2009
CleanBioenergy Partners, LLC, a Delaware limited liability company ("CleanBioenergy"), a newly formed joint venture company owned by two members: one is a subsidiary of GE Energy Financial Services, a unit of General Electric Company, and the other member is a subsidiary of YA Global Investments, L.P., a private investment firm managed by Yorkville Advisors, LLC.
*********
In the first (Dec 11th) paragraph the new lender is described as an "affiliate" of GE Financial Services. In every day common usage, "affiliate" might describe two unions that are "affiliated" under an umbrella organization. It suggests a relationship, however casual. Yet there is a specific business definition for "affiliate" in use here and the SkunK wrote a blog that concluded:
"Affiliate of GE Energy Financial Services" is a unit that is owned in part or in whole by GE Energy Financial Services."
http://greenshift-gers.blogspot.com/2008/12/cleanbioenergy-partners.html
+++++++
This was confirmed and we were told it is wholly owned by GE here during this Q & A:
Question: What is your definition of "affiliate of GE Energy Financial Services" ?
Answer: The reference to "affiliate" in each case is to a wholly-owned special purpose investment company through which the equity investment in the GS NextDiesel project is being made. Both investors are contributing capital first to CleanBioenergy Partners, LLC and then CleanBioenergy is contributing the same capital to GS NextDiesel.
http://greenshift-gers.blogspot.com/2008/12/q-on-38m-dollar-deal.html
+++++++Now in the second paragraph from yesterday we see a change to "subsidiary". A simple business definition of subsidiary is: A company whose voting stock is more than 50% controlled by another company, usually referred to as the parent company. So from this more descriptive term we can conclude that:
Subsidiary of GE Energy Financial Services is a unit (that is at least 50% and described by Mr. Kreisler as "wholly") owned by GE Financial Services (wholly owned by GE).
http://www.answers.com/topic/subsidiary
The SkunK believes the stronger word "subsidiary" was put in place to better demonstrate that GE is directly involved in the pending financing deal. The fact that GE is directly involved in the lending lends tremendous credibility to this company and its clean energy pursuit. For that very reason I realize for some this GE round peg fact will not fit in their world. Although painful, I have found it is always best to change your world view to make the facts fit, rather than the other way around.
If you have trouble keeping the company relationships straight (I do), here is a diagram I made before:
http://docs.google.com/Doc?id=dgzzx2hv_25ccb422czWe have lots of people waiting to see this get done,
So lets tie up those loose ends,
SkunK
Posts
No comments:
Post a Comment