Hopefully, this has just become a pure corn oil extraction/ethanol plant service play. Lets build out the backlog with no distractions. Ever since operations at NextDiesel and Sustainable were shut down due to deteriorating market conditions, these non-revenue producing entities have not helped at the financing table. Being a pure play this may make financing easier.
As stated in the 1Q, Nextdiesel [BIG] buy was going to be "undone" utilizing the rescission feature of the original buy during the period of the 2Q.
"Instead, the Company intends to facilitate rescission of the original acquisition transaction and the divestiture of BIG [NextDiesel] during the quarter ended June 30, 2009 due to changed market circumstances." p.10 1Q
ALSO
". . . the Company intends to divest of the majority, and probably all, of its equity holdings in Sustainable during the second quarter 2009." p.11 1Q
According to the SkunK Q & A of two weeks ago, concerning the two pending divestitures, the CEO stated:
"One is complete. Our goal is to have both completed by the end of the quarter."
http://greenshift-gers.blogspot.com/2009/06/new-q-with-ceo.html
So when Carbonics Capital named Paul T. Miller as President and CEO and they stated they hoped to purchase Sustainable LLC, we knew that deal was not done yet. So that left the NextDiesel deal having already been completed. Today we learn that the Sustainable Sale was done on 30 June. This is the last day of the 2nd Quarter. Just as planned.
So the SkunK has just taken us through the saga of the Company telling us what they are gonna do, doing it, and now telling us they did it.
**********
Effective June 30, 2009, pursuant to a Stock Purchase Agreement dated as of that date, GS AgriFuels Corporation, GreenShift's wholly-owned subsidiary, sold the capital stock of Sustainable Systems, Inc. ("Sustainable") to Carbonics Capital Corporation in return for the assumption of $4,000,000 of GS AgriFuels' debt due to YA Global Investments, L.P. ("YA Global").
To record the assumption of liability, Carbonics Capital Corporation issued to YA Global a secured convertible debenture dated as of June 30, 2009 in the principal amount of $4,000,000. The debenture has an annual interest rate of 12% and it matures on December 31, 2010. The debenture is secured by a first priority security position on the assets of Carbonics Capital Corporation. The debenture is guaranteed by GS AgriFuels and GreenShift Corporation, and by the majority shareholder of both GreenShift and Carbonics Capital, which is Viridis Capital, LLC.
http://www.sec.gov/Archives/edgar/data/1269127/000126912709000060/gers8k7209.txt
SkunK
Thursday, July 2, 2009
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2 comments:
Complete fraud. GS/Carbonics never paid the shareholders of SS and are being sued in MT over this.
This is a complete scam! Mark Angelo of YA Global / Yorkville Advisors and Kevin Kreisler of Greenshift went to Rutgers University together and after graduating starting working on this fraud. This has nothing to do with Green tech and everything to do with a Ponzi Scheme. They are using convertible debentures to scam all shareholders by naked short selling the entire market cap of this stock and other Kreisler controlled companies and then covering at the bottom. This is a large pump and dump scam. Yorkville Advisors hired EX-SEC enforcement officials to influence the current SEC enforcement officials. This is corruption at the highest level. Greenshift puts out false SEC filings and false PR to entice unsuspecting investors into buying the stock. YA Global sold so many shares short, Greenshift and Kevin Kreisler had to create 10 billion shares to cover them all. Its called Phantom shares, printing more shares than are authorized and issued at the time. Its a real shame that the SEC has allowed this scam to continue for so many years and have cost investors so much money. YA Global is a cayman island fund, therefore they are out of reach of the US govt. They take your money from your brokerage account and its all tax free as it is offshore and out of reach of IRS as well. The only way to look at this is that the SEC is complicit in this scam as Yorkville Advisors once called Cornell Capital has been investigated before, many times. Needless to say the investigations are halted and they are allowed to change names and continue the scam. Influence peddling is nothing more than a corrupt government. The Kreisler family has been at this scam for over 25 years and not one investigation after all those shell companies, false SEC filings, false PR and phantom shares sold just to name a few offences. They must be paying one hell of a bribe to stay out of the SEC enforcement eyesight. I believe this website is also involved in this scam!
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