On 4 March 2009, Jeff Zueger, the General Manager of Blue Flint Ethanol , came before The Renewable Energy Council and requested and received a half million taxpayer dollars to help pay for a Corn Oil Extraction unit. Meeting Minutes HERE.
Let me just point out a few highlights of those minutes:
1. "Commerce’s recommendation is not to fund. The main goal of the REP is to provide funding for research, development, marketing, and education. (1) Given that the technology [Corn Oil Extraction]is already established, we do not feel that the objective of the proposal clearly resonates with the main goal of the REP. (2) Because the project is only cost‐effective with a grant award, it appears that this is more a financing project as opposed to a research, development, marketing, or education project."
SkunK's Comment: It looks like the North Dakota Commerce Department had done their research. By March of 2009 the technology WAS OBVIOUSLY WELL ESTABLISHED.
2. "In response to a question from Goettle, Zueger stated it [Corn Oil Extraction] has been explored minimally at this point. Has been done on a pilot basis by two companies. Heat exchanger and dewaxing is unique in this process."
SkunK's Comment: Explored minimally?? Can he be serious??? A simple Google search at the time would have shown that to be a "problematic" statement. Remember this is about four and a half years after Winsness filed his provisional patent and over three years since GreenShift had to (by law) publish their patent pending. GreenShift had COES units scattered throughout the midwest.* Heat exchanger and dewaxing unique? Corn Oil Extraction isn't just about spinning stuff really, really fast. Success depends on the right temperatures at the right time to break the bonds of the oil without creating sludge. Heat exchangers were always part of the real solution from the beginning. The challenges of the Free fatty acids and the wax were also well known. De-waxing was always part of the solution either at the COES or at the biodiesel refinery. Unique? Hmmmm . . .
3. "In response to a question from Nisbet, Weeda stated they don’t anticipate developing patents."
LOLOLO, the SkunK wonders if this would have been a good time to mention the GreenShift patents? (pending at the the time) "Oh, by the way fellows, the process we are trying to develop (mimic?) here is within a couple months of being allowed by the patent office for a company we forgot to mention: GreenShift."
In any case, they turned the board who ended up voting (5-0) - a half million of the taxpayer's money to finance this 'new' and 'unique' thing called a . . . corn oil extraction system. Of course, we see ICM mentioned in the minutes as well . . .
The final report to the commission for this 5 month project (now 15 month!) has been extended twice and is due no later than 31 August 2010 - tommoro! That should be an interesting read - I wonder if GreenShift or their issued patents come up in the conversation this time? How about the patent litigation pending against Blue Flint Ethanol and ICM?
SkunK
*Little Sioux Corn Processors, a 50 MMgy plant in Marcus, Iowa, began using GreenShift’s technology in the spring of 2006. Utica Energy LLC in Oshkosh, Wis., began using it in the spring of 2007. Western New York Energy LLC in Median, N.Y., began extracting corn oil in February, (2008) and Central Indiana Ethanol
New feature to the blog!
Although I enjoy researching this as a hobby during my ever scarcer free time, are there no reporters in North Dakota? You know, ones who get paid to do investigative reporting? This is a half million dollars in public funds . . . to develop a "new" process that had a patent published for it years before. geezze. .
Com'on SkunK - Admit it. You may be a lovable old basset hound - but your an unsophisticated one as well! You missed all the finery and lace around this obviously complicated subject! There are im'potant people involved here! What does your editor think? That's right, you don't have one! Hahahaha!
Well, if I got this wrong - then so did the the North Dakota Department of Commerce - who the legislature set up to provide technical assistance and prevent just these types of problems. Maybe I should not be asking for an investigative reporter - maybe the SkunK should be first asking for an informed legislator? How often does this commission go against the clear recommendation of Commerce by a 5-0 vote? Why? Their were three members of Commerce at the meeting. Why did they not present? Is their detailed report why Corn Oil Extraction was already established science part of the public record? Why not?
I think we need a nap!
Posts
9 comments:
I am wondering about the Scam stuff i constantly read on the yahoo message boards about this stock. does anyone have any thoughts or insights?
The scam stuff I think is a combination of disgruntled long term investors and competitors with vested interests. They never actually excplain how the "scam" is supposed to work which is a clue to their motives. Also they refer to "pump and dump" despite the fact that the share price has consistently gone down over the past 2+ years. The quality of their due diligence and argument is a clue to the seriousness of the charges.
With penny turnaround stocks you not only have to pick the right stock - but the right time to buy. Most of the time you are wrong. You minimize your losses and wait for the big one to come along. And it occassionally does.
Some people cannot accept the fact that they were wrong and do not belong in the stock market, let alone penny stocks. So they contort the facts, wiggle up all sorts of conspiracies about how they got screwed by this or that.
Its actually quite a revealing, sorid study in self-dilusion and the human condition.
Big Easy
Oh Neil, I also agree that some of it is the competition trying to shake investor confidence. If GreeShift goes tits up, they are in a lot stronger position to litigate away their patent problem. Just read a while ago a CEO was caught running down another company on the yahoo boards. It was his competition. Bet that sort of thing goes on all the time. Got to ask what is a posters motivation? It is never to help you or to warn you. Mother Theresa never played the stock market or hung out on the Yahoo boards.
Question!? In your opinion how long before the law suits will be settled? Days, weeks, months or years?
It will take over six months before anything is settled in the courts. The pps will be back to .0002 or .0001 and then you can buy again before another reverse split. The Skunk has provided lot's of info but it all comes down to the value of this company and the price of the common stock. Big investors will not invest in this stock until this company is actually worth more than the debt they owe.
I agree that the key to stock movement is settlement of some (not necessarily all) of the law suits. With that the future suddenly becomes much clearer. Hopefully the settlements will be positive, in which case all of the positive (and fairly predictable) revenue news will drive the share price. As for "Big investors will not invest in this stock until this company is actually worth more than the debt they owe", I don't agree. Firstly, it won't necessarily take big investors to move this share price - lot's of small and medium sized investors will do it (including day traders) if they get hold of the story. Secondly big investors don't become big investors by being last to a story. If they ignore the growing contract revenue until debt is gone they'll have missed all of the price action. I don't believe they are that stupid.
This stocks going down the toilet !!
How can KK and EC sign the 2Q 10-K filing stating all is truthful with nothing missing and there is not one reference to Center Ethanol, who was sued and settled? Shouldn't this case be listed in the list of litigation filings? Isn't it a fact that GERS sued Center Ethanol? I find that a little disingenuous! Seems like they had a gun to our heads.
from an interested party at Center Ethanol
Post a Comment