Frontline Bioenergy to suspend operations; continues to seek finance. Management of the company’s assets including its technology and intellectual property will revert to its primary investor and shareholder, Chippewa Valley Ethanol Company (CVEC).
SEE Here
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Lincolnway will ride out the high corn prices. Hold off on the ethanol obit
See Here
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Fire Breaks Out at Bushmills Ethanol Plant in Atwater
See Here
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SkunK
Thursday, November 4, 2010
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2 comments:
A group of Sustainable System's investors filed a lawsuit in Montana District Court against the company in April naming Greenshift, Greenshift's CEO Kevin Kreisler, GS Agrifuels, Viridis Capital, and Sustainable System's founder Paul Miller as defendants.
http://2ndgradebikerack.blogspot.com/2009/12/shuffling-missoulas-sustainable-systems.html
". . . this Montana complaint was dismissed in January 2010."
Read the annual report, please dont use 2009 blogs from anonymous sources that mention suits that have already been dismissed. That was just a harrassment suit against greensift because they sued the people who sold them the oil chrushing facility without owning the title. The judge rightfully thru it OUT!
"The Company’s GS AgriFuels subsidiary is party to the matter entitled GS AgriFuels Corporation v. Chaykin, et al. The action was filed in the Supreme Court of the State of New York, County of New York, on February 2, 2009. The Complaint seeks damages for defendants' fraudulent misrepresentations, tortious interference, breach of acquisition agreements and related claims relating to the sale by the defendants of the stock of Sustainable Systems, Inc. (“Culbertson”) to GS AgriFuels, and arising from the disclosure by the defendants that Culbertson owned its Culbertson, Montana oilseed crushing facility when in fact Culbertson merely held the right to purchase the Montana facility at the time of the acquisition by GS AgriFuels; the failure to disclose by the defendants that Culbertson’s right to purchase the Montana facility, as well as any investment made in the Montana facility, was subject to forfeiture within months of entering into the acquisition agreements with GS AgriFuels; and, the provision by the defendants of materially false financial statements. The defendants served a separate action entitled Max, et al. v. GS AgriFuels Corporation, et al. in the Montana Fourth Judicial District Court in response to GS AgriFuels’ New York complaint; this Montana complaint was dismissed in January 2010. The New York court granted GS AgriFuels’ March 2010 motion for summary judgment as to liability on GS AgriFuels’ fraud and breach of contract claims on April 8, 2010. During 2008 and 2009, three of the former shareholders of Culbertson, corresponding to about 60% of the former shareholders’ prior ownership interest in Culbertson, entered into settlement agreements pursuant to which has all parties have been released from all obligations under the relevant acquisition agreements and otherwise. Management is unable to characterize or evaluate the probability of any outcome at this time."
You have been haunting the boards with this phoney baloney stuff too long. Time to move on son and get yourself a girlfriend.
Jimbo Shrump
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