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(fka)EHTEQ: +Refer to Daily List of 10/2/2014: Comment Revised. Holders will receieve $0.6795153/share; Ex-Date: 10/3/2014. Pursuant to the Chapter 11 Plan of Liquidation, the equity interests of the Debtor were cancelled, as of the Plan?s Effective Date, April 8, 2014 (the ?Distribution Record Date?). Please note that the Ex-dividend date being established by FINRA facilitates the distribution to Beneficial Owners of Shares held in Record name by Cede & Co. as outlined by the Amended Chapter 11 plan (Case No. 08-20645)
http://www.otcbb.com/asp/dailylist_detail.asp?d=10/03/2014&mkt_ctg=NON-OTCBB
EHTEQ: +Ex-Date: 10/3/2014; Pursuant to the Chapter 11 Plan of Liquidation, the equity interests of the Debtor were cancelled, as of the Plan?s Effective Date, April 8, 2014 (the ?Distribution Record Date?). Please note that the Ex-dividend date being established by FINRA facilitates the distribution to Beneficial Owners of Shares held in Record name by Cede & Co. as outlined by the Amended Chapter 11 plan (Case No. 08-20645).
http://www.otcbb.com/asp/dailylist_detail.asp?d=10/02/2014&mkt_ctg=NON-OTCBB
EHTE changed to EHTEQ, bankruptcy:
http://www.otcbb.com/asp/dailylist_detail.asp?d=04/12/2013&mkt_ctg=OTCBB
<<< $EHTE Links! >>> ~ MAC's Quick DD Links without the charts.
PennyStockTweets ~ http://www.pennystocktweets.com/stocks/profile/EHTE
OTC Markets Company Info ~ http://www.otcmarkets.com/stock/EHTE/company-info
OTC Markets Charts ~ http://www.otcmarkets.com/stock/EHTE/chart
OTC Markets Quote ~ http://www.otcmarkets.com/stock/EHTE/quote
OTC Markets News ~ http://www.otcmarkets.com/stock/EHTE/news
OTC Markets Financials ~ http://www.otcmarkets.com/stock/EHTE/financials
OTC Markets Short Sales ~ http://www.otcmarkets.com/stock/EHTE/short-sales
OTC Markets Insider Disclosure ~ http://www.otcmarkets.com/stock/EHTE/insider-transactions
OTC Markets Research Reports ~ http://www.otcmarkets.com/stock/EHTE/research
Google Finance Summary ~ http://www.google.com/finance?q=EHTE
Google Finance News ~ http://www.google.com/finance/company_news?q=EHTE
Google Finance Option chain ~ http://www.google.com/finance/option_chain?q=EHTE
Google Finance Financials ~ http://www.google.com/finance?q=EHTE&fstype=ii#
Google Finance Historical prices Daily ~ http://www.google.com/finance/historical?q=EHTE
Google Finance Historical prices Weekly ~ http://www.google.com/finance/historical?q=EHTE&histperiod=weekly#
Y! < Company >
Y! Profile ~ http://finance.yahoo.com/q/pr?s=EHTE+Profile
Y! Key Stat's ~ http://finance.yahoo.com/q/ks?s=EHTE+Key+Statistics
Y! Headlines ~ http://finance.yahoo.com/q/h?s=EHTE+Headlines
Y! Summary ~ http://finance.yahoo.com/q?s=EHTE
Y! Historical Prices ~ http://finance.yahoo.com/q/hp?s=EHTE+Historical+Prices
Y! Order Book ~ http://finance.yahoo.com/q/ecn?s=EHTE+Order+Book
Y! Message Boards ~ http://messages.finance.yahoo.com/mb/EHTE
Y! Market Pulse ~ http://finance.yahoo.com/marketpulse/EHTE
Y! Technical Analysis ~ http://finance.yahoo.com/q/ta?s=EHTE+Basic+Tech.+Analysis
Y! < Analyst Coverage >
Y! Analyst Opinion ~ http://finance.yahoo.com/q/ao?s=EHTE+Analyst+Opinion
Y! Analyst Estimates ~ http://finance.yahoo.com/q/ae?s=EHTE+Analyst+Estimates
Y! Research Reports ~ http://finance.yahoo.com/q/rr?s=EHTE+Research+Reports
Y! Star Analysts ~ http://finance.yahoo.com/q/sa?s=EHTE+Star+Analysts
Y! < Ownership >
Y! Major Holders ~ http://finance.yahoo.com/q/mh?s=EHTE+Major+Holders
Y! Insider Transactions ~ http://finance.yahoo.com/q/it?s=EHTE+Insider+Transactions
Y! Insider Roster ~ http://finance.yahoo.com/q/ir?s=EHTE+Insider+Roster
Y! < Financials >
Y! Income Statement ~ http://finance.yahoo.com/q/is?s=EHTE+Income+Statement&annual
Y! Balance Sheet ~ http://finance.yahoo.com/q/bs?s=EHTE+Balance+Sheet&annual
Y! Cash Flow ~ http://finance.yahoo.com/q/cf?s=EHTE+Cash+Flow&annual
FINVIZ ~ http://finviz.com/quote.ashx?t=EHTE&ty=c&ta=0&p=d
Investorshub Trades ~ http://ih.advfn.com/p.php?pid=trades&symbol=EHTE
Investorshub Board Search ~ http://investorshub.advfn.com/boards/getboards.aspx?searchstr=EHTE
Investorshub PostStream ~ http://investorshub.advfn.com/boards/poststream.aspx?ticker=EHTE
Investorshub Messages ~ http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=EHTE
Investorshub Videos ~ http://ih.advfn.com/p.php?pid=ihvse&ihvqu=EHTE
Investorshub News ~ http://ih.advfn.com/p.php?pid=news&btn=s_ok&ctl00%24sb3%24tbq1=Get+Quote&as_values_IH=&ctl00%24sb3%24stb1=Search+iHub&symbol=EHTE&s_ok=OK&from_month=3&from_day=15&from_year=2012&order=desc&selsrc%5B%5D=prnca&selsrc%5B%5D=prnus&selsrc%5B%5D=zacks&selsrc%5B%5D=money2&selsrc%5B%5D=djn&selsrc%5B%5D=bw&selsrc%5B%5D=globe&selsrc%5B%5D=edgar&selsrc%5B%5D=mwus&force=1&last_ts=1331855999&p_n=1&p_count=&p_ts=1331794260
CandlestickChart ~ http://www.candlestickchart.com/cgi/chart.cgi?symbol=EHTE&exchange=US
Barchart Quote ~ http://barchart.com/quotes/stocks/EHTE?
Barchart Detailed Quote ~ http://barchart.com/detailedquote/stocks/EHTE
Barchart Options Quotes ~ http://barchart.com/options/stocks/EHTE
Barchart Technical Chart ~ http://barchart.com/charts/stocks/EHTE&style=technical
Barchart Interactive Chart ~ http://barchart.com/charts/stocks/EHTE&style=interactive
Barchart Technical Analysis ~ http://barchart.com/technicals/stocks/EHTE
Barchart Trader's Cheat Sheet ~ http://barchart.com/cheatsheet.php?sym=EHTE
Barchart Barchart Opinion ~ http://barchart.com/opinions/stocks/EHTE
Barchart Snapshot Opinion ~ http://barchart.com/snapopinion/stocks/EHTE
Barchart News Headlines ~ http://barchart.com/news/stocks/EHTE
Barchart Profile ~ http://barchart.com/profile//EHTE
Barchart Key Statistics ~ http://barchart.com/profile.php?sym=EHTE&view=key_statistics
OTC: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=EHTE&MarketTicker=OTC&TYP=S
NASDAQ: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=EHTE&MarketTicker=NASD&TYP=S
NYSE: American Bulls ~ http://www.americanbulls.com/StockPage.asp?CompanyTicker=EHTE&MarketTicker=NYSE&Typ=S
Marketwatch Profile ~ http://www.marketwatch.com/investing/stock/EHTE/profile
Marketwatch Analyst Estimates ~ http://www.marketwatch.com/investing/stock/EHTE/analystestimates
Marketwatch Historical Quotes ~ http://www.marketwatch.com/investing/stock/EHTE/historical
Marketwatch Financials ~ http://www.marketwatch.com/investing/stock/EHTE/financials
Marketwatch Overview ~ http://www.marketwatch.com/investing/stock/EHTE
Marketwatch SEC Filings ~ http://www.marketwatch.com/investing/stock/EHTE/secfilings
Marketwatch Picks ~ http://www.marketwatch.com/investing/stock/EHTE/picks
Marketwatch Hulbert ~ http://www.marketwatch.com/investing/stock/EHTE/hulbert
Marketwatch Insider Actions ~ http://www.marketwatch.com/investing/stock/EHTE/insideractions
Marketwatch Options ~ http://www.marketwatch.com/investing/stock/EHTE/options
Marketwatch Charts ~ http://www.marketwatch.com/investing/stock/EHTE/charts
Marketwatch News ~ http://bigcharts.marketwatch.com/news/symbolsearch/symbolnews.asp?news=markadv&symb=EHTE&sid=1795093&framed=False
The Lion ~ http://thelion.com/bin/aio_msg.cgi?cmd=search&msg=&si=1&tw=1&tt=1&rb=1&ih=1&fo=1&iv=1&yf=1&sa=1&fb=1&gg=1&symbol=EHTE
Search NYSE ~ http://www.nyse.com/about/listed/lcddata.html?ticker=EHTE
StockTA ~ http://www.stockta.com/cgi-bin/analysis.pl?symb=EHTE&num1=567&cobrand=&mode=stock
StockHouse ~ http://www.stockhouse.com/financialtools/sn_overview.aspx?qm_symbol=EHTE
StockHouse Delayed LII ~ http://www.stockhouse.com/financialtools/sn_level2.aspx?qm_page=46140&qm_symbol=EHTE
AlphaTrade ~ http://tools.alphatrade.com/index.php?t1=mc_quote_module&t2=mc_quote_module2&t3=historical&template=historical2html&sym=EHTE&client_id=2740&a_width=680&a_height=1000&language=english&showVol=1&chtype=8
Reuters ~ http://www.reuters.com/finance/stocks/companyOfficers?symbol=EHTE.PK&WTmodLOC=C4-Officers-5
StockWatch ~ http://www.stockwatch.com/Quote/Detail.aspx?symbol=EHTE®ion=U
Search NASDAQ ~ http://www.nasdaq.com/symbol/EHTE
NASDAQ Divy History ~ http://www.nasdaq.com/symbol/EHTE/dividend-history
NASDAQ Short Interest ~ http://www.nasdaq.com/symbol/EHTE/short-interest
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/EHTE/institutional-holdings
NASDAQ FlashQuotes ~ http://www.nasdaq.com/aspx/flashquotes.aspx?symbol=EHTE&selected=EHTE
NASDAQ InfoQuotes ~ http://www.nasdaq.com/aspx/infoquotes.aspx?symbol=EHTE&selected=EHTE
NASDAQ After Hours Quote ~ http://www.nasdaq.com/symbol/EHTE/after-hours
NASDAQ Pre-Market Quote ~ http://www.nasdaq.com/symbol/EHTE/premarket
NASDAQ Historical Quote ~ http://www.nasdaq.com/symbol/EHTE/historical
NASDAQ Option Chain ~ http://www.nasdaq.com/symbol/EHTE/option-chain
NASDAQ Company Headlines ~ http://www.nasdaq.com/symbol/EHTE/news-headlines
NASDAQ Press Releases ~ http://www.nasdaq.com/symbol/EHTE/news-headlines
NASDAQ Sentiment ~ http://www.nasdaq.com/symbol/EHTE/sentiment
NASDAQ Analyst Summary ~ http://www.nasdaq.com/symbol/EHTE/analyst-research
NASDAQ Guru Analysis~ http://www.nasdaq.com/symbol/EHTE/guru-analysis
NASDAQ Stock Report ~ http://www.nasdaq.com/symbol/EHTE/stock-report
NASDAQ Competitors ~ http://www.nasdaq.com/symbol/EHTE/competitors
NASDAQ Stock Consultant ~ http://www.nasdaq.com/symbol/EHTE/stock-consultant
NASDAQ Stock Comparison ~ http://www.nasdaq.com/symbol/EHTE/stock-comparison
NASDAQ Call Transcripts ~ http://www.nasdaq.com/symbol/EHTE/call-transcripts
NASDAQ Annual Reports ~ http://www.nasdaq.com/aspx/annualreport.aspx?symbol=EHTE&selected=EHTE
NASDAQ Financials ~ http://www.nasdaq.com/symbol/EHTE/financials
NASDAQ Revenue & Earnings Per Share (EPS) ~ http://www.nasdaq.com/symbol/EHTE/revenue-eps
NASDAQ SEC Filings ~ http://www.nasdaq.com/symbol/EHTE/sec-filings
NASDAQ Ownership Summary ~ http://www.nasdaq.com/symbol/EHTE/ownership-summary
NASDAQ Institutional Ownership ~ http://www.nasdaq.com/symbol/EHTE/institutional-holdings
NASDAQ (SEC Form 4) ~
--------- All Trades ~ http://www.nasdaq.com/symbol/EHTE/insider-trades
--------- Buys ~ http://www.nasdaq.com/symbol/EHTE/insider-trades/buys
--------- Sells ~ http://www.nasdaq.com/symbol/EHTE/insider-trades/sells
The Motley Fool ~ http://caps.fool.com/Ticker/EHTE.aspx
The Motley Fool Earnings/Growth ~ http://caps.fool.com/Ticker/EHTE/EarningsGrowthRates.aspx?source=itxsittst0000001
The Motley Fool Ratios ~ http://caps.fool.com/Ticker/EHTE/Ratios.aspx?source=itxsittst0000001
The Motley Fool Stats ~ http://caps.fool.com/Ticker/EHTE/Stats.aspx?source=icasittab0000006
The Motley Fool Historical ~ http://caps.fool.com/Ticker/EHTE/Historical.aspx?source=icasittab0000004
The Motley Fool Scorecard ~ http://caps.fool.com/Ticker/EHTE/Scorecard.aspx?source=icasittab0000003
The Motley Fool Statements ~ http://caps.fool.com/Ticker/EHTE/Statements.aspx?source=icasittab0000009
MSN Money ~ http://investing.money.msn.com/investments/stock-ratings?symbol=EHTE
YCharts ~ http://ycharts.com/companies/EHTE
YCharts Performance ~ http://ycharts.com/companies/EHTE/performance
YCharts Dashboard ~ http://ycharts.com/companies/EHTE/dashboard
InsideStocks Opinion ~ http://www.insidestocks.com/texpert.asp?sym=EHTE&code=XDAILY
InsideStocks Profile ~ http://www.insidestocks.com/profile.asp?sym=EHTE&code=XDAILY
InsideStocks Quote ~ http://www.insidestocks.com/quote.asp?sym=EHTE&code=XDAILY
InsideStocks Projection ~ http://charts3.barchart.com/procal.asp?sym=EHTE
Zacks Quote ~ http://www.zacks.com/stock/quote/EHTE
Zacks Estimates ~ http://www.zacks.com/research/report.php?type=estimates&t=EHTE
Zacks Company Reports ~ http://www.zacks.com/research/report.php?type=report&t=EHTE
Knobias ~ http://knobias.10kwizard.com/files.php?sym=EHTE
StockScores ~ http://www.stockscores.com/quickreport.asp?ticker=EHTE
Trade-Ideas ~ http://www.trade-ideas.com/StockInfo/EHTE/HOT_TOPIC.html
Morningstar ~ http://performance.morningstar.com/stock/performance-return.action?region=USA&t=EHTE&culture=en-US
Morningstar Shareholders ~ http://investors.morningstar.com/ownership/shareholders-overview.html?t=EHTE®ion=USA&culture=en-us
Morningstar Transcripts~ http://www.morningstar.com/earnings/NoTranscript.aspx?t=EHTE®ion=USA
Morningstar Key Ratios ~ http://financials.morningstar.com/ratios/r.html?t=EHTE®ion=USA&culture=en-US
Morningstar Executive Compensation ~ http://insiders.morningstar.com/trading/executive-compensation.action?t=EHTE®ion=USA&culture=en-us
Morningstar Valuation ~ http://financials.morningstar.com/valuation/price-ratio.html?t=EHTE®ion=USA&culture=en-us
CCBN (Thompson Reuters) ~ http://ccbn.aol.com/company.asp?client=aol&ticker=EHTE
TradingMarkets ~ http://pr.tradingmarkets.com/?lid=leftPRbox&sym=EHTE
OTCBB ~ http://www.otcbb.com/asp/SiteSearch.asp?Criteria=EHTE&searcharea=e&image1.x=0&image1.y=0
Insidercow ~ http://www.insidercow.com/history/company.jsp?company=EHTE&B1=Search%21
Forbes News ~ http://search.forbes.com/search/find?tab=searchtabgeneraldark&MT=EHTE
Forbes Press Releases ~ http://search.forbes.com/search/find?&start=1&tab=searchtabgeneraldark&MT=EHTE&pub=businesswire,prnewswire&searchResults=pressRelease&tag=pr&premium=on
Forbes Web ~ http://search.forbes.com/search/web?MT=UNGS&start=1&max=10&searchResults=web&tag=web&sort=null
YouTube Symbol Search ~ http://www.youtube.com/results?search_query=EHTE
Buy-Ins ~ http://www.buyins.net/tools/symbol_stats.php?sym=EHTE
Quotemedia ~ http://www.quotemedia.com/results.php?qm_page=47556&qm_symbol=EHTE
Earnings Whispers ~ http://www.earningswhispers.com/stocks.asp?symbol=EHTE
Bloomberg Snapshot ~ http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=EHTE
Bloomberg People ~ http://investing.businessweek.com/research/stocks/people/people.asp?ticker=EHTE
Financial Times ~ http://markets.ft.com/Research/Markets/Tearsheets/Summary?s=EHTE
Investorpoint ~ http://www.investorpoint.com/ enter "EHTE" and click search.
Hotstocked ~ http://www.hotstocked.com/ enter "EHTE" and click search.
Raging Bull ~ http://ragingbull.quote.com/mboard/boards.cgi?board=EHTE
Hoovers ~ http://www.hoovers.com/search/company-search-results/100003765-1.html?type=company&term=EHTE
DD Machine ~ http://www.ddmachine.com/default.asp?m=stocktool_frame.asp?symbol=EHTE
SEC Form 4 ~ http://www.secform4.com/insider/showhistory.php?cik=EHTE
OTCBB Pulse ~ http://www.otcbbpulse.com/cgi-bin/pulsequote.cgi?symbol=EHTE
Failures To Deliver ~ http://failurestodeliver.com/default2.aspx enter "EHTE" and click search.
http://www.coordinatedlegal.com/SecretaryOfState.html
http://regsho.finra.org/regsho-Index.html
http://www.shortsqueeze.com/?symbol=EHTE&submit=Short+Quote%99
DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=EHTE
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=EHTE
Check those searches for recent EHTE mentions. If EHTE is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a complete list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS
MACDlinks
I think that blender's tax credit of 51 cents per gallon expires at the end of 2010. Without it, I don't see how many of these guys can stay in business, especially with $6 per bushel corn. And I don't think there is going to be much enthusiasm on the part of consumers to keep the price of corn that high while also subsidizing ethanol.
Of course the original motivation behind all this was good - to wean ourselves off foreign oil. Nobody wants more trouble in the middle east, and oil seems to be at the heart of those troubles. I would certainly be willing to pay more for ethanol and corn if it meant we could extract ourselves from the middle east.
It is interesting that Brazil has achieved energy independence. From that perspective, they're doing far better than us right now. I wouldn't mind eliminating the import tax on Brazilian ethanol, that would seem harmless enough, and also provide us with some diversification in our energy imports.
I'm also optimistic about the prospects for ethanol based on cellulose. I see some good potential there, though it could be many more years before it becomes commercially viable.
Right now I'm kind of neutral on the corn ethanol business. We need the fuel,but the side effects to the food market and environment are very undesirable. I don't know what the future holds for corn ethanol. After the tax credits expire, I suspect some of those plants will get converted to utilize more economical fuel and feedstock sources, but that will be expensive and time consuming - and probably require another government handout. To me it looks like we're somewhere between the first and second inning of this new energy game.
The whole solar field looks interesting. Buy a plug-in hybrid, and charge it using solar cells mounted on top of your house. Ten years from now that could be quite common and economical. Regarding what type of fuel goes in the tank - that's a good question.
Ehtee is now the symbol........I didn't invest either it was to iffy.........but this is what was filed. I'm sure lots of money was raised for this venture early on. The pps was 1.50 at one time. The company did file for a voluntary ch 7. The problem I see with all this, is that the companies Ceo should have been putting this money into escrow. There will always be people who were in possession of large number of shares "insiders", who made money off this regardless. At this stage of the game and the company having filed for bankruptcy it always amazes me that these companies are still allowed to trade, and many long after. Shell companies should not be allowed to pre trade or post BR, it makes no sense. Shares being bought and sold that have no value. Kinda like what was going on here and with all the unknowns and not having a viable or tangible business.........There should be a private proven business that has reversed merged successfully before its allowed to trade. Business models and the ideas of constructing a business can mean anything?. The risk are phenomenal.
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=5281711
Ethanol Gives Me Gas
By Andy Carpenter
I’ve been kicking an idea around for a while. It’s one that I am now convinced requires action.
If you are holding stocks in a pure-play ethanol company – dump them now, while you still can get something out of them.
Now, we don’t hold any ethanol stocks in the Asia Business & Investing portfolios… but I think this is an urgent situation that requires immediate action on your part.
Also, avoid at all costs any slick come-ons you might receive that beg you to invest in the ethanol miracle.
Ethanol is toast… actually corn flakes.
Of all the great scams the US federal government has perpetrated on its people, when all is said and done, the corn-based alternative fuel will go down near the top as one of the all-time greatest.
Born in bad science, perverted by shady for-profit interests, ethanol is nothing more than a massive billions-of-dollars gift from Uncle Sam to big agriculture.
It takes more energy to create a gallon of ethanol than that same gallon produces.
Mark my words, fast-expanding global food crisis means ethanol’s days as a darling of petro-apologists are just about over.
My bet is that you’ll soon see big agriculture tout some sort of mysterious breakthrough that it will claim allows it to make ethanol more efficiently. That will be a desperate lie.
It will be a dog that won’t hunt, because the mainstream media have begun to figure out the ethanol con job. It’s discovered the sound science that proves that stripping the land in order to grow more corn for biofuels actually adds more carbon to the environment – a lot more.
Look, the agriculture lobby may be the US’s most powerful, but next time you pay $4.49 for a 24 oz. box of Kellogg’s Corn Flakes and $3.75 for a gallon of gas, ask yourself whose well-being is it lobbying for?
Sometime during the next five years, no matter what then President Al Gore (doesn’t it just have to be) or President John McCain will claim, ethanol’s slimy reality in the US will lead to its collapse.
The Ethanex ticker seems to be gone, so I guess you can't trade it anymore.
The whole bankruptcy thing was interesting, especially since they claimed assets far exceeded liabilities. It's rare to see shareholders get anything after a bankruptcy filing, but in this case I wonder. I'm not a shareholder, but I would be curious to hear from any of you existing shareholders to see if you get anything out of this.
Good luck with all your future investing.
Yep!. The company files bankruptcy and retains shell status. It really sounds like ethanol is a real iffy proposition with whats been learned about it and its fate as an alternative fuel source may be coming to an end in this country. Its to expensive to produce and over production of corn is causing commodities to rise in price, and with it being used for fuel as opposed for its purpose, a major food source is having among all the other things being reported is having more negative ramificatons as postive ones. Maybe we go back to straight gas. Something held up this deal, and this may have been the crux of it.
Form 8-K for ETHANEX ENERGY, INC.
--------------------------------------------------------------------------------
27-Mar-2008
Termination of a Material Definitive Agreement, Bankruptcy or Receivership,
Item 1.02 Termination of a Material Definitive Agreement
On March 25, 2007, Buhler, Inc. ("Buhler") terminated that certain Joint Marketing Agreement by and between Ethanex Energy, Inc. (the "Company") and Buhler, dated April 20, 2007 (the "Marketing Agreement"), pursuant to the terms and conditions of the Marketing Agreement. The Marketing Agreement was terminated by Buhler in connection with the Company's cessation of operations. The Company did not incur any penalties as a result of the termination of the Marketing Agreement. A copy of the termination is attached as Exhibit 10.1 to this Current Report on Form 8-K.
Item 1.03 Bankruptcy or Receivership
On March 27, 2007, the Company and Ethanex Southern Illinois, LLC, filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code (the "Bankruptcy Petition"). The Bankruptcy Petition was filed in the United States Bankruptcy Court for Kansas. Jurisdiction was assumed on the date the Bankruptcy Petition was filed. The case numbers are 08-20645 and 08-20651. The bankruptcy trustee has yet to be appointed.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 26, 2008, each of John Norris, Robert Dowling, Thomas Kraemer, William Nitze, Robert Walther, Alfred Knapp, Randall Rahm and Bryan Sherbacow, (the "Resignees"), constituting the entire Board of Directors of the Company, voluntarily resigned as a Director, from any committees on which such Resignee served and from any other positions held with the Company or its affiliates. The Company is not aware of any matters of disagreement concerning operations, policies or practices between the Company and any of the Resignees causing such Resignee's decision to resign.
Item 9.01 Financial Statements and Exhibits
(d) Exhibit
10.1 Termination of the Joint Marketing Agreement, dated April 20, 2007, by and between Ethanex Energy, Inc. and Buhler Inc.
This sounds like the end of Ethanex. Since they're likely filing for bankruptcy, there probably isn't anything left for shareholders.
...................................................
Form 8-K for ETHANEX ENERGY, INC.
24-Mar-2008
Termination of a Material Definitive Agreement, Change in Directors or Princ
Item 1.02 Termination of a Material Definitive Agreement
On March 23, 2008, Ethanex Energy, Inc.(the "Company"), terminated the Asset Purchase Agreement, dated February 10, 2008 and amended March 11, 2008, by and among the Company, Midwest Renewable Energy LLC ("MRE"), Ethanex Sutherland Land, LLC, Ethanex Sutherland, LLC, Ethanex Phase I, LLC, Ethanex Phase II, LLC, and Ethanex Phase III, LLC (the "Agreement"). The Agreement was terminated pursuant to Section 12(a)(viii), as the Company has been unable to obtain interim financing. The termination was effective immediately.
The termination letter is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated into this report by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 19, 2008, the Company terminated the employment of the following officers of the Company effective immediately: Robert Walther, Executive Chairman and Director; Randall Rahm, Co-Chief Operating Officer (a principal operating officer) and Director; and Bryan Sherbacow, Co-Chief Operating Officer (a principal operating officer) and Director. Messrs. Walther, Rahm and Sherbacow remain directors of the Company.
Item 8.01 Other Events
On March 19, 2008, in light of its declining liquidity and its inability to obtain interim financing, the Company terminated the employment of all employees other than Albert Knapp, David McKittrick and Lisa Hallier and ceased ongoing commercial operations. Although the Company's Board of Directors has not formally authorized a bankruptcy filing or made a final determination that the Company will seek bankruptcy protection, the Company is working with bankruptcy counsel to prepare for a filing and anticipates filing for bankruptcy protection in the immediate future.
Me either I think we will learn that the financing they were hoping for isn't gonna happen........I also believe that ethanol may be drawing near an end........Bush was speaking against it as being a short term solution to long term problems.......on the sound of that note the subsidies may not be forthcoming either........Its costing more to produce than we benefit from........its beginning to sound like stem cell research.:))........I really liked their plan but it sounds like its in the middle of an unsure thing about where the govt is going with all this........at present we have 10% of it in our gas here.........never liked it but its the law.
I think the direction we are going in is from coal to gas........and on to our enviromental problems.
It also looks to me like the Ethanex web site is down:
http://www.ethanexenergy.com/
That certainly doesn't mean that this company is headed to bankruptcy, but it doesn't give me the warm and fuzzies about that big deal going forward.
I suspicious of all this now, the website is down, it could be technicals, but I am more proned to believe that this deal is not gonna go thru. Guess we have to wait for the news.
The problem here night we don't know if the deal is going thru or not?.........which way the gov't is going on this, to be for the creation of such facilities like this and step up production or can the whole idea?......could be that to many people have been wanting to get into the act?
The problem here night we don't know if the deal is going thru or not?.........which way the gov't is going on this, to be for the creations of such facilities like this and step up production or can the whole idea?......could be that to many people have been wanting to get into the act?
Today´s Fed decision good for EHTE? Better chances to get the credit now??? What do you think?
Bush talks thru both sides of his mouth. First he wants more ethanol production, and now he is stating its not a good idea because of its effect on ranchers raising hogs. So who knows where this is going?.........I know here we by law have to use it for enviromental reasons.
Yep! I'm afraid much much more........of things we never have seen or heard of.
Personally I think we need to return to light rail, and the trolly........and for personal use, "horses". Look at the monster Ford created...........when oil was discovered the need to build something to use it came next, the engine. Then we have to keep building highways to justify the reasons for the continue building of cars.........Oil and gas have done wonders for the world, most have been negative. It helps to get us in to wars.
Especially when sitting vehicles for extended periods of time begin growing things in the engine, fuel tanks, and fuel lines, Crops! :)))))
Didn't check the validity of the info. below but thought it was worth passing on:
> Where to buy USA gasoline
>
>
>
>
>
> Pass it on !
>
> WHERE TO BUY YOUR USA-GAS
>
> WHERE TO BUY YOUR USA-GAS, THIS IS VERY IMPORTANT TO KNOW. READ
> ON--
> Gas rationing in the 80's worked even though we grumbled about it.
>
> It might even be good for us!
>
> The Saudis are boycotting American goods.
>
> We should return the favor.
>
> An interesting thought is to boycott their GAS.
> Every time you fill up the car, you can avoid putting more money
> into the coffers of Saudi Arabia Just buy from gas companies that
> don't import their oil from the Saudis.
>
> Nothing is more frustrating than the feeling that every time I
> fill-up the tank, I am sending my money to people who are trying
> to kill me, my family, and my friends.
>
> I thought it might be interesting for you to know which oil
> companies are the best to buy gas from and which major companies
> import Middle Eastern oil.
>
> These compa ni es import Middle Eastern oil:
>
> Shell.......................... 205,742,000 barrels
> Chevron/Texaco.........144,332,000 barrels
> Exxon /Mobil..............130,082,000 barrels
> Marathon/Speedway..117,740,000 barrels
> Amoco..........................62,231,000 barrels
>
> Citgo Gas comes from South America, from a Dictator who hates
> Americans.
>
> Do the math at $30/barrel, these imports amount to over $18
> BILLION! (Oil is now $90-$95 a barrel)
>
> Here are some large companies that
> DO NOT import Middle Eastern oil:
>
> Sunoco................ 0 barrels
> Conoco................ 0 barrels
> Sinclair................ 0 barrels
> BP/Phillips.......... 0 barrels
> Hess.................... 0 barrels
> ARC0. ................. 0 barrels
> Also: Pilot, Flying J, Love's, RaceTrac, Valero
>
> All of this information is available from the Department of Energy
> and each is required to state where they get their oil and how
> much
> they are importing.
>
> But to have an impact, we need to reach literally millions of gas
> buyers. It's really simple to do.
>
> Now, don't wimp out at this point.... keep reading and I'll
> explain how simple it is to reach millions of people!!
>
> I'm sending this note to about thirty people.
>
> If each of you send it to at least ten more (30 x 10 = 300)... and
>
> those 300 send it to a t least ten more (300 x 10 = 3,000) .. and
>
> so on, by the time the message reaches the sixth generation of
> people,
>
> we will have reached over THREE MILLION consumers !!!!!!!
>
> If those three million get excited and pass this on to ten
> friends each, then 30 million people will have been contacted!
>
> If it goes one level further, you guessed it ..... THREE HUNDRED
> MILLION PEOPLE!!!
>
> Again, all you have to do is send this to
>
> 10 people. How long would all that take?
>
> If each of us sends this e-mail out to ten more people within one
> day, all 300 MILLION people could conceivably be contacted within
> the next eight days!
> David H. Thompson Jr.
> To have self-respect is everything. Without it, we are nothing
> but unwilling slaves, at everbody's mercy, especially those who
> we fear or hold in contempt. Without self-respect, we give
> ourselves away and make the ultimate sacrifice; WE SELL OURSELVES
> OUT!!
Billions at risk from wheat super-blight
03 April 2007
Exclusive from New Scientist Print Edition. Subscribe and get 4 free issues
Debora Mackenzie
http://environment.newscientist.com/channel/earth/mg19425983.700-billions-at-risk-from-wheat-superblight.html
This thing has immense potential for social and human destruction." Startling words - but spoken by the father of the Green Revolution, Nobel laureate Norman Borlaug, they are not easily dismissed.
An infection is coming, and almost no one has heard about it. This infection isn't going to give you flu, or TB. In fact, it isn't interested in you at all. It is after the wheat plants that feed more people than any other single food source on the planet. And because of cutbacks in international research, we aren't prepared. The famines that were banished by the advent of disease-resistant crops in the Green Revolution of the 1960s could return, Borlaug told New Scientist.
The disease is Ug99, a virulent strain of black stem rust fungus (Puccinia graminis), discovered in Uganda in 1999. Since the Green Revolution, farmers everywhere have grown wheat varieties that resist stem rust, but Ug99 has evolved to take advantage of those varieties, and almost no wheat crops anywhere are resistant to it.
The strain has spread slowly across east Africa, but in January this year spores blew across to Yemen, and north into Sudan (see Map). Scientists who have tracked similar airborne spores in this part of the world say it will now blow into Egypt, Turkey and the Middle East, and on to India, lands where a billion people depend on wheat.
There is hope: this week scientists are assessing the first Ug99-resistant varieties of wheat that might be used for crops. However, it will take another five to eight years to breed up enough seed to plant all our wheat fields.
The threat couldn't have come at a worse time. Consumption has outstripped production in six of the last seven years, and stocks are at their lowest since 1972. Wheat prices jumped 14 per cent last year.
Black stem rust itself is nothing new. It has been a major blight on wheat production since the rise of agriculture, and the Romans even prayed to a stem rust god, Robigus. It can reduce a field of ripening grain to a dead, tangled mass, and vast outbreaks regularly used to rip through wheat regions. The last to hit the North American breadbasket, in 1954, wiped out 40 per cent of the crop. In the cold war both the US and the Soviet Union stockpiled stem rust spores as a biological weapon.
After the 1954 epidemic, Borlaug began work in Mexico on developing wheat that resisted stem rust. The project grew into the International Maize and Wheat Improvement Center, known by its Spanish acronym CIMMYT. The rust-resistant, high-yielding wheat it developed banished chronic hunger in much of the world, ended stem rust outbreaks, and won Borlaug the Nobel peace prize in 1970.
Yet once again Borlaug - now 93 and fighting cancer - is leading the charge against his old enemy. When Ug99 turned up in Kenya in 2002, he sounded the alarm. "Too many years had gone by and no one was taking Ug99 seriously," he says. He blames complacency, and the dismantling of training and wheat testing programmes, after 40 years without outbreaks.
Now a Global Rust Initiative (GRI) is under way at CIMMYT. It's head, Rick Ward, blames the delay on cuts, starting in the 1980s, in CIMMYT's funding for routine monitoring and maintenance of crops and pests.
"CIMMYT was slow to detect the extent of susceptibility to Ug99 [because] it didn't have the scientific eyes and ears on the ground any more," says Chris Dowswell of CIMMYT. "Once it did, it had to start a laborious fund-raising campaign to respond."
Ward is now being promised adequate support as fears grow in rich wheat-growing countries, but meanwhile Ug99 has got worse. It was first noticed because it started appearing on wheat previously protected by a gene complex called Sr31, the backbone of stem rust resistance in most wheat farmed worldwide. Then last year it acquired the ability to defeat another widely used complex, Sr24. "Of the 50 genes we know for resistance to stem rust, only 10 work even partially against Ug99," says Ward. Those are present in less than 1 per cent of the crop.
The first line of defence is fungicide, but the poor farmers who stand to lose most from the blight generally cannot afford it, or don't have the equipment or know-how to apply it. CIMMYT is considering "fire brigade" spray teams armed with cheap, generic fungicides in poor areas. However, they will be competing with the rich for fungicide, and depending on where Ug99 strikes, stocks could be limited.
Even rich countries face problems. The US has been fighting soybean rust with fungicide ever since spores blew in on hurricane Ivan in 2004. If Ug99 arrives as well, the US could be in trouble because it doesn't make enough fungicide for both crops. Kitty Cardwell of the US Department of Agriculture says there might be enough if the US fights Ug99 the same way as it is tackling soya rust: spotting outbreaks with a fast DNA-based field test and posting the results on an interactive website (www.sbrusa.net), so farmers spray only when danger looms. Ultimately, says Ward, the only real answer "is to get new, resistant varieties out there".
CIMMYT has been working on this by taking countries' top-yielding varieties and crossing them with wheat from its seed collections that does resist Ug99. For two years now the crosses have been tested for resistance at field stations in Njoro, Kenya, and in Ethiopia, where it is safe to release Ug99 as it is already there. Resistant strains are sent back to CIMMYT in Mexico and assessed for yield and other qualities, then sent out again for further tests. Resistant lines are now being grown on 27 plots in Nepal, India, Afghanistan and Pakistan.
So far so good, but the real challenge is multiplying up enough resistant seed so that if Ug99 hits, there will be enough to plant the next crop. This takes time - and it will only happen if the new resistant varieties match or exceed existing yields. Nor is it an exact science. No one knows why wheat that looks good in Mexico might grow as well in Egypt, say, but fail in China unless it is crossed with a local variety.
There is nothing for it but to do the tests, says Ravi Singh, the GRI's chief wheat pathologist. The resistant lines must be just as good as the ones people are growing now, he says, or farmers won't use them, and government-owned seed companies that dominate the wheat industry in developing countries won't sell them, no matter what new disease the scientists say is coming.
Singh calculates that if he can get countries to devote 3 to 5 per cent of their wheat-growing area to resistant varieties, the seed harvest will be enough to plant the whole country with resistant wheat if Ug99 hits.
So it's a race, and who wins depends on what Ug99 does now. Stem rust can arrive in a new area and lurk for years before it gets the right conditions for an outbreak. "It won't suddenly explode everywhere. It will be like a moving storm," says Dowswell.
However, Ug99 has another ace up its sleeve. The spores blowing in the wind now are from the asexual stage that grows on wheat. If any blow onto the leaves of its other host, the barberry bush (Berberis vulgaris), they will change into the sexual form and swap genes with whatever other stem rusts they find. Barberry is native to west Asia. "As if it wasn't challenging enough breeding varieties that resist this thing," laments Ward. "All I know is that what blows into Iran will not be the same as what blows out."
What's more, Ug99 will find agriculture has changed to its liking in the decades stem rust has been away. "Forty years ago most wheat wasn't irrigated and heavily fertilised," says Borlaug. Now, thanks to the Green Revolution he helped bring about, it is. That means modern wheat fields are a damper, denser thicket of stems, where dew can linger till noon - just right for fungus.
Another worry is that travel has exploded in the past 40 years. There have now been several documented cases of travellers carrying rust spores on their clothing. Some fear Ug99 will hitchhike as much as it flies - and its spread need not be innocent. New Scientist has learned that the US Department of Homeland Security met in March to discuss the possibility that someone could transport Ug99 deliberately.
Even at 93, Borlaug is looking to the long term. Eventually, scientists will have to create wheat with a wide spectrum of resistances. The genes may be hiding in other grains and grasses. "Why has rice had no rusts for millions of years?" he asks.
For now, Borlaug says, we have to rely on fungicides, wheat breeding and luck. "We're moving as fast as we can now, but we started three years too late," he says. "We'd better have some good luck. Governments think this is still small and local, but these things build up."
From issue 2598 of New Scientist magazine, 03 April 2007, page 6-7
Rising food prices? Let them eat biofuel
By Linda S. Heard
Online Journal Contributing Writer
Mar 13, 2008, 01:03
http://onlinejournal.com/artman/publish/article_3059.shtml
Who would have believed that in this day and age people would be rioting over food prices?
With rice, wheat, maize and feedstock up between 30 and 50 percent this year, ordinary people around the world are struggling to afford a simple life-sustaining diet. Indeed, since 2005, the prices of essential commodities have risen by an average of 75 percent.
People in Egypt would be in dire straits if it wasn’t for the government’s quick action to broaden food subsidies, no doubt with memories of the bloody 1977 bread riots in mind that threatened to bring down the government.
Pakistan has had to act, too, to alleviate public outrage at flour being sold at a record high. It has given ration cards to the underprivileged enabling them to benefit from subsidies.
In Yemen, over a dozen people were recently killed while rioting over food prices that have doubled over past months. And last month, 34 rioters were imprisoned in Morocco, while protests and strikes in Jordan forced the government to raise public sector wages.
There’s been recent rioting in Burkina Faso, Mauritania and Senegal, countries dependent on imports of rice and wheat; rioting by tortilla-consuming Mexicans and by Indonesians complaining they could no longer afford to buy soybeans.
Drought, high oil prices, population increases and the use of arable land to feed the biofuel industry have combined to produce a global food crisis.
Who could have predicted that 21st century cutting-edge technology designed to improve lives would, instead, contribute to starvation. According to the United Nations World Food Program (WFP), “the increasing scarcity of food is the biggest crisis looming in the world”; yet more and more agricultural land is being turned over to the production of crops used to manufacture biofuels, such as ethanol.
The search for renewable and environmentally friendly energy resources by developed nations seeking independency from dwindling petroleum reserves is understandable. But it comes at a cost that may be too great to bear for the world’s poorest, who are suffering from a scarcity of affordable staples.
At the forefront of the biofuel drive is the United States, which, last year, used 25 percent of its maize and wheat crops to produce ethanol, and, thus, had to reduce exports to established buyers. Western Europe is going in a similar direction, which will result in a scarcity of edible produce and much higher prices. The Economist’s Intelligence Unit’s Senior Commodities Editor Kona Haque confirms that countries are earmarking increasing acreages to make biofuels, a trend that will not only increase inflationary pressure on grain prices but also on meat and poultry as livestock feed gets more expensive. High oil prices are also a contributory factor as they have led to a phenomenal rise in the cost of essential fertilizers.
Britain’s Conservative Party leader David Cameron isn’t convinced that ethanol is the way forward. “You could feed a person for a whole year from the grain that produces just one tank of fuel for a sports utility vehicle,” he recently told a gathering of British farmers. “They are not a panacea,” he said. “Unless they are sustainable, they may well harm the environment more than protect it.”
The ethics of pursuing biofuel in a world that is threatened by massive flooding caused by climate change -- if we are to believe the doom and gloom merchants -- are questionable, and presents a dilemma to government strategists. The chasm between the haves and have-nots is broadening, so can it be right for developed nations to deny those less fortunate a right to life itself just so their fat-cat citizens can fill their gas-guzzling tanks?
Setting aside the moral issue, there is also a political argument. Hungry people, who feel they have little to lose, will topple governments and turn to more extremist leaderships that would be incompatible with the West as allies. We’ve heard about water wars. We may also be looking at food wars.
Finally, how’s this for a glaring obscenity? According to Susie Mesure, writing in the Independent, “Britons throw away half of the food produced each year . . . enough to meet half of Africa’s food import needs.” Consumers, supermarkets and restaurants are all major culprits in the chucking out of a “£20bn food mountain while at the same time the WFP warns it is dangerously running out of resources."
The only way to solve these problems is for the world to come together under the auspices of the United Nations to come up with real solutions.
The UN has already begun talks with Eastern European countries in an endeavor to persuade them to free up agricultural land to grow essential crops. Investment in desalination plants that would enable some countries to become less dependent on rain is something else that should be considered.
It seems to me that biofuels are not the way forward given that death rates are dropping and the world’s population is due to explode to some 9.3 billion by 2050. If enough people are forced to choose between consuming ethanol and bread, of course, that prediction is likely to be proved wrong.
Linda S. Heard is a British specialist writer on Middle East affairs. She welcomes feedback and can be contacted by email at heardonthegrapevines@yahoo.co.uk.
Copyright © 1998-2007 Online Journal
The whole carbon emission/global warming deal is based on questionable science and political propaganda. There may be some flipping opportunities in "Green" companies but the long term outlook is risky.
It takes a .51/gallon subsidy to even make it feasible to make ethanol. It's even beginning to be rumored that ethanol is in the top 3 factors hammering our economy (for the bad). It's being questioned as being a serious error to source our fuel supply from our food supply.
Hard to tell how it'll shake out.
If it doesn't pan out guess it will become a dormant shell less there is another business model or r/m in the wings?
ETHANEX ENERGY, INC.: 8-K, Sub-Doc 1, Page 2
--------------------------------------------------------------------------------
Item 1.01 Entry into a Material Definitive Agreement
On March 11, 2008, Ethanex Energy, Inc, a Nevada corporation (the “Company”), Ethanex Sutherland, LLC,), Ethanex Sutherland Land, LLC, Ethanex Phase I, LLC, Ethanex Phase II, LLC, Ethanex Phase III, LLC, and Midwest Renewable Energy, LLC, a Nebraska limited liability company (“Seller”), entered into an amendment with an effective date as of March 10, 2008 (the “Amendment”) to the Asset Purchase Agreement (the “Purchase Agreement”), dated February 10, 2008.
The Amendment amends Section 12(a)(viii) of the Purchase Agreement, effective as of March 10, 2008, to extend a certain termination period for either the Company or Seller to terminate the Purchase Agreement. Prior to the amendment to the Purchase Agreement, either party had a right under Section 12(a)(viii) to terminate the Purchase Agreement on or before March 10, 2008 if the Company did not obtain at least $1.5 million in bridge financing by March 5, 2008. Pursuant to the Amendment, the parties have agreed to extend this termination right until March 31, 2008. Because the Company did not obtain interim financing by March 5, the Agreement remains terminable by either party until March 31, 2008. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated into this report by reference.
Item 8.01 Other Events
In Item 8.01 of the Company’s Current Report on Form 8-K filed on February 14, 2008, the Company disclosed that if it was unable to obtain interim financing by March 5, 2008, it anticipated that it would be unable to proceed with the acquisitions described in the Purchase Agreement, would need to cease operations and would be required to file for bankruptcy protection. As of March 10, 2008, the Company had not, and as the date of this Current Report on 8-K the Company has not, obtained interim financing. The Company is continuing to seek such interim financing, although there is no assurance that any such financing will be available on reasonable terms or at all. The Company also is in regular communication with the Seller about the transactions contemplated by the Purchase Agreement. Although the Company is seeking to minimize its expenditures while it continues to pursue both interim financing and the transactions contemplated by the Purchase Agreement, it may be required to seek bankruptcy protection at any time over the next few weeks.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
10.1 Amendment to Asset Purchase Agreement, dated March 11, 2008, by and among Ethanex Energy, Inc., Ethanex Sutherland, LLC, Ethanex Phase I, LLC, Ethanex Phase II, LLC, Ethanex Phase III, LLC, Ethanex Sutherland Land, LLC, and Midwest Renewable Energy, LLC.
But highline here in Wisconsin, our major cities and the surrounding towns, by law the gas sellers have to add 10% to the gas.........citizens raised issues with it with our Congressman, Gov., Mayor, but they won because of the green house effect...........I thought Brazil had a better idea with sugarcane, but we are in a situation where little is gonna change.........I know the issues surrounding ethanol and we would rather run straight gas, but we can't. Hydrogen would be the solution, but it may take 30 years or more before we see this.....then there is propane, so who knows?
Ethanex Energy Inc. says it might seek bankruptcy protection
Mar 13, 2008 (The Kansas City Star - McClatchy-Tribune Information Services via
COMTEX) -- Ethanex Energy Inc. in Basehor, Kan., said Wednesday it may be
required to seek bankruptcy court protection from its creditors.
The statement came in an afternoon filing with the Securities and Exchange
Commission. Bryan Sherbacow, chief operating officer, said the company had not
filed bankruptcy but added that he could not comment further.
Ethanex was formed in 2006 to build ethanol facilities but shifted its plans
late last year. It agreed in November to buy an existing plant in Nebraska and
expand its capacity.
Interim financing called for in the deal has not materialized, however, and the
company gained an extension of its financing deadline until the end of March.
Wednesday's filing said Ethanex has minimized its spending while pursuing
financing and the Nebraska deal but added that "it may be required to seek
bankruptcy protection at any time over the next few weeks."
Ethanex shares were unchanged Wednesday at 74 cents.
| Mark Davis, mdavis@kcstar.com
I have some friends that farm on a very large scale. Ethanol is going to break them. For the time being, it's a political tool and that's about it. $.52/gallon subsidized, inefficient and will not last. It's impractical to derive an energy source that directly competes with our food sources.
Ethanol stocks may have some short term merit but IMO- they are nothing to get sucked into (at this point).
http://www.eurekalert.org/pub_releases/2008-02/i-wfp021908.php
Public release date: 19-Feb-2008
[ Print Article | E-mail Article | Close Window ]
Contact: Thomas Hargrove
thargrove@ifdc.org
256-381-6600
IFDC
World fertilizer prices soar as food and fuel economies merge
Global fertilizer prices rose more than 200% in 2007 as farmers applied more fertilizer to maximize production of corn -- now used for ethanol -- at record prices; hardest hit are African farmers who need fertilizer to replenish nutrient-depleted soils
The IFDC Market Information Unit conducts systematic data and information studies of the global fertilizer industry. Left to right are Dr. Balu Bumb, leader of the IFDC Policy, Trade, and...
Click here for more information.
World fertilizer prices rose steadily from 2004 through 2006—then soared in 2007. Food prices also rose sharply. Reasons include new demands for food crops, especially corn (or maize), for ethanol and other biofuels, increased energy and freight prices, higher demand for grain-fed meat in the emerging economies of China, India, and Brazil, and increased use of natural gas as liquefied natural gas (LNG), says Dr. Balu Bumb, leader of the Policy, Trade, and Markets Program of IFDC—An International Center for Soil Fertility and Agricultural Development.
“Farmers in industrialized countries are applying high levels of fertilizers to maximize harvests of grain at the highest prices ever,” Bumb says. “Those forces drive fertilizer prices higher.”
The highest price rise in 2007 was for diammonium phosphate (DAP). The U.S. Gulf price for DAP was about $252 per ton in January 2007—but had almost tripled a year later, rising to $752 by January 2008.
Monthly averages of fertilizer prices from 2000 to 2008. World fertilizer prices -- especially diammonium phosphate -- have skyrocketed during 2007. FOB = Free on board. Average price, with supplier...
Click here for more information.
Similarly, the Arab Gulf price of prilled urea rose from $272 to $415 per ton in the same period, and the Vancouver price of muriate of potash (MOP) rose from $172 to $352.
The price of 1 metric ton of corn—traditionally the main ingredient of livestock feed and now the main raw material used for biofuels in the United States—rose from $3.05/bushel in January 2007 to $4.28/bushel in January 2008 ($120 to $168/metric ton). The price of 1 US gallon [3.8 liters] of milk also rose from $3.20 to $3.87 in the United States from January 2006 to December 2007.
Implications for Developing Countries
“The unprecedented rise in fertilizer prices—more than 200% in the past year—is creating a fertilizer crisis for resource-poor farmers in developing countries,” Bumb says. “Particularly hard-hit are farmers in Sub-Saharan Africa. Farmers there need fertilizers desperately, to replenish their nutrient-depleted soils. But fertilizer use in Africa is the world’s lowest—about 8 kg per hectare. The lack of fertilizers in Africa accentuates hunger and poverty. To stimulate adequate fertilizer use, the purchasing power of the poorest of the poor must be enhanced through market-friendly safety nets so they can be included in the marketing process.”
Sources of Fertilizer Raw Materials Affect Prices
“Prices of phosphate fertilizers rose more steeply than the price of nitrogen-based urea because production sources are more limited,” Bumb says. Most of the world’s phosphate fertilizers are produced in the United States, Morocco, and along the Baltic Sea. Canada produces 70% of the world’s muriate of potash. But plants to manufacture urea, for which natural gas is the main raw material resource, are dispersed worldwide. The world is currently short of urea, but global production may increase because at least six large new urea plants are projected to open in 2008: two in Iran and one each in Egypt, Nigeria, Oman, and Russia.
Corn for Ethanol
“There was once a food economy and an energy economy—but the boom in biofuels is now merging the two,” says Phil Humphres, IFDC Senior Specialist–Engineering.
In the United States, 70% of corn production has traditionally been used as animal feed, Humphres says. But 18% to 20% of the 2007 U.S. corn crop was used for ethanol, driving corn prices up by 70%. In 2008, 25% of U.S. corn is projected to go into ethanol.
U.S. corn production in 2007 was 13.1 billion bushels (333 million tons) according to the U.S. Department of Agriculture (USDA)—24% more than in 2006 and the largest U.S. corn harvest since 1933.
But the world cereal production decreased from 2.05 billion tons in 2005/06 to 2.01 billion tons in 2006/07, partly because drought limited Australia’s wheat crop. And the world’s cereal inventory has dropped to its lowest level in the past 20 years—from 471 million to 428 million tons in the same period, according to the UN Food and Agriculture Organization (FAO).
In other words, world cereal production decreased by about 2% in the past year—but cereal reserves decreased by more than 9%.
Humphres adds, “Prices of products that use corn are rising, and much of the cost will be passed to consumers.” Protest riots broke out in Mexico in 2007 after a doubling of the price of tortillas, which are made mostly from corn imported from the United States.
“In the United States, the government subsidizes ethanol by 51 cents a gallon [3.8 liters],” Humphres says. “Large companies are contracting corn from farmers who apply more fertilizer to maximize production.
“But if all U.S. corn production were converted to ethanol, it would supply only 27% of the United States’ current transportation fuel demand.”
Only meeting the U.S. mandate for biofuel production would require a 60% increase in U.S. land planted to corn, according to the International Food Policy Research Institute.
Brazil’s success in use of ethanol from sugarcane is well-known. Dennis Avery, Director of the Center for Global Food Issues at the Hudson Institute, U.S.A., points out that Brazilian sugarcane yields 3.6 units of energy per unit of energy invested. Corn yields only 1.2 units.
Biofuel, Food Security, and the Environment
Two articles published in the February 7, 2008, edition of the prestigious journal Science indicate that subsidized biofuel production may actually increase global warming. The main reason is that farmers are responding to higher prices by burning and plowing huge areas of forest and grassland to convert them to cropland. That not only releases more greenhouse gases but also deprives the earth of natural “sponges” that absorb carbon emissions.
Lead authors of the studies are Timothy Searchinger of Princeton University and Joseph Fargione of The Nature Conservancy, U.S.A.
Searchinger wrote that “…corn-based ethanol, instead of producing a 20% savings, nearly doubles greenhouse emissions over 30 years…”
Simultaneously, farmers in North America are growing corn on land previously planted to soybeans. Brazil is capitalizing on the soybean demand by clearing vast areas of forest and savannas to grow soybeans.
Competition for Natural Gas
Humphres points out that competition for the world’s natural gas resources is growing. “Production of 1 ton of ammonia requires about 30 to 33 million Btu of natural gas—about 90% of the raw material cost,” he says. Much of the world’s huge reserves of gas is “flared” or burned off and wasted, but natural gas is also the main raw resource to produce ammonia production for nitrogen fertilizer.
But the natural gas is increasingly being liquefied and shipped abroad in huge tankers as liquid natural gas—which now accounts for about 22% of global energy use.
“One hundred eighty-seven vessels are currently shipping LNG worldwide,” Humphres says. “Another 130 tankers are on order. Construction capacity is 40 vessels per year, so there is now a 3-year backlog.”
Converting Energy to Food Security
“Although the production of fertilizer is energy intensive, the benefits of using energy to enhance food security through fertilizer manufacture and use are enormous,” Bumb says. “Every 1 million Btu of energy use [1] in the fertilizer sector produces an additional 218 kg of grain—enough to provide the minimum caloric intake for one person for a year.
“Thus, converting energy into food security through fertilizer and associated inputs is probably the world’s most cost-effective and humane alternative for use of energy resources.”
By 2020, energy used for fertilizer production and distribution is projected to increase to 8,494 trillion Btu, Bumb adds. “But even then, energy consumed in the fertilizer sector will remain less than 2% of global energy consumption—far less than what people will use driving personal cars.”
Need to Improve Fertilizer Use Efficiency
“The sharp rise in fertilizer prices emphasizes the need for more research to improve the efficiency of fertilizer use,” says Dr. Amit Roy, IFDC President and Chief Executive Officer.
“For example, most rice farmers in Asia broadcast urea directly into the floodwater,” Roy says. “But only one bag in three is used by the plants. The rest is lost to the air and water.”
The use of urea deep placement (UDP)—inserting large urea briquettes into the rice root zone after transplanting—can increase rice yields by 25% while using less than 50% as much urea as before. More than 550,000 farmers in Bangladesh now use UDP. The Government of Bangladesh is expanding UDP use to another 1.6 million Bangladeshi farm families on almost 1 million hectares. IFDC has also introduced UDP technology to Cambodia, Vietnam, Nepal, Nigeria, Mali, Togo, and Malawi.
“IFDC has also pioneered in the development of integrated soil fertility management, or ISFM, as a tool to improve the efficiency—and thus the profitability—of fertilizer use for smallholder farmers in Sub-Saharan Africa,” says Dr. Henk Breman, IFDC Expert Adviser, Environment and Agronomy, based in Rwanda.
In ISFM both organic and inorganic sources of plant nutrients, including mineral fertilizers, crop residue, phosphate rock, and lime, are combined as soil amendments to produce higher yields. ISFM has improved soil fertility for 150,000 farmers in West Africa and is being expanded to reach 1 million farm families or 10 million people.
“IFDC has an obligation to continue to help farmers, worldwide, get higher yields with less fertilizer,” Roy says.
###
[1] The equivalent of the energy used to drive from Washington, D.C. to New York City in a family car that averages 25 miles per gallon [40 km per 3.4 liter] of gasoline.
Ethanex Energy, Inc. - Schedule 13G
Date : 03/03/2008 @ 12:56PM
Source : Edgar (US Regulatory)
Stock : Ethanex Energy, Inc. (EHTE)
Quote : 1.0 0.1 (11.11%) @ 9:38AM
<< Back Quote Chart Financials Trades Level2
Ethanex Energy, Inc. - Schedule 13G
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.
2) *
Ethanex Energy, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
297612202
--------------------------------------------------------------------------------
(CUSIP Number)
December 31, 2007
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section of the Act, but shall be subject to all other provisions of the Act (however, see the Notes.)
--------------------------------------------------------------------------------
CUSIP No.
297612202
1.
NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Wellington Management Company, LLP
04-2683227
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5. SOLE VOTING POWER 0
6. SHARED VOTING POWER 8,139,800
7. SOLE DISPOSITIVE POWER 0
8. SHARED DISPOSITIVE POWER 11,424,600
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,424,600
10.
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
15.98%
12.
TYPE OF REPORTING PERSON
IA
Item 1.
(a) Name of Issuer
Ethanex Energy, Inc.
(b) Address of Issuer's Principal Executive Offices
14500 Parallel Road
Suite A
Basehor, KS 66007
Item 2.
(a) Name of Person Filing
Wellington Management Company, LLP (''Wellington Management'')
(b) Address of Principal Business Office or, if None, Residence
75 State Street
Boston, MA 02109
(c) Citizenship
Massachusetts
(d) Title of Class of Securities
Common Stock
(e) CUSIP Number
297612202
Item 3.
If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o).
(b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c).
(d) [ ] Investment Company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e) [X] An investment adviser in accordance with Rule 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with Rule 240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with Rule 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box [ ]
Item 4.
Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a) Amount Beneficially Owned:
Wellington Management, in its capacity as investment adviser, may be deemed to beneficially own 11,424,600 shares of the Issuer which are held of record by clients of Wellington Management. This number includes 6,425,300 warrants, which are exercisable within 60 days.
(b) Percent of Class:
15.98%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote 0
(ii) shared power to vote or to direct the vote 8,139,800
(iii) sole power to dispose or to direct the disposition of 0
(iv) shared power to dispose or to direct the disposition of 11,424,600
Item 5.
Ownership of Five Percent or Less of Class.
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: [ ]
Item 6.
Ownership of More than Five Percent on Behalf of Another Person.
The securities as to which this Schedule is filed by Wellington Management, in its capacity as investment adviser, are owned of record by clients of Wellington Management.
Those clients have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of, such securities. No such client is known to have such right or power with respect to more than five percent of this class of securities, except as follows:
Wellington Trust Company, NA
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company.
Not Applicable.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable.
Item 9.
Notice of Dissolution of Group.
Not Applicable.
Item 10.
Certification.
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
By: /s/ Robert J. Toner
--------------------------------------
Name: Robert J. Toner
Title: Vice President
Date: March 3, 2008
Interesting read:
Press Release Source: Magellan Midstream Partners, L.P.; Buckeye Partners, L.P.
Magellan Midstream Partners and Buckeye Partners Announce Joint Assessment of Dedicated Ethanol Pipeline
Tuesday February 19, 8:55 am ET
Would Bring Ethanol to Pennsylvania and New York via Pipeline
TULSA, Okla. and BREINIGSVILLE, Pa., Feb. 19 /PRNewswire-FirstCall/ -- Magellan Midstream Partners, L.P. (NYSE: MMP - News) and Buckeye Partners, L.P. (NYSE: BPL - News) today announced they have begun a joint assessment to determine the feasibility of constructing a dedicated ethanol pipeline. The proposed ethanol pipeline system would safely and efficiently deliver renewable fuel ethanol from the Midwest to distribution terminals in the northeastern United States.
ADVERTISEMENT
The proposed pipeline could have the capacity to supply more than 10 million gallons of ethanol per day, enough to meet the needs of millions of northeastern motorists who purchase 10% ethanol blended gasoline or higher ethanol blends such as E85.
The pipeline would gather ethanol from production facilities in Iowa, Illinois, Minnesota and South Dakota to serve terminals in major markets such as Pittsburgh, Philadelphia and the New York harbor. The project, which preliminarily has been estimated to cost in excess of $3 billion, would span approximately 1,700 miles and would take several years to complete.
"The most promising liquid fuel alternative to conventional gasoline today is ethanol. But without an efficient means to transport ethanol from the Midwest to other markets, its benefits are limited," said Senator Tom Harkin (D-IA), Chairman of the Senate Committee on Agriculture, Nutrition and Forestry and a leader in promoting ethanol pipelines. "Having a dedicated ethanol pipeline running from the Midwest to the eastern markets will help bridge the gap between the Midwest and the East, aiding America's energy security. So I applaud these two companies' efforts and I look forward to working in Congress to support the development of such pipelines."
"We believe the proposed pipeline is a unique and innovative solution to meeting the growing need for renewable fuels in the Northeast," said Don Wellendorf, Magellan's President and Chief Executive Officer. "Pipelines have consistently been chosen over the years as the safest, most reliable and cost effective method for moving liquid fuels. The potential project would be a major step in bringing ethanol into the traditional petroleum infrastructure system."
"Buckeye and Magellan are leaders in the pipeline industry and can play an important role in developing the infrastructure needed to efficiently meet the renewable fuels requirements of the recently enacted Energy Bill," said Eric Gustafson, Buckeye's Senior Vice President and Chief Operating Officer. "This feasibility study will evaluate the possible use of existing right-of-ways and workforces as well as other synergies and resources that our companies have. Our goal is to develop a cost effective project that could deliver ethanol from the production hubs in the Midwest to the high demand areas in the Northeast."
The feasibility of this project is dependent upon the successful outcome of ongoing studies addressing technical and economic issues associated with the transportation of ethanol via pipeline. Congressional support and assistance is necessary for a project of this nature given the changing federal policies associated with renewable fuels.
In addition to assessing governmental support, financing and technical issues, Magellan and Buckeye stated that the feasibility study would also review construction requirements, construction costs, project economics, regulatory issues and other matters. The technical and feasibility studies could be complete in the latter half of 2008. However, the necessary governmental support, the timing of which is unknown at this time, is critical for the partnerships to make a decision on proceeding with construction of the proposed ethanol pipeline. Pursuit of the proposed project also is conditioned on changes to federal tax laws to ensure that transportation of ethanol by pipeline will be treated the same as the transportation of natural resources, such as refined petroleum products, by pipeline.
Although there are many hurdles to overcome to make this ethanol pipeline project a reality, the two partnerships are hopeful that the obvious need for a pipeline to deliver ethanol from the Midwest to distribution terminals in the northeastern United States will lead to a viable and successful project.
Both companies have extensive experience handling ethanol at their respective terminal locations. Magellan already blends ethanol at 36 of its petroleum products terminals and is currently investing in six new ethanol blending systems at its terminals in the Midwest and southeastern states. Buckeye currently has 24 terminals with ethanol blending capabilities and is in the process of investing in two new ethanol blending systems at its terminals in the Northeast.
About Magellan Midstream Partners, L.P. and Buckeye Partners, L.P.
Magellan Midstream Partners, L.P. (NYSE: MMP - News) and Buckeye Partners, L.P. (NYSE: BPL - News) are unaffiliated publicly traded partnerships formed to own, operate and acquire a diversified portfolio of energy assets. The partnerships primarily transport, store and distribute refined petroleum products in their respective service areas. More information is available at http://www.magellanlp.com and http://www.buckeye.com.
Portions of this document may constitute forward-looking statements as defined by federal law. Although management believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Additional information about issues that could lead to material changes in performance is contained in each partnership's filings with the Securities and Exchange Commission.
Contacts: Magellan Midstream Partners, L.P.
Media Relations: Bruce Heine 918-574-7010
bruce.heine@magellanlp.com
Investor Relations: Paula Farrell 918-574-7650
paula.farrell@magellanlp.com
Buckeye Partners, L.P.
Media and Investor Relations: Stephen Milbourne 800-422-2825
smilbourne@buckeye.com
--------------------------------------------------------------------------------
Source: Magellan Midstream Partners, L.P.; Buckeye Partners, L.P.
With a Turner on the exec. staff - land, corn, and most importantly, money should be no problem. Does Ted not buy into this deal - his daughter did?
Let us hope the company is successful with this venture. Ethanol is product that is blended here in Wisconsin, or at least in Milwaukee. I would imagine the bigger cities the state are also required to use it. Love it or hate it, if we are to lessen our dependency on oil and if we are gonna combat greenhouse gases, its a must. Global warming is real, regardless of its debate. When it comes to big oil, their main product, if we were to listen to them, it would be the same argument 20 years ago regarding environmental pollution, and the debates before Congress. Remember the days of Smog, especially the scenes of LA where the city itself was barely visible from an aerial view?.
Here we are 30 years later, and the discussions of curtailing dependency on foreign oil producers is the same. We produce approx a quarter of our oil needs. Russia, China, and now Venezuela's Dictator Chavez wanting to be a Socialist country, and all 3 either possessing or gaining control of some of the biggest oilfields in the world next to Saudi Arabia.
Nothing like losing our sovereignty with our government working with policies and altering them, our selling the country's soul to satisfy our oil needs. We are way behind, a couple decades behind what we should have been doing then to lessen the impact.
If for just one week, or month, of not being able to satisfy our countries oil needs would be disastrous. We would practically shut down.
The government knows that this countries back is up against the wall, and it has the need to take alternative measures, and businesses like this coming on board is just a link in the long chain. Nuclear, hydrogen, thermal, electric, wind, and solar are some of the alternative means. Nuclear and hydrogen may be the most logical solutions since thermal cannot be made possible everywhere.
Its a big problem, and the solutions will not happen overnight but the need is evident. 2 decades at least have been lost with us not facing the inevitable.
This company has a viable plan, the biggest of the problems its facing in accomplishing this is the money, the financial backing. Whether its a big oil company, financial institutions, or one of our billionaire's helping out with this, its an investment they can see a return on in many many ways.
The Ceo needs to find a means of financing without dramatically diluting would be the best solution. For the companies growth potential and to get institutions really involved, and to keep investors interested, the need to protect every one's investment capital has to be at the forefront.
Venezuela and Chavez: http://seattletimes.nwsource.com/html/nationworld/2003689398_venez02.html
With Morgan Stanely, West LB, Buhler Group and Wellington Trust doing the financing I hope that they can come up with $1.5 million dollars...
Ethanex Signs Agreement to Acquire Ethanol Plant from MRE
BASEHOR, Kan., Feb 11, 2008 (BUSINESS WIRE) -- Ethanex Energy, Inc. (OTCBB:
EHTE) today announced that it has signed a definitive Asset Purchase agreement
with Midwest Renewable Energy, LLC to acquire Midwest's ethanol plant, located
in Sutherland, Nebraska, for $220 million in cash and Ethanex stock, subject to
various adjustments as specified in the Agreement. As previously announced,
Ethanex and Midwest entered into a non-binding letter of intent for this
transaction in late November 2007.
Under the Agreement, several newly formed, wholly owned subsidiaries of Ethanex
will acquire substantially all of the assets, and assume certain liabilities, of
Midwest in a series of three transactions. At a first closing, Ethanex will
acquire the existing ethanol plant for $50 million in cash. The existing plant,
which has a production capacity of 26 million gallons per year ("MGY"), is
currently undergoing a two-phase expansion. Each expansion phase is designed to
add an additional 42.5MGY of production capacity, for a total projected plant
capacity of 111MGY. At each of the three closings Ethanex will receive $2
million of inventory which is included in the purchase price.
Ethanex will build and add its integrated fractionation platform, developed in
collaboration with Buhler, Inc., to the plant. The Agreement contemplates that
the fractionation platform will commence operation at the time Ethanex acquires
the first expansion phase of the Sutherland plant, estimated to occur during the
last quarter of 2008. Ethanex estimates that the fractionation platform will
enable total plant capacity to be approximately 132MGY upon completion of the
project. Co-products will include high-protein distiller's grains, food-grade
crude corn oil as well as corn gluten feed.
After the initial closing, Midwest will be responsible for continuing and
completing the two-phase plant expansion. In two subsequent closings, Ethanex
will acquire each of the expansion phases. The second and third closings are
subject to testing and certification of the plant expansions in accordance with
construction and performance specifications contained in the Agreement that were
established by Ethanex and agreed to by Midwest. Ethanex will pay Midwest $60
million in cash and $25 million in Ethanex common stock at each of the second
and third closings. If Midwest fails to complete the plant expansions for any
reason, Ethanex has the option to do so at its cost, in which case the amount
payable to Midwest under the Agreement will be reduced by Ethanex's completion
costs plus a penalty to Midwest of 5-10% of those costs (depending on the reason
for Midwest's failure to complete the applicable phase). It is estimated that
the final closing will occur in the first quarter of 2009.
Ethanex's ability to consummate the acquisition is subject to its receipt of
bridge financing sufficient to permit it to continue operating through the first
closing under the Agreement, which is expected to occur early in the second
quarter of 2008. Ethanex estimates that it will need at least $1.5 million of
interim financing to continue operating into the second quarter. Additional
funding would be needed if the first closing is delayed. Although Ethanex is in
discussions with several parties regarding such interim financing, it has no
commitments and cannot assure that it will be able to obtain the needed
financing on reasonable terms or at all. The Agreement is terminable after March
5, 2008 by either Ethanex or Midwest if Ethanex has not obtained bridge
financing of at least $1.5 million by that date. If Ethanex is unable to obtain
interim financing by March 5, 2008 it anticipates that it will be unable to
proceed with the transaction, will need to cease operations and will be required
to file for bankruptcy protection.
Each of the three closings is subject to various closing conditions, including
receipt by Ethanex of financing for the cash portion of the purchase price
payable at each closing and (at the first closing) for construction of the
fractionation platform, as well as other customary conditions. Ethanex does not
presently have commitments for the required financing, and there is no assurance
that Ethanex will be able to secure any or all of such financing. Ethanex
estimates that total financing needs for these transactions, including a $20
million working capital line, will be approximately $263 million.
The initial closing also is subject to approval of Ethanex's stockholders of an
amendment to Ethanex's certificate of incorporation to increase the number of
authorized shares of capital stock of Ethanex, as well as receipt of regulatory
approvals and other third-party consents.
Under the terms of the Agreement, if Ethanex is unable to obtain sufficient
financing for either the second or the third closings, assuming all other
conditions to closing are then satisfied, Midwest and Ethanex will operate the
plant through a joint venture, under terms specified in the Agreement. Ownership
of the joint venture will be in proportion to the parties' respective
investments in the project (with Ethanex's investment being discounted by 10%
for failure to obtain sufficient financing), subject to certain adjustments
specified in Agreement.
This announcement is neither an offer to sell, nor a solicitation of an offer to
buy, any securities of Ethanex Energy, Inc.
About Ethanex Energy, Inc.
Ethanex is a renewable energy company whose mission is to be a low cost producer
of renewable energy by employing advanced technology in design, construction and
operation of ethanol plants. The company expects to achieve this industry
position through the application of next-generation feedstock technologies and
use of alternative energy sources. Ethanex is based in Basehor, Kansas with
offices in Santa Rosa, California and Charleston, South Carolina. For more
information about Ethanex, visit www.ethanexenergy.com.
Forward-Looking Statement Disclosure
This press release contains "forward-looking statements," as such term is used
in the Securities Exchange Act of 1934, as amended. Such forward-looking
statements include those regarding Ethanex's ability to continue as a going
concern, complete the acquisition of the ethanol plant from Midwest, finance the
second and third closings (if the initial acquisition is completed), the timing
and expected capacity of the planned expansions to the Nebraska facility, plans
to construct and integrate Ethanex's corn fractionation platform with the
facility and the anticipated benefits of the fractionation platform. When used
herein, the words "anticipate," "believe," "estimate," "intend," "may," "will,"
"expect" and similar expressions as they relate to Ethanex or its management are
intended to identify such forward-looking statements. Forward-looking statements
are based on current expectations and assumptions, which are subject to risks
and uncertainties. They are not guarantees of future performance or results.
Ethanex's actual results, performance or achievements could differ materially
from the results expressed in, or implied by, these forward-looking statements.
Factors that could cause or contribute to such differences include: (1) Ethanex
may not obtain bridge financing needed to continue as a going concern, (2)
Ethanex may not complete the acquisition of the ethanol plant from Midwest on
the negotiated terms, within the anticipated timelines or at all, (3) Midwest
may need additional financing to complete the planned expansions and may be
unable to obtain that financing on acceptable terms or at all, (4) the Midwest
facility may not expand production to the expected amounts, (5) the
fractionation platform may not increase the efficiency of the Midwest facility,
(6) Ethanex may not be successful in operating the facility, (7) Ethanex may not
be successful in obtaining the financing needed to close the transactions with
Midwest on the negotiated terms, within anticipated timeframes or at all and (8)
other factors discussed in Ethanex's filings with the Securities and Exchange
Commission. Ethanex undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
SOURCE: Ethanex Energy, Inc.
CONTACT: Investors:Ethanex Energy, Inc.Investor RelationsLeslie Turner, 843-724-1553l.turner@ethanexenergy.comorMedia:Ethanex Energy, Inc.Chief Operating OfficerBryan Sherbacow, 843-724-1555b.sherbacow@ethanexenergy.com
Not sure that ten for one split paid off. They had four million dollars in September and a burn rate of 3 million a quarter and now it is February 08'. How much gas..er...ethanol can be left in the tank? Have contacted company with a few simple questions but they have not responded at all....
Ethanex Market Cap...$6 million?
There are two sandwich shops in New Jersey that have enough revenue to buy all of Ethanex shares and AENS right now...
If there was a buyer would they get the land option in Illinois and Iowa?
http://en.wikipedia.org/wiki/King's_College_London
Of all the ethanol boom of 2006 plays XNL was the best! It shot up and shot down spreads were great, still tons of volume that moves back and forth everyday! Fun Fun Fun!
Scottrade fixed the problem today, sort of. They lost my cost basis info in conjunction with the new ticker, but at least I can trade now. But, it looks like this stock took a real dive while it was "offline". That reverse split seems to have scared a lot of investors away. Nobody likes to see a reverse split, that is for sure.
The only reason I'm keeping this stock is for that corn fractionation technology, or whatever they call it. To me, this looks like an important technology that could benefit any corn ethanol plant. I don't have much hope they will be able to raise money to acquire that new plant, but hey, if they do, that's an extra bonus.
I noticed they have a Yahoo message board for this stock now:
http://messages.finance.yahoo.com/mb/EHTE.OB
Yahoo says the market cap is less than $9M. Talk about a micro-micro cap, companies do not get much smaller than that! If these guys can gain any traction, I'm going to make a fortune.
E Trade is having the same problem, I will update when i call them this week
Im not feeling real good about this company, A reverse split is usually a very bad sign.
But since I am a shareholder and and am way down, I will try to stay positive
GL
I called Scottrade. Ethanex DID change their ticker to EHTE in combination with the reverse split. Scottrade has not been able to receive the new required certificate from the transfer agent yet, and no time frame has been given to receive this. I asked him how long this can take, and the broker was clueless. He said sometimes these microcaps can get things fixed in a couple days, but he has seen reorganizations that can take a year.
So, if you own Ethanex in a Scottrade account, you're not going to be trading this stock for an indefinite period of time.
I can only assume other brokerages are experiencing the same problem? If you have information on this, please let the rest of us know.....
10 for 1 reverse split, new ticker?
It looks like they did a 10 for 1 reverse split. Scottrade seems to be having serious trouble with this, my quote grid is acting like the old ticker doesn't exist anymore. I got scared there for a minute, it's as if the company no longer exists, and I lost everything.
I looked up the company on Yahoo finance, and they now have a ticker EHTE listed for this company. I can only assume they just changed the ticker when they did the reverse split,but that is only an assumption on my part. Scottrade didn't pick up the new ticker automatically, so I'm really wondering what the story is. No mention of any of this on their web site:
http://www.ethanexenergy.com/
I did however find this SEC report on Yahoo, under the (new?) ticker EHTE:
...........................................................
http://biz.yahoo.com/e/080116/ehte.ob8-k.html
16-Jan-2008
Material Modification to Rights of Security Holders, Other Events
Item 3.03 Material Modification to Rights of Security Holders
The information set forth in Item 8.01 is incorporated herein by reference.
Item 8.01 Other Events
On January 11, 2008, Ethanex Energy, Inc. notified the NASDAQ that the Company's Board of Directors had established a record date of January 21, 2008 to affect a one-for-ten reverse stock split of its outstanding common stock. The reverse stock split will be effective on the record date and the stock will begin trading on a post-split basis on January 22, 2008. The reverse stock split was previously approved by the by the Company's shareholders at the annual meeting held on July 6, 2007.
Pursuant to the reverse stock split, each shareholder of record of the Company's common stock on the record date of January 21, 2008 will become entitled to receive one new common share in exchange for every ten old common shares held by such shareholder.
No fractional shares will be issued in connection with the reverse stock split and, in lieu thereof, any fractional share shall be rounded up to the nearest whole share. The exercise price and the number of shares of common stock issuable under the Company's outstanding options and warrants will be proportionately adjusted to reflect the reverse stock split.
...............................................
This company is starting to scare me. A lot of media reports suggest the wheels have fallen off the ethanol business. However, as recently as November, Ethanex indicated they were on the road to acquiring their own plant, and the future looked bright. Have things taken a turn for the worse?
Poet Completes Ohio Ethanol Plant
Ohio Gets First Ethanol Plant
© 2008 The Associated Press
LEIPSIC, Ohio — Ohio finally got onboard the alternative fuel express Thursday with the dedication of the state's first ethanol plant, a $105 million facility capable of turning out 65 million gallons of ethanol a year.
The plant is the 22nd built by industry leader POET LLC of Sioux Falls, S.D., and is the first of three that the company plans to open in Ohio this year. Other plants are under construction in Marion and Fostoria.
"We are proud to be here today doing everything in our power to continue to move our nation away from Middle-East oil and toward Midwest ethanol," said Jeff Broin, chief executive of POET.
Dwayne Siekman, director of the Ohio Corn Growers Association, has said Ohio was the largest corn-producing state without an ethanol plant. Iowa, Minnesota and Nebraska each have more than a dozen plants.
Ethanol produced from corn typically is blended with gasoline in a ratio of about 10 percent ethanol and 90 percent gasoline. Some mixtures are 85 percent ethanol, but so-called E85 cannot be used in all vehicles, and mileage can be up to 25 percent less than gasoline, according to the Ethanol Promotion and Information Council.
POET has capacity to make about 1.2 billion gallons of ethanol a year at its plants, which are concentrated in the Midwest. The national capacity is about 7.2 billion gallons. The Ohio plant will convert an estimated 22 million bushels of corn a year, and is scheduled to start production in about two weeks.
"This increased production of ethanol in Ohio replaces millions of barrels of imported oil with domestic renewable energy," said Gov. Ted Strickland, who attended the dedication. "It is crucial that Ohio foster advanced, reliable and affordable energy sources, for our economy, our pocketbooks and our environment."
The plant, located about 90 miles northeast of Columbus, will employ about 45 people with an annual payroll of more than $2 million, the company said.
Mascoma Corporation Names Alan Belcher Senior Vice President of Operations
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Mascoma Corporation, a leader in advanced low-carbon energy biotechnology, today announced that Alan Belcher has joined the company in a new position as Senior Vice President of Operations.
“In addition to a long career in engineering, project management and manufacturing, Alan has had considerable experience in the renewable energy industry including the construction of plants for the production of cellulosic ethanol,” said Bruce A. Jamerson, Chief Executive Officer of Mascoma. “Alan will be an important contributor to our growth strategy as we construct our plants.”
Prior to joining Mascoma, Mr. Belcher served as Executive Vice President Technology of Ethanex Energy Inc., a company developing manufacturing technology and operations in the ethanol industry. From 2001 to 2006, Mr. Belcher served as Vice President Project Development with Delta-T Corporation, an engineering and construction company that provides services to the ethanol alcohol markets. While with Iogen Corporation, a Canada-based firm specializing in cellulosic ethanol, he served as Vice President, Engineering and was responsible for leading the scale up of Canada’s first biomass-to-ethanol process to commercial scale. Mr. Belcher began his career with the Corn Products Division of CPC International and later joined Fluor Daniel. He received a Bachelor of Applied Science in Chemical Engineering from the University of Waterloo, Waterloo Ontario and an Executive M.B.A. from the Tuck School, Dartmouth College. He is a licensed professional engineer.
“Mascoma possesses an outstanding body of research in the application of biotechnology to energy production and the company has assembled a highly energetic and dedicated group of talented scientists, engineers and executives with an intense focus on developing innovative solutions to our nation’s transportation fuel and environmental issues,” said Mr. Belcher. “I am proud to join the group and I look forward to working with my new colleagues advancing the company’s strategic plans."
About Mascoma Corporation
Mascoma Corporation is a leader in advanced low-carbon energy biotechnology based in Cambridge, Massachusetts. It produces biofuels from lignocellulosic biomass using proprietary microorganisms and enzymes developed in its Lebanon, New Hampshire laboratories and with research partners throughout the world. Mascoma’s production processes have a substantially lower carbon footprint impact on the environment than those of other liquid transportation fuels. Mascoma is developing demonstration and commercial scale production facilities in locations across the United States. For more information, visit http://www.mascoma.com.
Poet Plant Management Wins Temporary Restraining Order Against Former Employee
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Trackbacks The District Court of South Dakota granted a temporary restraining order based on trade secret misappropriation in Poet Plant Management, LLC v. Simpson, 2007 WL 2493514 (D.S.D. 8/29/07).
The opinion is brief, but Simpson is a former employee of Poet Plant Management (PPM). He is currently employed by Ethanex. PPM claimed Simpson would intentionally or unintentionally disclose its trade secrets and confidential information to Ethanex, which would cause irreparable harm to PPM.
The district court granted the temporary restraining order, requiring a $20,000 bond by PPM. A hearing on the preliminary/permanent injunction is scheduled for September 25, 2007, and the court has expedited discovery to accommodate the hearing.
Did nobody see this article that mentions EHNX?
Investors becoming wary of ethanol projects
Friday, December 14, 2007
By Matt Sanders ~ Southeast Missourian
An apparent slowdown in the rush to construct ethanol plants may have implications for area projects.
While he has no direct comments from representatives of companies proposing ethanol plants in the Cape Girardeau area, Cape Area Magnet director Mitch Robinson said reports about a downward trend in the ethanol industry are likely having an effect on timelines for local projects.
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Recent media reports have referred to a lessening in the profitability of ethanol plants and uncertainty about the industry's future due to higher corn prices, skepticism over ethanol's value as a clean renewable fuel, environmental concerns and a production glut. Reports like that make investors and banks wary of sinking money in proposed plants, Robinson said.
"I know it's affected the banking climate," Robinson said. "It just slows down people's decision making."
Scott County developer Joel Evans, the county's chief industrial recruitment officer, said he thinks the local plants might weather the economic storm because of the area's transportation benefits -- access to barge, highway and rail transport.
Evans takes a survival-of-the-fittest approach.
"This challenging period will ensure that firms who do locate here are capable of weathering the storm," Evans said.
Local projects haven't been canceled to his knowledge, Robinson said. The parties looking to build plants locally are still committed to their projects, Robinson said, "but they're all obviously very aware of the change in the political and economic climate over ethanol."
Four plants are proposed for construction in Southeast Missouri: Bootheel Agri-Energy LLC in Sikeston; First Missouri Energy in Scott City, at the site of the Tower Rock Stone Co.; a joint venture between Ethanex and SEMO Milling at the Southeast Missouri Regional Port Authority; and Renewable Power of Cape Girardeau LLC, which has plans to build next to the BioKyowa facility on Nash Road.
Construction hasn't begun on any of those projects.
All four are well behind the operation start date cited in their original applications for construction permits with the Missouri Department of Natural Resources. Bootheel Agri-Energy originally estimated its startup date as Jan. 1, 2008; Renewable Power planned to start this month; Ethanex planned to start operations Jan. 1; as did First Missouri Energy.
Bootheel Agri-Energy has yet to exercise its option on property for its site in Sikeston, said Ed Dust, director of the Sikeston Department of Economic Development. That option expires Feb. 22. Dust didn't comment on whether the company plans to exercise the option before the deadline, but said he's not worried about the plant's future yet.
"I'm the biggest optimist in the world, and until the twenty-second of February, I presume it's going to happen," Dust said.
Chaffee, Mo., farmer David Herbst is president of the board of directors. Herbst has said investors and company directors won't talk to the media for fear of running afoul of disclosure rules laid out by the federal Securities and Exchange Commission.
Paul Findlay, vice president of Robinson Construction Co. in Perryville, Mo., said the Renewable Power project is still seeking investors. His company is teaming with Phil Danforth, general manager of Renewable Power of Missouri, based in Marshall, Mo.
Findlay said he hopes the project is close to finished with the investment phase, but he thinks the bad news in the ethanol industry may have slowed down all the area projects.
Ethanex Energy, based in Kansas, and SEMO Milling are still in negotiations over their proposed plant at the SEMO Port, Ethanex spokeswoman Leslie Turner said.
Calls to the contact number listed for First Missouri Energy on the DNR application were not returned Thursday.
Kyra Moore, permits section chief of the DNR Air Pollution Control Program in Jefferson City, said construction applications for ethanol plants have slowed down in recent months.
But plants that already have applications pending or approved are continuing the process of establishing their operations, Moore said.
msanders@semissourian.com
335-6611, extension 182
E85 fuel now available at 28 Kansas stations
Kansas
Not too long ago, drivers of flexible fuel vehicles were lucky to find a handful of Kansas fuel stations that carried E85, 85 percent ethanol fuel. Today, motorists can find E85 in 28 stations across Kansas, with more on the way.
The newest stations are located in Arkansas City, Burlington, Oakley, Parsons, Thayer and Topeka.
"Our staff drives flexible fuel vehicles. Thanks to the increase in the number of E85 stations, we can now drive on E85 fuel no matter where we go in Kansas," according to Sue Schulte, communications director for the Kansas Corn Growers Association and Kansas Grain Sorghum Producers Association.
While E85 fuel has many benefits, most drivers notice the price first.
"There are so many reasons to use E85 fuel. It is domestically produced ethanol, made from corn and grain sorghum. It burns cleaner and is better for the environment. But it is the price that is attracting the most attention right now. At 40 to 60 cents below regular unleaded, E85 fuel is a great deal," Schulte said.
While there is a drop fuel economy for E85 fuel because ethanol contains a lower energy content, KCGA and KGSPA staff have not found the dramatic decreases in fuel economy that is reported by some sources.
"We've been using E85 in flexible fuel vehicles for year, and while we see about a small loss in fuel economy, the price of the fuel will normally more than make up for that difference," Schulte said. "If you live near an E85 station, it will be worth your time to check your owners manual to see if you have a flexible fuel vehicle."
E85 is 85 percent ethanol fuel that can be used in flexible fuel vehicles that operate on any combination of gasoline and ethanol up to 85 percent ethanol. There are over 6 million FFVs on the road today.
For a complete list of E85 stations in Kansas, visit the Kansas Ethanol website at www.ksgrains.com.
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