Evergreen Energy Inc.(fka EVEIQ)

[Renee]

EVEIQ Finra deleted symbol:

http://otce.finra.org/DLDeletions

[piecesofeight]

...and that mandate is for coal-fired power plants.

[piecesofeight]

Maybe there is a need for this company with the new mandate by the President and EPA to cut carbon emissions by 20% beginning next year. Pres. Obama is to announce that June 2, 2014.

[aholder]

Anyone know whats going on here with this??

[finbar99]

That lawsuit against Stanhill et al is still out there. I think the Ch 7 trustee has a decent case.

[$UPERMAN]

This is going to the basement, imo

Unreal, what a loss

[emailjanum]

WHERE IS THE CHAPTER 7/ WHICH COURT?

[Penny Roger$]

~ $EVEIQ ~ Daily Par Sar Buy Signal ~ Criteria alert triggered during a recent trading session!

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c

[finbar99]

Not really sure where this case is going anymore, but this was in the motion to extend time to reject exec. contracts yesterday. Depending on how the Bechtel executory contract is handled, there wouldn't necessarily need to be much cash from either a sale or the lawsuit to put equity in the money.

13.
Many of the
Debtors’ executory contracts pertain to intellectual property and may have terms that run into the future for a substantial number of years. The immediate assumption
of such contracts would require the Chapter 7 Trustee to take certain costly future actions,
including payment to maintain certain intellectual property that underlie
the executory contracts.
It would be impractical and unnecessary for the Chapter 7 Trustee
in a Chapter 7 bankruptcy
case to assume the contracts for the full contract terms or to agree to pay all required intellectual
property fees while the Chapter 7 Trustee is still assessing the assets in these Estates
and
negotiating with a stalking horse bidder. Likewise, a rejection of valuable contracts at this time
could result in a reduction in the value of the Estate’s assets.
14.
Given that the Chapter 7 Trustee is
seeking a purchaser of substantially all of the
Debtors’ assets,
the Chapter 7 Trustee makes this request to extend his time to assume or reject
executory contracts and unexpired leases of personal property

[$UPERMAN]

I believe it was the styfle of CC's in America

that hadn't been decided yet by current administration.

Carbon Credits will be huge money for tomorrows world

and EEE has a device that... passed the Million Acre Milestone.

Sad to see her like this now, and yes, the Clean Coal. pffffff

[blackbird]

Neither did I. You would think the concept and production of a "cleaner burning coal" would be what the world wanted. It really baffles me!

[$UPERMAN]

I never ever imagined this for EEE

[$UPERMAN]

BKfinancier Wednesday, December 19, 2012 12:15:41 PM
Re: $UPERMAN post# 4625 Post # of 4630

Just checked PACER on 12/17/2012 the following was filed.

extended time period to March 2013.

The Court has entered the Order approving the Fourth Motion of
Chapter 7 Trustee Pursuant to 11 U.S.C. Section 365(d)(1) For
Extension of Time Period Within Which The Chapter 7 Trustee
May Assume or Reject Executory Contracts and Unexpired Leases
of Personal Property will be filed. No hearing is necessary.

[$UPERMAN]

Volume everyday, trading all the waay down.. Sad

[aholder]

So lets say i own a number of shares here at eveiq, what could the best case scenario be with all this stuff going on? And how does a company go bankrupt with 250 mil. in assets and 25 mil. In debt? What exactly could happen here, if its a sale or anything else.. sry just joined, been a share holder for a bit and got extremely discouraged when they filed bankruptcy. Thats for any info.

[Kharybdis]

There hasn't been anything lately to discuss. The most exciting thing on the Evergreen Energy docket lately was an MOR that someone misfiled under the wrong case. If or when we see a 363 motion then it might get exciting. In the adversary case vs Khan, it has just been complaints, motions to dismiss, amended complaints, motion to dismiss amended complaint. One side says all these nasty things were done and the other side says it didn't happen that way, it happened some other way. Until it comes to court for an evidentiary hearing we won't know anything for sure on how the litigation will shake out.

[BKfinancier]

I don't have premium so no pm for me. I just added to my position. Seemed liked lots I activity after Rodney's post but now nothing

[BKfinancier]

Just checked PACER on 12/17/2012 the following was filed.

extended time period to March 2013.

The Court has entered the Order approving the Fourth Motion of
Chapter 7 Trustee Pursuant to 11 U.S.C. Section 365(d)(1) For
Extension of Time Period Within Which The Chapter 7 Trustee
May Assume or Reject Executory Contracts and Unexpired Leases
of Personal Property will be filed. No hearing is necessary.

[$UPERMAN]

Wonder what progress is if any at $EVEIQ

[Kharybdis]

Too many unknowns to even begin putting any potential value ranges together in a public forum. We know that there is an ongoing effort to sell substantially all of the assets which hopefully yields a competitive auction process and we know that there is ongoing litigation against the former Board Chairman and his affiliated companies.

One of the defenses proffered by the Defendant is that he didn't breach his “duty of care” but even if he did, he has a contract that specifically indemnifies him from said breach. At present, we cannot know whether the Plaintiff’s arguments are meritorious but assuming arguendo, a breach occurred but the corporate documents indemnify Directors from the “Duty of Care” and this document suffices as the only remaining line of defense. This defense would be rendered nothing more than specious and threadbare and would, in effect, “miss the mark” entirely because it ignores, quite conveniently, the fact that he is also being called to answer for a breach of “Duty of Loyalty”.

Here’s what the Delaware case law says: (credit for this compilation goes to the Quinn Emmanuel lawfirm) see In re Trident Microsystems, Inc., et al 12-10069 (CSS) [Dkt. No. 866 at ¶15]

“…Although Delaware law “permits a waiver of liability for a breach of the common law duty of care that directors owe to a corporation and its stockholders by including a clear and unambiguous provision in the certificate of incorporation, it does not allow for a waiver of the directors’ duty of loyalty.” Schock v. Nash, 732 A.2d 217, 225 n. 21 (Del. 1999) (emphasis added); see also Sutherland v. Sutherland, 2009 Del. Ch. LEXIS 46 (Del. Ch. Mar. 23, 2009) (holding that an exculpatory charter provision that would treat interested directors as disinterested for purposes of approving corporate transactions would be “expressly forbidden by the DGCL [and] would therefore be void as ‘contrary to the laws of this State’ and against public policy”); Sample v. Morgan, 914 A.2d 647, 664 (Del. Ch. 2007) (rejecting directors’ argument that by approving the charter amendment and incentive plan, stockholders ratified any future action by the board, as long as that action was compliant with the literal terms of the contracts, noting that stockholders “can entrust directors with broad legal authority precisely because they know that the authority must be exercised consistently with equitable principles of fiduciary duty”). Cf. Brown v. Calamos, 664 F.3d 123, 126-27 (7th Cir. 2011) (“These disclosures would be ineffectual against a claim of breach of the duty of loyalty because that duty is not dissolved by disclosure (‘we are disloyal — caveat emptor !’)”); Schnell v. Chris-Craft Indus., Inc., 285 A.2d 437, 439 (Del. 1971) (“inequitable action does not become legally permissible simply because it is legally possible”).”

Delaware law is unflinching in the application of very rigorous standards for persons who enter into a fiduciary capacity with respect to companies incorporated in the state. As such, one cannot abrogate their fiduciary duty by simply “papering over” that to which the law has otherwise made them subject.

[BKfinancier]

Agreed. Any sense for potential recovery values ?

[Kharybdis]

It has been trading with a big spread. For months it was $0.015 x 0.022 or something very close. Now it is $0.03 x $0.044. The spread itself is wider but on a percentage basis it is virtually the same. It has been thinly traded for a long time. The number of people following it is probably even thinner.

The Trustee handling this case is very good and administering bankruptcy estates is what he does for a living.

[BKfinancier]

right after diligent investor piece it was easier to buy. now it's near impossible unless you want to move the share price by 20%.

[finbar99]

I've added here and there.

[BKfinancier]

anyone else buying?

[finbar99]

It was a WPG press release, but yeah....go EVEIQ. Catch ya'll later.

[$UPERMAN]

Thank you for that Link, great article.

Go EVEIQ!!!

[finbar99]

getting back on track wrt EVEIQ, I do agree with the blogger that WPG has significant interest here. From a 1/25/12 press release, they went so far as to incorporate a US sub and go out and hire several EVEIQ technicians in order to retain a knowledge base pending the liquidation. They've since disbanded that sub and the employees, but still express continued interest. My guess would be that WPG realized they weren't a shoe in for the IP, and did not want to risk running the expense of retaining employees for a protracted marketing cycle and then not get the IP.

Scroll down about half way for discussion of New World Coal Mgmt http://www.4-traders.com/WPG-RESOURCES-LTD-6500101/news/WPG-Resources-Ltd-2012-01-31-December-2011-quarterly-report-pdf-5741-KB-13993345/

[$UPERMAN]

This is $EVEIQ board, Evergreen Energy Inc.

[Wildbilly]

The Diligent Investor


Evergreen Energy, Inc., Trustee Announces Potential Sales of Company’s Assets

Posted: 31 Aug 2012 07:22 PM PDT
Before I begin, I wanted to acknowledge that it has been a while since I posted anything on the blog but it is not so much from a lack of interest in doing so but more a product of a lack of available time. On a nightly basis I am following about 12 active bankruptcies and two legacy cases and also monitor another 5 or 6 active cases less frequently. Considering that distressed investing and case monitoring is still a part-time job (but a full-time passion) for me and that I have another full-time job elsewhere, my inventory of time is extremely limited. I see things all the time that I want to write about, be it compelling investing opportunities or bad people doing bad things in the distressed world that need to be called out publicly, but to do so invokes an opportunity cost that I am not willing to assume at present because there are more interesting distressed and special situations than I can remember in quite some timea nd more than I have time to fully vet out.

At any rate, things slowed down a bit as we approached the extended holiday weekend and I found an article related to Evergreen Energy, Inc. (EVEIQ); one of my favorite distressed situations in terms of the combination of the compelling backstory and future return potential (ranking just behind Trident Microsystems and Point Blank Solutions). That article provoked me to start writing. The article linked below (subscription required) ran on Law360 yesterday regarding the sale of the boiler parts and other assets in Germany.

http://www.law360.com/bankruptcy/articles/373783/evergreen-energy-gets-ok-for-sale-of-clean-coal-equipment

The article itself and the sale process it describes are in and of themselves relatively unremarkable. However, the chosen scope of the article juxtaposed with the other interesting and more meaningful events going on in the case evinces an informational inefficiency that often exists in the distressed markets (leading to inefficiencies in price discovery) and these inefficiencies become increasingly more pronounced as the market capitalization of the distressed firm decreases. These inefficiencies can become even more pronounced where, as here, we have a Chapter 7 case as opposed to the more widely followed Chapter 11 cases.

By way of example, the article addresses [Dkt. No. 91] from the Evergreen Energy, Inc., Chapter 7 cases describing the sale of spare parts for $75,000 that actually cost more to ship back to the U.S. than they are worth. Perhaps this is a topic relevant to other aspiring Chapter 7 liquidators that might face the same dilemma; however, [Dkt. No. 88 ex. A] and [Dkt. No. 93] hold much more interest for a larger subset of the distressed world. Docket #88 was exciting for those that like to read the tea leaves because it hinted at the sale of substantially all of the Company’s assets but left open the possibility that the attempt to find interested bidders had been unfruitful.

[Dkt. No. 88 ex. A] also contained the terms of an important settlement between the Company and the lessor of the Company’s headquarters. The Lessor had filed an unliquidated claim for the remaining lease payments that would have aggregated to more than $2 million over the next 5 years and the company would have had to bear in excess of $1.25 million in taxes and operating costs over that same time on account of the property. The company got out from under these obligations without having to burn any of its cash on hand, rather they agreed that $550k their $713k security deposit with the lessor would go to the lessor in satisfaction of the terminated lease and the Company would receive about $160k of its cash deposits which it can use to administer its Estates or to continue its litigation against Ilyas Khan and related entities. Khan is the erstwhile Board Chairman of Evergreen Energy, Inc. and Founding Director and large shareholder of one of Evergreen’s largest competitors, Australian based White Energy Company. Khan and other defendants are alleged to have acted in bad faith to purposefully, and with malicious intent, set about the demise of Evergreen Energy, either to permanently eliminate it from the market as a competitor to White Energy Company or to drive the Company into financial ruin with the intent of picking up the Company’s assets at depressed prices.

If Dkt. No. 88 piqued the interest of those following this sleepy case, Dkt. No.93 confirmed what the bullish tea leaf readers might have previously surmised when the statutorily appointed Chapter 7 Trustee, Charles Stanziale, Jr., announced that he had in fact extensively marketed the Debtors’ assets and was negotiating a term sheet with a stalking horse bidder for the sale of substantially all of the assets of the Debtors. While the terms of the potential Stalking Horse Bid and the identity of the potential Bidder have not been announced and while no motion for any sale is currently before the Court, I will be shocked if the potential bidder doesn’t turn out to be Australian based WPG Resources with whom Evergreen Energy, Inc., has a 50/50 joint venture partnership called Southern Coal Holdings.

If the Stalking Horse Bidder does not turn out to be WPG Resources this could get very interesting because WPG, by its own admission, in its publicly filed financials released on July 27, 2012, announced that “WPG is continuing to review its options for participation in the liquidation of Evergreen Energy Inc, which filed for bankruptcy protection in the United States on 24 January 2012.” In any regard, this phase of the case is getting interesting and if the potential Stalking Horse Bidder referenced in Docket #93 relates to someone other than WPG Resources, it may very well lead to a competitive auction.

The Case is in re Evergreen Energy, Inc., et al. Case No. 12-10289 (KJC)

[$UPERMAN]

What a shame here, poor Evergreen Energy $EEE

[Navyvet004]

Has their joint venture fallen through that was supposed to take place in China? Or is it still a go for the company?

http://edg1.vcall.com/irwebsites/evergreen/8-KChinaJan2012.pdf

[$UPERMAN]

No company officers at this time.

[Navyvet004]

Could we see a pop in price anytime? Or is this dead in the dirt because of the bankruptcy? I use to be in the company before all this mess early 2009 then sold and never looked back til now.

Looks to be an interesting share structure at least.

[November61]

So we are back as EVE, not EVEI anymore.

But still in BK " Q ", and now late " E ".

I am tempting to say ....DUH......

But I was not expecting a filing anyway.

So I will remain optimistic by thinking " better late than never "

GLTA.

[Pegaso]

Of course it helps. Thanks a lot.

[$UPERMAN]

Yes..

EVEQE

EVE = Evergreen Energy

Q = In Bankruptcy

E = Late in Filing

Hope this helps. GLTU/A

[Pegaso]

Anyone can explain the symbol conversion? How does it affect us?

[$UPERMAN]

Nice day friday wheres the trades coming from??
No ones posting here really. Over 35,000 shares yesterday,
did someone here buy or trade those i wonder??

[didirocks]

New board might be nice. IMHO

[$UPERMAN]

Im with you, four years and counting.

I didn't sell.

To be continued....

[November61]

Should we create a new board?

Interesting indeed.

Maybe the chinese cut a deal with the temporary person in charge of cleaning the mess.

The chinese needed the technology but EVEI management was not smart enough to achieve anything.

One sure thing is the stock was quite active during all this time for a quite dead company.

I didn't sell.

To be continued....

[$UPERMAN]

and says NEW?? I dont think so. Old EEE never said that bro,
im pretty sure about that.
There is no one to contact anymore at this time either. lol

[Pegaso]

I think that is the old EEE...

[$UPERMAN]

Not sure what that means but was snoopin and found that. hmmmm

Looks new as of now, its deffinately not the Old EEE. Donno ??

[Pegaso]

New EEE?

[$UPERMAN]

Doubt that will happen, Look, New EEE>>>

http://ih.advfn.com/p.php?pid=squote&symbol=EEE

as opposed to the current EVEIQ>>>

http://ih.advfn.com/p.php?pid=squote&symbol=EVEIQ

[airbus300]

Sold for a 99% loss. (Before the stock becomes a worthless security that cannot be traded).

[didirocks]

How's things going here at EVEIQ? News coming?

[jjames]

Given their history, accounting can't be trusted.

It wouldn't surprise me to find they've valued the Ft.Union property at $240 million.

BTW
Management has been a revolving door for years.