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Do you have any example of a Chapter 7 liquidation where commons survived?????
According to chap 7 documents filled, they have 240 millions dollars in assets.
What is interesting, imo, is that their latest failure to do business was because of a lack financing ( 50 millions ) with their partner in China for the construction of a plant.
They were not able to get a loan from the banks even with 240 millions in assets.
So what kind of bozos were running EVEI?
Now they are gone, the trustee is in charge and we might see a buyer with more credentials stepping in and getting a good discount on the assets.
Who knows?
Time will tell.
GLTY
They don't $240 million in assets
If they did they wouldn't have fired nearly everyone and filed for bankruptcy protection.
But you are right about management being incompetent.
Could it be that those big bid supports were Chinese buying...?
Me thinking that the Chinese might interested to buy the company.
With Chap 7, the trustee will do an auction. The buyer might get a good price. After all I read that EVEI has 240 millions in asset.
Time will tell.
This is one of those Stocks that can make or break you. There is a possibility that EVEIQ might have value still left in it. Time will tell.
Planning to do more DDs on that.
One sure thing is no more big pay check for the executives.
I don't know what could happen. The former chinese partner may end up buying the company.
GLTY
Is this true? If so...how much is each sh worth...?
240 millions in assets for 25 millions in debt.
Correct if I am wrong, but doesn't sound bad.
Imo, I believe management was incompetent and now they are gone.
It might turn out better than we think.
GLTA, I keep my shares.
just means all the "Q" players will be on this
should get a big bounce
Evergreen Energy Files for Bankruptcy, Cites Lack of Financing
January 24, 2012, 12:49 PM EST
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By Dawn McCarty
Jan. 24 (Bloomberg) -- Evergreen Energy Inc., a developer of alternative fuel products, filed for bankruptcy protection, saying it was impossible to maintain operations with a lack of financing.
The company listed assets of about $240 million and debt of $25 million in Chapter 7 documents filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware. Chapter 7 proceedings let companies liquidate their assets while being protected from creditors.
Evergreen “remains unable to obtain additional financing and, given its current financial condition, there is substantial doubt that the company will be able to continue operations,” Evergreen said in a Jan. 13 filing with the U.S. Securities and Exchange Commission.
The company was notified by its partner in a joint venture in China that both had to raise from $40 million to $50 million for design and construction of a so-called K-Fuel facility in China to meet an agreement signed by the Chinese parter with a coal mining company on Dec. 22, 2011, according the SEC filing.
Evergreen’s bankruptcy follows the failure of at least two U.S. government-backed renewable energy companies. Solar panel maker Solyndra LLC and energy storage company Beacon Power Corp. filed for bankruptcy last year after receiving government loan guarantees.
Assets, Debt
Beacon, based in Tyngsboro, Massachusetts, sought Chapter 11 protection on Oct. 30 in Delaware, listing assets of $72 million and debt totaling $47 million, including $39.1 million owing on a government-guaranteed loan. Beacon built a $69 million facility with 20 megawatts of balancing capacity in Stephentown, New York, funded mostly by a U.S. Energy Department loan. The company is set to auction assets next month.
Solyndra, which received $535 million in government loan guarantees, is proceeding with court-approved auctions of its core assets after failing to draw any offers to continue operating the company.
The company, based in Fremont, California, sought Chapter 11 protection Sept. 6. Two days later its offices were raided by the Federal Bureau of Investigation. The solar-panel maker listed about $854.1 million in assets and about $867.1 million in debt in court papers filed Oct. 31.
The case is In re Evergreen Energy Inc., 12- 10289, U.S. Bankruptcy Court, District of Delaware (Wilmington).
--With assistance from Michael Bathon in Wilmington, Delaware. Editors: Fred Strasser, Mary Romano
To contact the reporter on this story: Dawn McCarty in Wilmington at dmccarty@bloomberg.net.
To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.
where did u see the filing.. i cant find it..
could u post a link?
thanks
I meant EVEI will become EVEIQ tomorrow due to today's CH7 filing...
do u have a link?
i sure dont see a filing?
So then "Q" players will show up, maybe. lol
These "Q" plays usually always run at some point
but may take a long time B4 that happens, donno.
Today is showing lots of support from day traders, imo.
GLTA
New symbol EVEIQ tomorrow... GLTY, buddy!
Stickied as well. GLTU Bro and All. Anything could happen now
but may take time, who knows.
Thanks, my frined!
Item 1.03 $EVEI Bankruptcy or Receivership.
On January 23, 2012, Evergreen Energy, Inc. (”Evergreen”) and nine of its subsidiaries (together with Evergreen, the “Company”) filed a voluntary petition for relief under Chapter 7 of the United States Bankruptcy Code (the “Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Filing”). The chapter 7 cases are being administered under case Nos. 12-10289, 12-10290, 12-10291, 12-10292, 12-10293, 12-10294, 12-10295, 12-10296, 12-10297, and 12-10298 .
Effective as of the date of the Bankruptcy Filing, a chapter 7 trustee assumed control of the Company. The assets of the Company will be liquidated in accordance with the Code.
The Company also owns and/or controls interests in several non-operating, dormant companies. These companies were formed in the normal course of business, but do not currently have any material assets, liabilities and/or operations. As a consequence, these subsidiaries did not file for relief under the Code.
Item 2.04. Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
The Bankruptcy Filing triggers Events of Default under all of Evergreen’s and certain subsidiaries’ outstanding debt obligations having an outstanding balance, as of January 23, 2012, of approximately $4.6 million.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers .
With the installation of the chapter 7 trustee and concurrent with the Bankruptcy Filing, on January 23, 2012, the employment of William G. Laughlin, Executive Vice President, General Counsel and Secretary, and of Diana L. Kubik, Executive Vice President and Chief Financial Officer were terminated. As a result, Evergreen no longer has any employees.
Also, with the installation of the chapter 7 trustee and concurrent with the Bankruptcy Filing, on January 23, 2012, directors Thomas H. Stoner, Jr., Dr. Robert S. Kaplan, Richard B. Perl and Chester N. Winter resigned as members of the Evergreen’s Board of Directors. The Evergreen has no current members of the Board of Directors.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8348956
You mean another 8k today? On my way to check it out.
Check today's 8-K filing by yourself! The pos scam filed the CH7 now
Is EVEI chap 7? do you have a link?
The last 8k was mentioning chap 11 filing as a possibilities.
And please drop the bold............
Question for all: Why a worthless CH7 bad news pushed the price up?
very similar to ESLRQ last week
traded on air
and exploded
this is real thin.. i think its gonna rip..
jmo
will be interesting to watch
If any of you are the ones dumping EVEI thinking your being smart money selling into strength your being dumb money giving shorts shares to cover or big wigs with more info shares on the cheap!
Something is going on and it's not pumping and dumping because I don't see ANY PROMO's ANYWHERE! hold'em if you got'em traders!!
Just because you trade the same stocks the ametures do doesn't mean you have to trade like an ameture.
Company has been showing interest lately. We're unknowing. lol
Thank you Alan. Usually it's me. When I sell the pps always climbs after.
They must know...............
Joke aside, maybe some good news this time.
Too bad I didn't buy your shares.
Nov
Anyone knows what is happening here? Shorts covering?
Make you wonder what they were doing on the Nasdaq at the first place.
What a bunch of losers.
Nov
No, there is no buyout coming. There is nothing to sell.
Earnings? They never have earnings to speak of. They make money selling stock. Always have.
The selling continues. If the Business fundamentals keep eroding, then EVEI will priced accordingly.
Just got in here at .044. Looks ready to bounce.
Does not look too good
It looks like capitulation now.
Too bad!!!
When do they report earnings? Should they be positive or no way to tell at this point?
Someone is buying big time at 0.0551...sending bad news to get cheap shares?
An other failure!!!!
Even in China.
One word. FIRED
EVEI 8K Out!!!
http://ih.advfn.com/p.php?pid=nmona&article=50739624
Item 8.01 Other Events.
Evergreen Energy Inc. (the “Company”) was no tified by its China joint venture, Evergreen-China Energy Technology Co., Ltd., that the joint venture executed a Coal Upgrading Factory Project Cooperation Agreement on December 22, 2011 with a Chinese coal mining company. The Cooperation Agreement provides for the testing of lignite from a site in Inner Mongolia and for the Chinese coal mining company to provide land, obtain permits for a K-Fuel facility with annual capacity of one million tons per year, and for providing feedstock and certain railroad transportation capacity.
The Cooperation Agreement requires that the Company and its joint venture partners raise, directly or through third parties, the estimated $40 million to $50 million required for the design and construction of the K-Fuel facility. In addition, the Cooperation Agreement provides that the lignite must meet certain upgrading and storage requirements, with testing to be performed in China. The Company does not have the capital to invest in the facility and it is also the Company’s understanding from discussions with the other parties to the joint venture that they do not have the capital to invest in the facility. One of the joint venture partners has indicated that a reputable party in China has been in discussions about investing some of the capital and serving as co-developer of the K-Fuel facility. The identity of that party has not been disclosed and the joint venture partner has confirmed that no agreement has been reached at this time.
The Cooperation Agreement does not provide for royalties or any license fee to be paid to the joint venture or the Company. Furthermore, the Cooperation Agreement does not provide cash flow to the Company or its subsidiaries and neither the joint venture nor its partners will provide financing to the Company.
The terms of the joint venture agreement provide that either party may terminate the joint venture if, by December 31, 2011, the joint venture has not executed a “Commercial Agreement” (defined as a “K-Fuel® Patented Technology sublicense agreement”) with a project owner as a sub-licensee of a K-Fuel® Plant within China. The Company does not believe the Cooperation Agreement constitutes the required “Commercial Agreement.”
The Company has been working with its joint venture partners to extend the time period with which the joint venture may comply with the Commercial Agreement requirements, to provide cash to the Company and to address a few other issues of concern. These efforts concluded on January 11, 2012 and were unsuccessful. Accordingly, the Company’s board is evaluating whether it should terminate the Joint Venture Agreement pursuant to its terms in order to preserve rights to the K-Fuel technology for the Company in China.
The Company remains unable to obtain additional financing and, given its current financial condition, there is substantial doubt that the Company will be able to continue operations. The Company continues to consider its remaining strategic alternatives, including a bankruptcy filing.
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Evergreen Energy Inc.
Date: January 13, 2012 By: /s/ Diana L. Kubik
Diana L. Kubik
Executive Vice President and Chief Financial Officer
Another SCHEDULE 13G for $EVEI.. They're still buying this so there's still something there.
copy & paste it, don't know how to put a link up here.
precisionir.api.edgar-online.com/EFX_dll/EdgarPro.dll?FetchFilingHTML1?SessionID=7kt2FHYTseQweeS&ID=8315178
Current administration in China where this technology could be used......
Good product. Bad team.
Can't wait to see the new team!!!
Current administration be the problem here not company.
Not too many options now.
I hope the buyers will get rid of the incompetent executives that drove EEE to the ground. ( which is usually the case )
GO EVEI
Word about a possible buyout in the works true?
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About EEE –
Evergreen Energy, Inc.
Denver, CO 80202-5506
United States - Map
Phone: 303-293-2992
Website: http://www.evgenergy.com
52 Week Range: 0.521 - 7.8720
Market Cap: 25.498M
Shares Outstanding: 18.888M
Business Summary
Evergreen Energy Inc. operates as a cleaner coal technology, energy production, and environmental solutions company. It develops GreenCert suite of software and services, an environmental intelligence solution that quantifies greenhouse gas emission avoidances and reductions, and generates verifiable emissions offsets, as well as measures greenhouse gases and other environmental costs enabling customers to manage and report their environmental assets and liabilities. The company also provides K-Fuel, a clean coal technology that applies heat and pressure to process high moisture coal feed stocks; and improves the performance of low-rank coals yielding higher efficiency and lower emissions. In addition, it involves in mining, processing, blending, and selling coal to electric utilities, industrial, and institutional end users, as well as operates ash disposal facilities in the state of Ohio. The company was formerly known as KFx Inc. and changed its name to Evergreen Energy Inc. in September 2006. Evergreen Energy Inc. was founded in 1981 and is headquartered in Denver, Colorado.
Solutions
Evergreen Energy’s solutions are focused on helping clients mitigate their operational risks and give them the tools to focus on optimizing their Key Performance Indicators (KPIs). We are forward-thinkers and strive to provide unique and valuable business solutions into the enterprise business decision management arena. Our products are the embodiment of years of research and development, coupled with real-world filed experience collaborating with our customers. Our technology suite includes
Evergreen Energy’s premiere business intelligence (BI) Solution – GreenCert™ Energy provides enterprise reporting of key operational and performance metrics to assist in vital decision management choices. GreenCertTM Energy provides extensive data collection and mining capabilities combined with a strong business analytics engine to assist in showing financially beneficial paths to efficiency and optimization. GreenCertTM Energy provides flexibility in its implementation and capabilities so as to be applicable within many operational segments. GreenCertTM Energy stands out as the leader in today’s marketplace. Its data analysis and management, computational power and easy-to-understand business insight make it one of the leading technologies on the market today.
The GreenCert™ EMIT (Emissions Monitoring and Inventory Tracking) software is a Software-as-a-Service (SaaS) product that provides an intuitive interface for US-based carbon emissions data. Our subscribers can analyze a power generator’s efficiencies, emissions and ownership information as well as a facility’s over or under reporting potential, with comparative functionality. With EMIT one can visually examine and distinguish differences via lists, scatter plots and time-series analyses. EMIT enables executives, regulatory bodies, businesses, non-government related organizations – anyone – to evaluate plant performance relative to their environmental reporting requirements . EMIT’s functionality is constantly being developed and expanded. Among the various enhancements to come in the near future, users will be able to evaluate and compare emissions data both on regional and local levels.
K-Fuel® technology makes the world’s most available energy source cleaner, more heat-efficient, and affordable…
Evergreen Energy’s K-Fuel® technology is a new generation of energy processes that can significantly reduce air emissions and other pollutants from coal-burning power plants. The K-Fuel® clean coal approach increases the heating value of low-rank fuels while decreasing the environmental impact of coal energy production. This is accomplished by refining coal before it is burned to increase energy densities and combustion efficiencies which reduce greenhouse gas emissions. K-Fuel® is the only commercially validated clean coal process that upgrades low-grade coal to improve efficiency of combustion, decrease contaminants, and reduce emissions.
Financial Results for the Quarters Ended September 30: 2010 Compared to 2009
• Revenues were $100,000, compared to $260,000.
• Total operating expenses, including a $3.5 million impairment charge related to capitalized costs of the GreenCert agriculture software module, were $7.4 million, compared to $10.4 million. G&A was $3.3 million including $446,000 of employee non-cash stock-based compensation, compared to $9.8 million, which included $2.3 million of employee non-cash stock-based compensation.
• Operating loss was $7.3 million, compared to $10.1 million.
• Net loss attributable to common shareholders was $4.6 million, or $0.26 per share, compared to net loss of $14.2 million, or $1.27 per share.
• The cash balance at September 30, 2010 was $5.4 million, compared with $4.5 million on June 30, 2010. In addition, on November 2nd, the company received $1.2 million from the Wyoming Department of Environmental Quality (DEQ) related to the reduction of the cash collateral securing the reclamation obligations at the Fort Union site.
Latest News –
News Release
Press Release Source: Evergreen Energy Inc. On Wednesday January 5, 2011, 4:30 pm EST
DENVER--(BUSINESS WIRE)-- Evergreen Energy Inc. (NYSE Arca:EEE - News), a green energy technology solutions company, announced it was notified by NYSE Arca Inc. (NYSE Arca) that the company was granted until February 28, 2011 to regain compliance with the requirements for continued listing on NYSE Arca.
On November 29, 2010, the company was notified that it was not in compliance with NYSE Arca’s continued listing standards under Rule 5.5(b)(1) and Rule 5.5(b)(2) of NYSE Arca Equities Rules. The standards require a listed common stock must maintain an average closing price in excess of $1.00 over a consecutive 30 trading-day period and that a company must maintain a market value of publicly held shares of at least $15.0 million.
News Release Some of the coal stocks trading on the NYSE are listed below:
S. No. Company Ticker
1 Arch Coal, Inc. ACI
2 Alpha Natural Resources, Inc. ANR
3 Peabody Energy Corporation BTU
4 CONSOL Energy Inc. CNX
5 Evergreen Energy Inc. EEE
6 Massey Energy Company MEE
7 Natural Resource Partners LP NRP
8 Penn Virginia Resources PVR
9 Walter Energy, Inc. WLT
10 Yanzhou coal mining Co. (ADR)
YZC
11 International Coal Group, Inc. ICO
12 Penn Virginia GP Holdings, L.P. PVG
13 Patriot Coal Corporation PCX
14 Cloud Peak Energy Inc. CLD
U.S.-based Peabody Energy (BTU) is the world’s largest private coal producer.
Two of the coal ETFs are Market Vectors-Coal ETF (KOL) and PowerShares Global Coal Portfolio ETF (PKOL).
News Release Evergreen Energy, Inc. Appoints Ilyas Khan as Chairman of its Board
01/3/2011
Evergreen Energy, Inc. announced it had named Ilyas Khan as chairman of its board. Khan, 48, has worked for bank majors such as Citigroup, UBS and Nomura. Back in 1998 he founded TW Indus Group, while in 2000 he became one of the three founding directors of Australian White Energy Co Ltd. In 2008 Khan set up Touchstone Gold Holdings.
Evergreen Engages TerraNova To Look For Financing Opportunities
12/15/2010
Evergreen Energy, Inc. has engaged TerraNova Capital Partners, Inc. to advise and assist the company regarding potential strategic development and financing opportunities. Chief Executive Officer of TerraNova Capital, John Steinmetz stated, “We have completed due diligence on the company and its technology. We believe that Evergreen Energy has a sensible plan for commercializing its coal beneficiation technology. We have studied the progress the company has made in China, and believe there are complimentary opportunities for K-Fuel® in the United States and in Asia, including Indonesia and India.” Chairman and CEO of Evergreen, Tom Stoner said, “As we mentioned in our previous 10-Q filing, Evergreen Energy management is evaluating strategic opportunities to utilize certain retained equipment from our Fort Union site to construct and operate a new K-Fuel demonstration plant. This plant would build on the design improvements developed at Fort Union and explore further process enhancement concepts. This potential demonstration plant, along with our laboratory in the US and Evergreen-China’s laboratory in China, will enable further testing of various feed stock with new customers in thermal and other coal beneficiation markets. The patented K-Fuel process has a proven capability to upgrade high moisture, low energy coal and reduce harmful trace elements like Mercury and Sulfur. These opportunities highlight the K-Fuel technology’s role as a central component of our strategy and the next stage of our development, enabling us to build on the tangible progress already made. We are also progressing with the development of our GreenCert Energy solution, which provides a comparative analysis of plant efficiencies and helps reduce operational and regulatory risk, as well as the sales and marketing of a recently released new version of GreenCert™ EMIT (Emissions Monitoring Inventory Tracking), both of which complement our leading technology, the K-Fuel process.”
EEE chart by Matt_Chart at .62 cents (Breakout Alerted at .60 cents by AugustaFriends)
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58211652
Click on Plant to watch it Run
About Buckeye Industrial Mining Co.
In 1971, Buckeye Coal Mining Company (founded 1938) merged with its sister company Industrial Mining Co. (founded 1945), under the umbrella ownership of Keller Group of Chicago, Illinois. The company adopted the name Buckeye Industrial Mining Co. in 1985. In 2006, Buckeye Industrial Mining Co. was acquired by KFx, Inc. which is now Evergreen Energy Inc.
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