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WTEZQ: BK Plan effective. All shares cancelled:
http://www.otcbb.com/asp/dailylist_detail.asp?d=12/17/2013&mkt_ctg=NON-OTCBB
Court Sets Schedule to Consider Removing Management
http://blog.ch11cases.com/2011/08/bankruptcy-court-sets-schedule-for.html
Petitioning Creditors Ask Court to Remove Management & Appoint a Trustee
Article:
http://blog.ch11cases.com/2011/08/waste2energy-holdings-bankruptcy-update.html
FYI: Four Alleged Creditors File Involuntary Chapter 11 Bankruptcy Petition Against Waste2Energy Holdings, Inc.
http://blog.ch11cases.com/2011/08/four-alleged-creditors-file-involuntary.html
Time & Sales
Price Size Exch Time
$0.1000 915 OTO 12:25:03
$0.0650 5,000 OTO 12:24:51
$0.0250 420 OTO 06/16
$0.0250 2,000 OTO 06/09
$0.0130 6,000 OTO 05/06
$0.0300 20,000 OTO 04/26
$0.0300 20,000 OTO 04/25
$0.0300 500 OTO 04/11
$0.0600 200 OTO 04/05
$0.0600 300 OTO 03/15
$0.0250 20,000 OTO 02/23
$0.0200 5,000 OTO 02/16
$0.0200 500 OTO 01/21
$0.0200 5,000 OTO 01/20
$0.0200 2,850 OTO 01/20
$0.0200 5,000 OTO 01/20
$0.0250 15,000 OTO 01/19
$0.0300 13,500 OTO 01/19
$0.0250 12,350 OTO 01/19
$0.0250 10,000 OTO 01/19
$0.0300 100 OTO 01/12
$0.0500 100 OTO 01/11
$0.0500 5,000 OTO 01/07
$0.0600 10,000 OTO 01/07
$0.0500 27,350 OTO 12/29
$0.0500 15,000 OTO 12/28
$0.0350 1,243 OTO 12/27
$0.0350 5,000 OTO 12/27
$0.0400 18,757 OTO 12/27
$0.0400 5,000 OTO 12/27
bidders showing up and outdoing each other.. wonder if we're about to hear something
very nice! level 2 looks thin too.. i had it off streamer but still have my full position
g/l!
.10 ----------nice
Form 8-K for WASTE2ENERGY HOLDINGS, INC.
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14-Feb-2011
Other Events, Financial Statements and Exhibits
Item 8.01. Other Events.
On February 11, 2011, Waste2Energy Holdings, Inc., a Delaware corporation (the "Company") and WTE Waste to Energy Canada Inc., a corporation formed under the laws of the Province of British Columbia, Canada ("WTEC"), entered into an Asset Purchase Agreement (the "Asset Purchase Agreement"), pursuant to which WTEC will acquire substantially all of the assets of the Company and each of its subsidiaries (the "Asset Purchase"). In exchange for the Asset Purchase, WTEC will issue common shares ("WTEC Common Shares") to the Company aggregating 12% of the fully diluted WTEC Common Shares outstanding as of the closing date of the transactions contemplated by the Asset Purchase Agreement (the "Closing"). As further consideration for the Asset Sale, WTEC will assume or discharge substantially all of the Company's liabilities, including approximately $[17,000,000 of liabilities of the Company, including approximately $10,600,000 of 12% convertible debentures and interest, approximately $700,000 of 10% convertible debentures and approximately $5,500,000 of additional liabilities. The Asset Sale is scheduled to close on February 28, 2011, assuming all closing conditions have been satisfied.
WTEC is a recently formed privately held company based in Vancouver which intends to focus on delivering environmentally sound energy solutions globally.
As a condition to the Closing, WTEC shall have entered into agreements to provide at least $5,500,000 of equity financing, of which at least $2,000,000 shall have been funded by the Closing date (the "Private Placement"). In addition, the Company and WTEC are required to obtain the agreement of all convertible debenture holders to enter into a standstill, assignment and forbearance agreement with the Company and WTEC (the "Debenture Agreement"). Under the terms of the Debenture Agreement, each of the convertible debenture holders shall have agreed not to take any action with respect to any defaults existing under the convertible debentures until after December 31, 2011. The convertible debenture holders shall also be required to choose to accept either
(i) WTEC Common Shares in full payment of their convertible debentures or
(ii) modified interest and payment obligations from WTEC. The maximum number of WTEC Common Shares to be issued to the convertible note holders shall equal 8% of the fully diluted WTEC Common Shares outstanding as of the Closing, assuming all convertible debentures holders agree to conversion. A pro rata amount of WTEC Common Shares will be issued if some but not all convertible debenture holders elect to receive WTEC Common Shares. WTEC also agreed to pay all accrued but unpaid interest (not including penalties or penalty interest) on the Company's 12% convertible debentures within 10 days of the Closing.
The Company's obligation to complete the Asset Purchase is subject to the fulfillment or waiver by the Company of customary conditions contained in the Asset Purchase Agreement, as well as the following conditions:
? the Private Placement shall have been completed;
? all convertible debenture holder shall have executed Debenture
Agreements;
? all of the Company's creditors shall have signed releases;
? the Company shall have completed due diligence on WTEC on or before
February 18, 2011; and
? WTEC shall have paid certain expenses on behalf of the Company.
WTEC's obligation to complete the Merger is subject to the fulfillment or waiver by WTEC of customary conditions contained in the Asset Purchase Agreement, as well as the following conditions:
? the Private Placement shall have been completed;
? all convertible debenture holder shall have executed Debenture
Agreements;
--------------------------------------------------------------------------------
? all of the Company's creditors shall have agreed to payment terms satisfactory to WTEC and signed releases;
? a majority of the Company's shareholders shall have approved the
Asset Sale;
? WTEC and the Company shall have agreed to the costs required to bring
the Company current on its filing obligations under the Securities Exchange Act of 1934, which costs shall be borne by WTEC;
? the issuance of an appropriate tax opinion regarding the Asset Sale, opining that neither WTEC nor the Company shall have any tax liability as a result of the Asset Sale; and
? the WTEC shall have completed due diligence on the Company
Pursuant to the Asset Purchase Agreement, the Company has agreed from the date of the Asset Purchase Agreement through the Closing date, not to enter into any new material contracts or to directly or indirectly, have discussions or negotiations with third parties, regarding any sale, assignment, license or transfer of any of the Company's assets, whether by sale of its business, shares of the Company or its subsidiaries, or sale of its assets or otherwise, without the express prior written consent of WTEC.
WTEC has agreed to make appropriate filings within 12 months of the Closing date to become a publically traded company in Canada. If such filings are not made within such 12 month period, the founders of WTEC have agreed to transfer 750,000 of WTEC Common Shares pro rata to the Company's shareholders and the convertible debenture holders, every three months after which WTEC is not in compliance with the filing requirement. The maximum number of WTEC Common Shares required to be transferred by the founders is 3,000,000.
Closing of the transactions contemplated by the Asset Purchase Agreement is subject to other customary terms and conditions. The foregoing description of the Asset Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Asset Purchase Agreement, which is attached as an exhibit to this Current Report on Form 8-K and is incorporated into this Item by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number Description
10.1 Asset Purchase Agreement, dated February 11, 2011, between
Waste2Energy Holdings, Inc. and WTE Waste to Energy Canada Inc.
News today that WTEZ is being bought out, but I can't figure out the value to the common shareholders.
Yea if it was two or 2&1/4 cents, I might get onboard. But seven cents, I need a very good PR, something like the 25,000,000 is in the bank.
This could be the best undiscovered opportunity in the entire market. multiple contracts in place.
no promo or hype.
the only problem is getting info about the company. it is very difficult.
the stock rarely trades, so it's tough to take a position without hitting the ask. i have been very slowly accumulating when possible.
Does this outfit have WTE Plants that earn profit? How many employees? If there are existing WTE Plants, where they located.
Yep. Have a good weekend
Agreed, I think just buy a few and watch.
Could go either way,
Yeah I think that's why I didn't go in large... But I like when they value the shares way higher than current sp in doing deals
Hi dij, the initial dd on this one seems good. My current position isn't that large and my avg is .05. I'm hoping to add some .03 or less. We'll see... I may just end up adding .05s
G/l!!
ok read filings --- big mess of debt but apparently a worthwhile product.
I think I will look into this one more --- after your last stunner.
That board is nuts right now.
seems to be shares avail for sure.. i'll avg down if needed
I put in a bid for a few, haven't gotten them yet
.05 bid being hit a little
This looks interesting!
i think things are changing............
11/4 8k, "Item 8.01. Other Events.
On November 3, 2010 Waste2Energy Holdings, Inc. (the “Company”) and Quantum Solutions Technology Ventures Inc. (“QSTV”) entered into a letter of intent and term sheet (“LOI”). QSTV Inc., is a privately owned Canadian “Green Tech, Clean Tech” company, operating internationally in markets focused on waste to energy, alternate energy, water sciences and carbon eradication technologies. QSTV’s global distribution channels, media and marketing expertise along with its structured funding partners, allow QSTV to engage and deploy best of breed technologies around the world.
Pursuant to the LOI, QSTV will place purchase orders with the Company for the purchase of ten cBOS trains at an aggregate purchase price of $100,000,000. It is anticipated that the contracts will be completed within approximately15 months from the date the orders are placed. QSTV will also arrange for a structured asset backed financing facility of a minimum of $100,000,000, together with appropriate bonding coverage to be utilized by other customers which meet the structured funding criteria, wishing to place purchase orders with the Company. In consideration for the foregoing, the Company will issue such number of shares of its common stock to QSTV or its designees as equals 70% of the fully diluted shares of the Company’s common stock on the date of issuance. The Company is also required to issue an aggregate of $500,000 of restricted shares of common stock to a merchant banking group affiliated with QSTV. A condition to the LOI is the agreement of all holders of the Company’s outstanding debentures and promissory notes to consent to the transaction and enter into a forbearance and standstill agreement for a period up to 12 months. Subject to approval from QSTV, the debentures and promissory notes may be repaid earlier from any cash flows received from the QSTV purchase order or any other orders in excess of that required to operate the Company and execute the projects .
"
Item 1.01 Entry into a Material Definitive Agreement
On November 23, 2010, Waste2Energy Holdings, Inc. (the “Company”), sold in a private placement (the “Private Placement”) a $125,000 12% Subordinated Convertible Debenture (the “Debenture”). The Debenture pays interest at a rate of 12%, which will be paid quarterly and is convertible into the Company’s Common Stock at $.50 per share. The maturity date of the Debenture is November 22, 2011. The Company, the placement agent and Sichenzia Ross Friedman Ference LLP (the “Escrow Agent”) have entered into an escrow agreement, pursuant to which an amount equal to the interest payable on the Debenture sold in the Private Placement has been placed into escrow with the Escrow Agent and will be paid in accordance with the terms of the Escrow Agreement.
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