Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
This stock is nothing but a Pump and Dump was invested in it years ago when product hit the market.Mangement stayed in contact with investors emails and phone calls right up untill the run then came the dump and then silence, billions of shares were being dumped. Stay away
JAN 3, 2011 @ 05:46 PM 5,850 The Little Black Book of Billionaire Secrets
Sleeping Cops At SEC Give Bio Willie Operator A Pass
Daniel Fisher , FORBES STAFF
I cover finance, the law, and how the two interact.
Willie's not going to get rich on Bio-Willie fuel. Image via Wikipedia
Dennis G. McLaughlin III has to be one of the world's best salesmen -- and one of the world's most incompetent business executives. The flashy University of Oklahoma grad once talked Morgan Freeman, Willy Nelson and Julia Roberts to endorse his debt-laden biofuels company despite a record of financial failure. Now McLaughlin's in Chapter 7 bankruptcy liquidation, fending off more than $27 million in claims from creditors and disgruntled former business partners. But you'd never know that from the financial filings and statements by his latest publicly traded companies, Evolution Resources and Big Star Media, which tout his previous ventures without mentioning how they turned out.
Which raises the question: Why does the Securities and Exchange Commission let Dennis get away with this? I first exposed his shenanigans back in 2007, when he was touting Earth Biofuels and its "Bio Willie" fuel, named after the outlaw singer and onetime director Willie Nelson. Investors in that ill-fated outfit, which once included Freeman and Roberts among its cheerleaders, never knew that McLaughlin had presided over a $100 million gas-trading bankruptcy in 2001 amid allegations of fraud by its creditors. McLaughlin later ran Ocean Resources, a penny-stock marine salvage operation that fired him over allegations he'd milked cash out of the business through a consultancy he controls. No acknowledgment of that, either, in Earth's filings. (McLaughlin said Ocean's claims were baseless and the firm owed him money.)
The SEC investigated McLaughlin in 2006, according documents insiders shared with FORBES, expressing a particular interest in the constellation of consulting firms that surround the businesses he runs. But the probe seems to have fizzled out (the SEC refuses to comment on investigations). I tried to reach McLaughlin himself, but lawyers listed in his Chapter 7 filings say they no longer represent him and the phone for Evolution Resources wasn't working.
ADVERTISING
A disgruntled creditor did talk, however -- and offered some insight into how McLaughlin might keep the cash flowing. The creditor says McLaughlin tried to pay off a debt with common stock in his company, even recommending a Boca Raton, Fla. broker, since sanctioned for penny-stock scams, who could supposedly sell the shares on the open market.
Steven Benevides sold his telecommunications company to McLaughlin in 2005 for $450,000 in cash and a $1 million debenture. As he has done repeatedly over the years, McLaughlin never paid a dime on the debenture (ask the folks at Sandell Asset Management, who lent him $50 million for some inexplicable reason). When Benevides pressed him to pay up, McLaughlin offered him Earth shares instead. He says McLaughlin also directed him to a broker at Newbridge Securities in Boca Raton, Fla. who could sell the stock for cash.
McLaughlin said "let me put the shares in your account and this guy can sell `em for you," Benevides recalls, laughing. "I told him `If the stock is worth something, you sell it and give us the money.'"
Sleeping Cops At SEC Give Bio Willie Operator A Pass
JAN 3, 2011 @ 05:46 PM 5,850 The Little Black Book of Billionaire Secrets
Sleeping Cops At SEC Give Bio Willie Operator A Pass
Daniel Fisher , FORBES STAFF
I cover finance, the law, and how the two interact.
Willie's not going to get rich on Bio-Willie fuel. Image via Wikipedia
Dennis G. McLaughlin III has to be one of the world's best salesmen -- and one of the world's most incompetent business executives. The flashy University of Oklahoma grad once talked Morgan Freeman, Willy Nelson and Julia Roberts to endorse his debt-laden biofuels company despite a record of financial failure. Now McLaughlin's in Chapter 7 bankruptcy liquidation, fending off more than $27 million in claims from creditors and disgruntled former business partners. But you'd never know that from the financial filings and statements by his latest publicly traded companies, Evolution Resources and Big Star Media, which tout his previous ventures without mentioning how they turned out.
Which raises the question: Why does the Securities and Exchange Commission let Dennis get away with this? I first exposed his shenanigans back in 2007, when he was touting Earth Biofuels and its "Bio Willie" fuel, named after the outlaw singer and onetime director Willie Nelson. Investors in that ill-fated outfit, which once included Freeman and Roberts among its cheerleaders, never knew that McLaughlin had presided over a $100 million gas-trading bankruptcy in 2001 amid allegations of fraud by its creditors. McLaughlin later ran Ocean Resources, a penny-stock marine salvage operation that fired him over allegations he'd milked cash out of the business through a consultancy he controls. No acknowledgment of that, either, in Earth's filings. (McLaughlin said Ocean's claims were baseless and the firm owed him money.)
The SEC investigated McLaughlin in 2006, according documents insiders shared with FORBES, expressing a particular interest in the constellation of consulting firms that surround the businesses he runs. But the probe seems to have fizzled out (the SEC refuses to comment on investigations). I tried to reach McLaughlin himself, but lawyers listed in his Chapter 7 filings say they no longer represent him and the phone for Evolution Resources wasn't working.
ADVERTISING
A disgruntled creditor did talk, however -- and offered some insight into how McLaughlin might keep the cash flowing. The creditor says McLaughlin tried to pay off a debt with common stock in his company, even recommending a Boca Raton, Fla. broker, since sanctioned for penny-stock scams, who could supposedly sell the shares on the open market.
Steven Benevides sold his telecommunications company to McLaughlin in 2005 for $450,000 in cash and a $1 million debenture. As he has done repeatedly over the years, McLaughlin never paid a dime on the debenture (ask the folks at Sandell Asset Management, who lent him $50 million for some inexplicable reason). When Benevides pressed him to pay up, McLaughlin offered him Earth shares instead. He says McLaughlin also directed him to a broker at Newbridge Securities in Boca Raton, Fla. who could sell the stock for cash.
McLaughlin said "let me put the shares in your account and this guy can sell `em for you," Benevides recalls, laughing. "I told him `If the stock is worth something, you sell it and give us the money.'"
Buyer beware
Not to spam board just giving shareholders a look into Dennis Mclaughin ways of taking care of investors. Thanks good luck
JAN 3, 2011 @ 05:46 PM 5,850 The Little Black Book of Billionaire Secrets
Sleeping Cops At SEC Give Bio Willie Operator A Pass
Daniel Fisher , FORBES STAFF
I cover finance, the law, and how the two interact.
Willie's not going to get rich on Bio-Willie fuel. Image via Wikipedia
Dennis G. McLaughlin III has to be one of the world's best salesmen -- and one of the world's most incompetent business executives. The flashy University of Oklahoma grad once talked Morgan Freeman, Willy Nelson and Julia Roberts to endorse his debt-laden biofuels company despite a record of financial failure. Now McLaughlin's in Chapter 7 bankruptcy liquidation, fending off more than $27 million in claims from creditors and disgruntled former business partners. But you'd never know that from the financial filings and statements by his latest publicly traded companies, Evolution Resources and Big Star Media, which tout his previous ventures without mentioning how they turned out.
Which raises the question: Why does the Securities and Exchange Commission let Dennis get away with this? I first exposed his shenanigans back in 2007, when he was touting Earth Biofuels and its "Bio Willie" fuel, named after the outlaw singer and onetime director Willie Nelson. Investors in that ill-fated outfit, which once included Freeman and Roberts among its cheerleaders, never knew that McLaughlin had presided over a $100 million gas-trading bankruptcy in 2001 amid allegations of fraud by its creditors. McLaughlin later ran Ocean Resources, a penny-stock marine salvage operation that fired him over allegations he'd milked cash out of the business through a consultancy he controls. No acknowledgment of that, either, in Earth's filings. (McLaughlin said Ocean's claims were baseless and the firm owed him money.)
The SEC investigated McLaughlin in 2006, according documents insiders shared with FORBES, expressing a particular interest in the constellation of consulting firms that surround the businesses he runs. But the probe seems to have fizzled out (the SEC refuses to comment on investigations). I tried to reach McLaughlin himself, but lawyers listed in his Chapter 7 filings say they no longer represent him and the phone for Evolution Resources wasn't working.
ADVERTISING
A disgruntled creditor did talk, however -- and offered some insight into how McLaughlin might keep the cash flowing. The creditor says McLaughlin tried to pay off a debt with common stock in his company, even recommending a Boca Raton, Fla. broker, since sanctioned for penny-stock scams, who could supposedly sell the shares on the open market.
Steven Benevides sold his telecommunications company to McLaughlin in 2005 for $450,000 in cash and a $1 million debenture. As he has done repeatedly over the years, McLaughlin never paid a dime on the debenture (ask the folks at Sandell Asset Management, who lent him $50 million for some inexplicable reason). When Benevides pressed him to pay up, McLaughlin offered him Earth shares instead. He says McLaughlin also directed him to a broker at Newbridge Securities in Boca Raton, Fla. who could sell the stock for cash.
McLaughlin said "let me put the shares in your account and this guy can sell `em for you," Benevides recalls, laughing. "I told him `If the stock is worth something, you sell it and give us the money.
Willie Nelson sings the blues is what they're calling the performer's New York City concert in mid-January. It's a pretty good title, too, for the outlaw country singer's latest do-good effort: lending his name, along with those of Hollywood stars Morgan Freeman and Julia Roberts, to a tiny Dallas outfit called Earth Biofuels, which intends to build a national chain of filling stations dispensing a brand of enviro-friendly diesel it calls "Bio Willie."
But there's a chance that Willie's 6.5 million shares, recently valued at $11 million, won't even be worth their weight in canola oil. Reason: Earth Biofuels missed a Dec. 4 deadline for coming up with $80 million in financing to restart a long-shuttered ethanol plant south of New Orleans, the company's largest investment to date. At the very least it stands to lose its $5 million deposit, to say nothing of an additional $22 million it has put into the project. With just $41,609 in cash on the books as of Sept. 30, that's a pretty big hit. Chief Executive Dennis G. McLaughlin III, 41, insists that the project "remains an ongoing business opportunity" and that "no funds have been forfeited." But Earth director William O. Luckett says the company and its partners in the plant are in dispute over higher-than-expected construction costs. So far none of this has appeared in press releases or U.S. Securities & Exchange Commission filings.
Nor has McLaughlin's colorful background. He presided over the $100 million bankruptcy of the company he formed in 1993, Aurora Natural Gas. Duke Energy Trading sued him for fraud, saying he used shell companies to double-bill Duke to the tune of $26 million. Duke ultimately settled and gave McLaughlin a release. McLaughlin blames the bankruptcy on one of his employees and on Duke itself, for inflating gas prices in late 2000; as for his not disclosing it in Earth's SEC filings, he says he has "never been employed by a company when it filed [for bankruptcy]." Right. According to Earth's most recent 10-K, he was Aurora's chief from 1993 to 2001, the year it filed for bankruptcy.
After that meltdown McLaughlin made a brief stop at Ocean Resources, a penny stock outfit in the undersea salvage business, which he left in January 2005 over allegations he'd overcharged the company through his consultancy. (McLaughlin says the claims are unfounded and that Ocean owes him money.) Then he took over Powerball International, a dormant shell once in the hydrogen business, renamed it Apollo Resources and wound up back in court. He was sued by New Mexico oilman Donnie Hill, who claimed Apollo's main assets had been stolen from him. Hill, too, has since settled for an undisclosed amount.
Earth Biofuels was formed out of a clutter of shell companies that started with a Meridian, Miss. biodiesel refinery bought from the brother of director R. Bruce Blackwell for $7 million. It took on Willie Nelson as a director when it licensed his name for "Bio Willie" (he gets a royalty of a penny a gallon). Aided by a flood of press releases, Earth's market value rose from next to nothing in 2005 to a recent $344 million.
If you care to find them, 18 pages into Earth's financials are insider transactions, including $16,000 a month in rent for a truck stop and convenience store in Mississippi owned by director Blackwell, a series of trades between Earth Biodiesel and Apollo and a $160,000 investment in Blue Wireless, a penny stock venture McLaughlin controls. McLaughlin insists all transactions have been fair to Earth. But they aren't necessarily helping it reach its goal of opening ethanol refineries in North Carolina, Louisiana, Texas and Illinois.
Earth earned a slim 4.2% gross margin on $10.3 million in sales in the third quarter of 2006, spending almost half its revenue on administrative expenses. Business must pick up fast: Under terms with lenders who provided $53 million in financing last summer, Earth has to hit $30 million in earnings before interest, taxes and depreciation by year-end or come up with cash--or face a conversion of debt into stock that would dilute existing owners.
Tune up your guitar, Willie. But will it be "Once More With Feeling"--or "The Party's Over"?
Steven Benavides and Greg Martin, today announced the awarding of a judgment against Evolution Fuels, Inc., Blue Wireless and Data, now known as Big Star Media, Dennis G. McLaughlin III individually, and other co-defendants for statutory fraud in the 44th District Court of Dallas County. The amount of the judgment, with penalties and interest, is over $1.6 million and relates to the purchase of wireless internet service provider Panaband Wireless in March, 2005.
The initial petition was filing in February, 2006; Case Number DC-06-01509-B
“It has been a long road to this point and we are happy that the courts have awarded this judgment against Mr. McLaughlin and his various companies,” noted Mr. Benavides. “While the various entities controlled by Mr. McLaughlin have gone through many changes since the original sale, we have continued to pursue what is rightfully ours for the company we built and sold. We will continue to exhaust all efforts to collect on this judgment against all parties.”
Over the past several months, Martin and Benavides campaigned zealously to resolve the issue amicably. However, their efforts have yielded little success and continuous misinformation and roadblocks from Mr. McLaughlin. “We continue to read about current and future projects Mr. McLaughlin and his companies are pursuing,” said Mr. Martin. “We wish him success in those endeavors, but we remain committed to our collection efforts and need to seea commitment from Mr. McLaughlin as well.”
The Agreed Judgment filed in Dallas County, Case Number DC-06-01509-B found that "Plantiffs are entitled to recover damages, jointly and severally as a consequence of Defendents fraud practiced upon Plaintiffs, which fraud the court hereby finds by clear and convincing evidence"
The interest and penalties will continue to accrue during this collection process. Mr. Benavides and Mr. Martin are optimistic that this matter will soon be resolved.
###
This company is only about reverse splits and mega dilution among numerous name changes to try and hide behind their scam. I was in this stock also with millions of shares.Ths guy pays hiself half million a year out of your pockets and has done nothing for shareholders except rob them and sue them, there used to be a member here name dustybuttler who dennis the ceo sued.BUYER BEWARE.
EDMONTON, Jan. 9, 2018 /CNW/ - On January 5, 2018, Aurora Cannabis Inc. ("Aurora") (TSX: ACB) (OTCQB: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) filed Amendment No. 1 (the "Amendment") to its prospectus dated January 2, 2018 (the "Final Prospectus") qualifying the distribution of convertible debentures (the "Debentures") issuable upon exercise of previously issued special warrants (the "Special Warrants"). The Amendment was filed with respect to the material changes to Aurora announced on January 5, 2018 (as outlined below). In addition, Aurora issued a notice of withdrawal to Computershare Trust Company of Canada, withdrawing the notice of exercise of the Special Warrants of Aurora and delaying the issuance of the Debentures.
On January 5, 2018, Aurora announced its $55 million investment in The Green Organic Dutchman Holdings Ltd. and the entering into of a $200 million bought deal of convertible debentures with Canaccord Genuity Corp. and a syndicate of underwriters. Each of these transactions constituted a material change in the affairs of Aurora necessitating the filing of the Amendment to the Final Prospectus and issuance of the withdrawal notice.
Aurora has received a receipt for the Amendment from the securities regulatory authorities in the Provinces of British Columbia, Alberta and Ontario. The Special Warrants will be deemed to be exercised and the Debentures issued on January 12, 2018.