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"But when asked for clarification the following day, Richard Cyr, a spokesman for Laidlaw BioPower, said attorneys needed to draft a new statement, which arrived yesterday afternoon.
In it, Cyr said Laidlaw Energy Group sold its equity interest in Laidlaw Berlin BioPower to Newco Energy LLC in September 2010 for a cash payment at the time and a subsequent payment after the construction loan on the project closed."
Bull crap! I've been around this board long enough to see just about every PR LLEG has put out and many are misleading at best. How many times has a PR come out announcing something like the "two new divisions" PR that was posted the other day from 2008. What happened to those two divisions that LLEG formed and made such an issue of? Never to be heard from again thats what. I'm taking a beating on this stock but I'm not going to blame Spence for it.
The IBOX also has a nice picture of Ellicottville which we now know does not belong to LLEG. Those last two posts i made of BigBucks was from March when I questioned the reason Ellicottville was not included in the Assets of LLEG. Obviously I was correct at the time. Ellicottville was not listed because the property is not an asset at all.
BigBucksFl Share Monday, March 07, 2011 3:35:49 PM
Re: sunspotter post# 88086 Post # of 94919
READ THIS CTTC & SUN;
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=60680313
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=60673697
It would be nice if you'd read what has already been proven to be factual before you come here and post already disproven material as being magicly factual. By reading above you will learn;
1. Why Berlin and NY do not appear on financials. Same reason GM's headquarters and assembly plants do not appear on theirs, or any other substantial corporation that understands the difference between writing off 100% of lease payments -vs- 20yr. amortization of purchased property. S.O.P. (standard operating proceedure) for companies SMART ENOUGH to take advantage of tax law loopholes and advantages. AND
2. That in FACT the financials are audited according to OTCMarkets.com. Or perhaps you believe them to be a LLEG shill?
LOOKING FORWARD TO ANOTHER GREAT DAY, WEEK, MONTH AND YEAR WITH LLEG !!!
AS ALWAYS,
GO LONG ! ! ! ! ! ! ! ! !
KEEP THE FAITH ! ! ! ! ! ! ! ! ! ! !
ENHANCE YOUR CALM ! ! ! ! ! ! ! ! ! ! !
STAY THE COURSE ! ! ! ! ! ! ! ! ! ! ! !
GO LLEG ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
BigBucksFl Share Monday, March 07, 2011 3:19:46 PM
Re: CTTC post# 88077 Post # of 94915
Sorry dude. You are just plain WRONG. Berlin is not gone, nor is the N.Y. property. You'll notice that both of these are also missing from the 2008 & 2009 audited financials as well. That is primarily due to the purchase/lease/buyback finance arrangement on Berlin and I assume something similar in the case of N.Y. Keep up dude. We all know that Spencer loves to start rumors on byte and chew, that does not make them true and you should know better than to quote them. In fact, he is wrong 99.995% of the time as history PROVES.
In so far as Mike not being the CEO anymore, nice try but you'll recall from NHSEC testimony, LBB will remain as the operator of the Berlin facility and MIKE will remain the CEO. To propose otherwise, based on conjecture, is irresponsible.
You should also remember that LLEG was due to begin recieving funds in respect to bringing Homeland into the Berlin project;
I am BS. Go to this website. It is the Cattaraugus Country GIS mapping system. You can use it to identify all the property in Cattaraugus County NY.
http://maps.cattco.org/website/parcel/viewer.htm
I found out why LLEG doesn't list Ellicottville as an asset. It appears that part of the property belongs to the County of Cattaraugus Industrial Development agency and part of the property has been turned into a carwash.
As far as I know LLEG has never announced on this board or any other board that they no longer own the property
There was a loan that covered engineering and design. this may be what they're talking about. I think that phase of the project controled by LLEG is done with the control shifted to Cate street management.
I was told at the begining of the year that Newco paid LLEG for their share of the project and then settled all the acounts, including loans, of the prior regime (LLEG). In the process they gave all the other players associated with LLEG(Homeland, Fibrowat, and Cousineau)their walking papers and brought in all their own people. when I brought this up on this board months ago I felt like a mole in that carnie game where you get banged on the head every time you pop up out of your hole.
My information now is that the project is being run by Halle with help from Gestamp.
I've been upset that so much time on this board is spent talking about the Berlin plant, that's past history, and not upcoming projects.
Does a cop call up a thief while he's robbing a convenience store and tell him that he's on his way. that wouldn't make any sense even for the government.
There is only one publicly traded company Called Laidlaw Energy Group LLC (LLEG)- all of the Laidlaws with Berlin in their name are now owned by Cate Street capital and are private companies
I found out it was given to the Berlin Sun directly by Cate Street.
Thanks - that makes sense I guess.
I'm split - half of me is expecting the worst and the other half (with my wallet) is hoping for the best. I hate to harp about transparency but I've been torn by the conflicting information I was getting over the last 6 months. The PR put out by Cate Street yesterday finished me off. I think I'm going to take IHUB off my "favorites" menu and stay away for a couple of weeks and let everything air out. Right now I'm going to take a shower and crash.
From the LLEG website
Michael B. Bartoszek
"Founder, President and CEO - Michael Bartoszek cofounded Laidlaw Energy in 1999 and initially owned and operated natural gas fired generation assets and related entities. In 2003 he sold his natural gas holdings and began focusing exclusively on renewable energy. Mr Bartoszek has led the team that has successfully developed the approximately 70 MW biomass energy project located in Berlin, NH. Prior to founding Laidlaw Energy, Mr. Bartoszek spent over 10 years in the securities industry with a number of top investment firms, including Merrill Lynch, Bear Stearns and Oppenheimer & Co. and served as President & CEO of W.R. Lazard. Later in his career in the securities industry, Mr. Bartoszek founded a successful boutique project finance advisory group that was engaged in advising energy and independent power companies in connection with acquisitions and financing."
That's interesting. I believe I remember that MBB formed Laidlaw Capital Management in 1999 which became Laidlaw Energy Group in 2002 and then merged with Poly-Eko Systems, Inc. and began trading under ticker symbol "LLEG". If you read the following article about the black owned WR Lazard you wonder where MBB fit in. There's not many years not accounted for.
Is WR Lazard out for the count? Marianne Spaggins' departure cast dark shadow on the firm's future.By McDOnald, Kimberly Seals
Publication: Black Enterprise
Date: Thursday, January 1 1998
In the two weeks between late September and early October, WR Lazard's chief executive, Marianne Spraggins, abruptly left the black-owned investment bank. Days later, that was followed by confirmed reports that the firm's two largest clients in money management had pulled their funds from the firm. Just two days after Spraggins' departure, the New York City comptroller's office pulled out $500 million of bonds that Lazard manages for the city's pension fund. Lazard's second-largest client, the Los Angeles County Employees Retirement System, followed suit by removing its $178 million from Lazard management.
Analysts say this sizable loss of business means likely death for the company since Lazard's asset in management division was the only real money-earning business left at the struggling firm. Nevertheless, Betty Lazard, co-chairwoman and widow of the firm's founder, Wardell R. Lazard, is now on a valiant mission to preserve her husband's legacy.
Once the mightiest of all the black-owned investment banks, WR Lazard has been slowly crippled over the past three years by a declining bond market, a series of financial and legal problems, staff defections and regulatory violations. The firm's greatest blow occurred in May of 1994 when Wardell Lazard, the firm's preeminent dealmaker and CEO, was found dead of an accidental drug overdose in a Pittsburgh hotel room.
Betty Lazard convinced Spraggins, the flamboyant former managing director at Smith Barney, to assume the helm of WR Lazard. Regarded as the firm's savior in 1996, Spraggins found deliverance didn't come easy.
Faced with shrinking capital and dwindling assets under management, Spraggins, 51, began an intense search for equity from banks such as Chase Bancorp and Fleet Financial, as well as brokerage firms like Salomon Brothers and Bear Stearns. When that didn't pan out, according to inside sources, Spraggins approached several potential buyers, including M.R. Beal, Sloan Capital and Fletcher Asset Management. But before a deal could be hammered out, sources say Spraggins was asked to resign.
"We made two offers that were both rejected," says Maceo Sloan, president of Sloan Financial Group.
In a released statement, Spraggins said "The unwillingness of the board of directors to accept a reasonable restructuring plan prevented a successful recapitalization of the firm." Betty Lazard and Jerome Shuman, a Howard University law professor, as well as Spraggins, made up the board.
Lazard is betting on a new financial savior, 36-year-old Jonathan Carroll, president and CEO of Houston-based Carroll & Co. Carroll has been an investment advisor and behind-the-scenes deal-maker for almost a decade, buying troubled companies, turning them around and selling them for a profit. Now he's set his sights and cash on resuscitating the firm.
"My goal is to fix this situation, one way or another," says Carroll, whose most publicized turn-around story is his 1994 purchase of money-losing Long Island-based Direct Gas Supply, a natural gas and marketing company. Four years later, the company was raking in $300 million in sales and was later acquired by Enserch Corp.
But, industry watchers say, considering the loss of business, negative net worth and multiple million-dollar lawsuits from former employees, Lazard needs a miracle to bring it back to life. People familiar with the firm say that Lazard now has about $300 million in assets under management and a negative net worth. "There's nothing of value there anymore. The hemorrhaging is too great," says Tony Chapelle, publisher of Securities Pro, a newsletter about African Americans in finance. "No Band-Aid remedy can save it now."
Hot off the press - todays Berlin Sun
.SEC action against Laidlaw does not effect Berlin biomass project
By Barbara Tetreault
Jun 09, 2011 12:00 am
BERLIN –Laidlaw Energy Group is one of 17 companies that has had its trading halted by the U.S. Securities and Exchange Commission. All 17 trade in microcap or penny stocks on the over-the-counter market.
Laidlaw Energy Group is part of the corporation that developed the biomass plant proposed for Berlin.
In the case of Laidlaw Energy, the SEC said, “questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations, the accuracy of its financial statements, and stock promoting activity by the company”.
“They may be called ‘penny stocks,’ but victims of microcap fraud can suffer devastating losses,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “The SEC’s new Microcap Fraud Working Group is targeting the insiders and promoters, as well as the transfer agents, attorneys, auditors, broker-dealers, and other “gatekeepers” who flourish in the shadows of this less-than-transparent market.”
George Canellos, Director of the SEC’s New York Regional Office, added, “The investing public does not have accurate or adequate information about these securities to use in making informed investment decisions. Nonetheless, stock-touting websites, twitter users, and often anonymous individuals posting to Internet message boards have hyped many of these companies, and these promotional campaigns have been followed by spikes in share price and trading volume.”
Berlin BioPower issued a press release yesterday clarifying that Laidlaw Energy Group no longer has any equity interest in the 75-megawatt biomass plant proposed for Berlin.
“In the wake of the Security Exchange Commission's (SEC) decision to suspend trading of Laidlaw Energy Group’s ("LLEG") stock, it is necessary for Berlin BioPower to clarify that Laidlaw Energy Group no longer has any interest or role in our project. Laidlaw has not been involved in Berlin BioPower since September, 2010. Therefore, this SEC action has no effect whatsoever on our project,” said Berlin BioPower spokesperson Richard Cyr.
Michael Bartoszek, CEO of Laidlaw Energy Group, said his company has discussed the matter with the SEC and believes it is simply a misunderstanding. He said they will be writing to the SEC promptly to address the federal agency’s concerns and hope to release that letter or make a formal public statement soon.
A couple of months ago it had John Street in NY as the address but it hadn't been updated since early 2010. I just looked it up and it was updated in march - changed from LLEG's address to Cate Streets.
http://www.sos.nh.gov/imaging/13348692.pdf
This is the older filing:
http://www.sos.nh.gov/imaging/12744461.pdf
It wasn't LLEG's money - it was put up by another investor.
Thats what I was told back in December. I posted it one night and MBB came up immediately and stated that I didn't know what I was talking about and that LLEG still had a active share of the project.
I believe it was closer to $2.5 million sometime before Thanksgiving.
Here is an example:
From the Dow Jones article:
"In another example, several stock-promoting websites promoted Kore Nutrition Inc. (KORE) as a "winner" following the company's announcements on Sept. 1 and 8, 2010 of new distribution agreements to market its energy drinks and the release of a company-funded research report that pegged the stock at $10.50. But the company's Sept. 30, 2010 quarterly report didn't mention the distribution agreements."
From a LLEG PR on 1/23/2007
ENERGY RESOURCE-23 January 2007-Laidlaw Energy Group Planting Seeds to Become 'Vertically Integrated" Renewable Energy Company(C)2007 JeraOne - www.jeraone.com
"Laidlaw Energy Group Inc. today said it is undertaking "a significant business expansion" aimed at creating a vertically integrated renewable energy company, including planting its own trees to provide fuel for biomass projects.
The new business lines that the company is rolling out, in addition to its current core renewable power plant development business, include a technology division that will focus on acquiring and investing in innovative renewable energy technology and an agricultural division that will focus on growing hybrid willow trees to serve as fuel for the company's biomass energy projects and for sale to third parties.
"We have raised a fair amount of capital over the past several months with the objective of investing in the growth of the company," said LLEG President and CEO Michael B. Bartoszek. "We believe we have identified two areas for investment that will really take the company to the next level and we are close to executing deals in these areas."
The company said it is currently in negotiations to make its first technology investment and expects to focus on technology that reduces power plant emissions, an area that it said is expected "to offer significant opportunity with the new Democratically controlled Congress increasingly focusing on the environment and greenhouse gas emissions reduction."
The agricultural division will focus on initially obtaining 1,000 acres of land in western New to grow hybrid willow to provide a "closed loop" source of fuel for the company's biomass energy project in the area and also to sell to area coal plants as fuel for co-firing to help such plants reduce greenhouse gas and overall emissions.
The company expects to work with partners associated with the State University of New York(SUNY).
Laidlaw Energy Group develops independent power plants that generate electricity from renewable resources. It is headquartered in New York, New York."
As far as I know there has never been another mention either of these two new Laidlaw Divisions, the Technology Division or the Agricultural Division, ever again. I think this sort of thing is what the SEC is looking at.
Bartoszek has implied on this board a number of times that he and LLEG are still actively involved in the Berlin project. If this isn't the case, and Mr. Cyr seems to confirm this, Bartoszek may be in hot water. A good percentage of the discusions and hype on this board involves the Berlin Plant and LLEGs part in it. I've tried to confirm the LLEG connection with people I know close to the project and have come up short every time.
I had heard LLEG was looking into buying the Alexandria NH plant and the NH Department of Resources and economic Development asked them and one or two other companies (including CPD) to look at the mill property. Supposedly everyone, except for LLEG, refused to get involved after looking at the site. I also heard, from two different sources, back around the time it happened, that PSNH was really the one behind the deal. This information is what originally got me interested in LLEG.
Sounds like Anthony Weiner.... What is it that Shakspeare said, "doth protest too much". see you guys later - I've got productive work to do.
up until September 2010......
I suspect that our problems with the SEC haven't been caused by our (your) so called "enemies". Every company involved in building a public project like the Berlin plant have people who are fighting against it without the SEC getting involved. I doubt very much the SEC listens to people like JE anymore than the NH PUC.
All we're doing here is "beating a dead horse". I agree with Texas Rambler's post - its time to move on.
And look at the stockholders that have been burned by making decisions with no or little information. If LLEG is serious about uplisting they better be ready to become transparent.
I really don't think LLEG has any enemies in Berlin anymore because most are of the opinion LLEG is history. When they talk about "Laidlaw" they're not talking about LLEG but Cate Street. They treat us, LLEG, as a joke and I think most of their recent posts on this board proves it.
Crooners post 94324 that includes a statement attributed to Richard Cyr says it all:
"None of the Laidlaw entities has been involved in the biomass project since last September, according Richard Cyr. He’s an official with Cate Street Capital, which is now behind the Berlin biomass project."
A disappearing million dollar asset isn't an issue? Green has a point.
Green1957 brought up the issue of the Ellicottville plant yesterday. What's its status? Is it still on the books as an asset? As far as I know here hasn't been any PR from LLEG indicating any change in status?
Are you talking about that joke of a paper BDS ? They print what they are given - they don't report.
We really don't know who did all the work. None of us were there. Remember Haley has been part of the project since 2008 (remember HH Partners) quietly working behind the sceens and now he's on the top of the pile. How do we know he didn't do most of the work. Maybe Mike and LLEG got pushed aside when we got bought out. We just don't know what went on - my main gripe - no transparency.
Where's your proof or evidence this statement of yours is fact?
If it wasn't for PSNH you mean.
its pretty obvious that it could have been any number of people, Edwards, the small power generators, or anyone with any active suits with LLEG. We're also assuming it has something to do with Berlin - it may be something to do with Ellicottville, Mass, or California or something entirely unrelated to any project. The more I think about it the more I'm inclined to stop posting and do some work and let things take their course.
Do you have access to their financial and stock dealings? I heard that Berlin Station was going to make an announcement about LLEG's current relationship to the Berlin project. Have you heard anything from your contacts? This should be interesting.
I would think the SEC would have already done that homework. They know what a blow this action is to a stock and I doubt they treat this lightly.
The SEC will be looking for anything to justify their action. That's why I said I hoped Mike was absolutely truthful in his statements here on IHUB.
I hope Mike has been absolutely truthful in all the statements he's made on this board. If he hasn't I think he's exposed himself to extra scrutiny, being the CEO of LLEG.
[/iUNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
June 7, 2011
IN THE MATTER OF : : AMERICAN PACIFIC RIM COMMERCE : GROUP : ANYWHERE MD, INC. : CALYPSO WIRELESS, INC. : CASCADIA INVESTMENTS, INC. : CYTOGENIX, INC. : EMERGING HEALTHCARE : SOLUTIONS, INC. : EVOLUTION SOLAR CORPORATION : GLOBAL RESOURCE CORPORATION : GO SOLAR USA, INC. : KORE NUTRITION, INC. : LAIDLAW ENERGY GROUP, INC. : MIND TECHNOLOGIES, INC. : MONTVALE TECHNOLOGIES, INC. : MSGI TECHNOLOGY SOLUTIONS, : INC. (F/K/A MGSI SECURITY : SOLUTIONS, INC.) : PRIME STAR GROUP, INC. : SOLAR PARK INITIATIVES, INC. : UNITED STATES OIL & GAS : CORPORATION : : File No. 500-1 :
ORDER OF SUSPENSION OF TRADING
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of the issuers listed below. As set forth below for each issuer, questions have arisen regarding the accuracy of publicly disseminated information, concerning, among other things: (1) the company’s assets; (2) the company’s business
operations, (3) the company’s current financial condition; and/or (4) issuances of shares in
company stock.
1.American Pacific Rim Commerce Group is a California corporation based in Florida. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s revenues.
2.Anywhere MD, Inc. is a Nevada corporation with its principal place of business in California. Questions have arisen concerning the adequacy and accuracy of publicly available information about the company.
3.Calypso Wireless, Inc. is a Delaware corporation based in Texas. Questions have arisen concerning the adequacy of publicly available information about the company.
4.Cascadia Investments, Inc. is a Nevada corporation based in Washington State. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations and assets.
5.CytoGenix, Inc. is a Nevada corporation based in Texas. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations and financing transactions.
6.Emerging Healthcare Solutions, Inc. is a Wyoming corporation based in Texas. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations and assets.
7.Evolution Solar Corporation is a Colorado corporation based in Arizona. Questions have arisen concerning the adequacy and accuracy of the company’s website and press releases concerning the company’s operations and revenues.
8.Global Resource Corporation is a Nevada corporation based in North Carolina.Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations and the adequacy of publicly available information about the company.
9.Go Solar USA, Inc. is a Nevada corporation based in Louisiana. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s products and operations
10.Kore Nutrition, Inc. is a Nevada corporation based in Nevada. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations.
11.Laidlaw Energy Group, Inc. is a New York corporation based in New York. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations, the accuracy of its financial statements, and stock promoting activity by the company.
12.Mind Technologies, Inc. is a Nevada corporation based in California. Questions have arisen concerning the accuracy of its financial statements.
13.Montvale Technologies, Inc. is a New Jersey corporation based in New Jersey. Questions have arisen concerning the adequacy and accuracy of publicly available information about the company.
14.
MSGI Technology Solutions, Inc. (f/k/a MSGI Security Solutions, Inc.) is a Nevada corporation based in New York. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations and financing transactions.
15.Prime Star Group, Inc. is a Nevada corporation based in Nevada. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations.
16.Solar Park Initiatives, Inc. is a Nevada corporation based in Florida. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations and revenues.
17.United States Oil & Gas Corporation is a Delaware corporation based in Texas. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations and stock promoting activity by the company.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed companies.
THEREFORE, IT IS ORDERED, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of the above-listed companies is suspended for the period from 9:30 a.m. EDT, on June 7, 2011 through 11:59 p.m. EDT, on June 20, 2011.
By the Commission.
Elizabeth M. Murphy
Secretary
Per the SEC:
"Laidlaw Energy Group, Inc. is a New York corporation based in New York. Questions have arisen concerning the adequacy and accuracy of press releases concerning the company’s operations, the accuracy of its financial statements, and stock promoting activity by the company."
The reason for suspending LLEG is spelled out in this document
http://www.sec.gov/litigation/suspensions/2011/34-64612-o.pdf
Now that was bad timing LMAO