This sounds like the end of Ethanex. Since they're likely filing for bankruptcy, there probably isn't anything left for shareholders.
...................................................
Form 8-K for ETHANEX ENERGY, INC.
24-Mar-2008
Termination of a Material Definitive Agreement, Change in Directors or Princ
Item 1.02 Termination of a Material Definitive Agreement
On March 23, 2008, Ethanex Energy, Inc.(the "Company"), terminated the Asset Purchase Agreement, dated February 10, 2008 and amended March 11, 2008, by and among the Company, Midwest Renewable Energy LLC ("MRE"), Ethanex Sutherland Land, LLC, Ethanex Sutherland, LLC, Ethanex Phase I, LLC, Ethanex Phase II, LLC, and Ethanex Phase III, LLC (the "Agreement"). The Agreement was terminated pursuant to Section 12(a)(viii), as the Company has been unable to obtain interim financing. The termination was effective immediately.
The termination letter is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated into this report by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 19, 2008, the Company terminated the employment of the following officers of the Company effective immediately: Robert Walther, Executive Chairman and Director; Randall Rahm, Co-Chief Operating Officer (a principal operating officer) and Director; and Bryan Sherbacow, Co-Chief Operating Officer (a principal operating officer) and Director. Messrs. Walther, Rahm and Sherbacow remain directors of the Company.
Item 8.01 Other Events
On March 19, 2008, in light of its declining liquidity and its inability to obtain interim financing, the Company terminated the employment of all employees other than Albert Knapp, David McKittrick and Lisa Hallier and ceased ongoing commercial operations. Although the Company's Board of Directors has not formally authorized a bankruptcy filing or made a final determination that the Company will seek bankruptcy protection, the Company is working with bankruptcy counsel to prepare for a filing and anticipates filing for bankruptcy protection in the immediate future.
