There is in fact legal proceedings currently between Green Star Energies, Inc. and Bialy Gas Production LLC. Jon Bialy was removed from the Company as an officer and director early in 2009 due to various issues and conflicts.
The main problem was Green Star Energies, Inc. was investing capital into operations on Crows Run and Bialy never transfered the leases as agreed , on top of that the project was discovered to have not been producing when the project was sold to Green Star Energies, Inc. when it was advertised and sold to Green Star Energies, Inc. on that basis.
While these are all troublesome issues that are currently be handled through legal actions it is management's belief that the project has the merits to continue on with the development of Crows Run through our subsidiary Aeon Holdings, Inc. as we planned originally.
Currently Bialy Gas Production LLC is seeking release of their obligations to Green Star Energies, Inc. under the agreement we signed with them through this action. Apparently as reported by Bialy's representatives he has large debt obligations to his attorney and therefore is wanting to either be bought out or try to sell the project to another party in an effort to cash up. The legal proceedings are being lead by the fact that Green Star Energies, Inc. believes that the agreement we have is in good standing and are seeking to complete the acquisition as originally agreed too.
As we have started to explain in previous releases we have launched our plans with Aeon Holdings, Inc. with full force preceding the last phase of the Eberle #1. While we are under new confidentiality agreements I am limited as to what can be discussed or public disclosed at this time but I can say that our new partners are evaluating the potential of Crows Run and if there is a mutual interest then the Company is positioned to make an offer and buy out Crows Run. The risks have to weighed in this circumstance because the project was originally acquired with stock and was believed to be producing. Since CR is not currently producing management is hesitate to make such a large capital investment unless our new partners endorse the action.
At this time, Crows Run is a small piece of a much larger puzzle we are putting together through Aeon Holdings, Inc. Once decisions are made and information is available for disclosure the Company will be certain to release press to bring everyone up to speed.
"What this power is I cannot say. All I know is that it exists"
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.