Global Environmental Energy Corp

[scion]

"Albert arrived in Libya without the share certificates," he said, over Reynolds objections.

"I asked the managing director and he said they were stolen...we rang the police. After 24 hours they were found in your house. Albert, you brought all the Life Energy stuff with you."

Reynolds was enraged. "I'll take a thousand libels that I had the shares," he insisted, before moving the business of the meeting on.

The meeting eventually dragged to a close.

Even as Reynolds was insisting that the meeting was concluded, Con Casey was reading a statement on behalf of the remaining members of the board.

Bula would seek the return of the Bahraini funds, he said, and intends to seek redress if they are not forthcoming.

What is Life Energy?

Albert Reynolds has been involved in Life Energy for several years as non-executive chairman.

The US-registered company describes itself as a "sustainable developments company" and claims to have interests in a wide variety of fields.

It gained a listing on the Nasdaq -- although not a full listing -- after backing into a New York company called Health Pak in 2000.

Its share price has see-sawed of late, but judging by filings the company has made to the Secutities and Exchange Commission, Reynolds and the chief executive Chris McCormack have big plans for the future.

Accounts filed earlier this year showed sales of almost $12 million for the previous nine months.

It does appear, however, that not all of these sales were actually paid for. Nevertheless, if things go according to plan, revenues will be in the tens, or hundreds, of millions soon.

Life Energy's main current project is its "biosphere process", a waste-to-energy process that the company says it has developed and can commercially turn municipal waste into electricity.

However, another American company -- the Nathaniel Energy Corporation -- which was previously involved in a joint venture agreement with Life Energy, has said that it developed the process, and at one stage approached the former US ambassador Michael Sullivan to make representations on its behalf.

These were to secure the return of a prototype machine that Nathaniel said it owned and was in the possession of Life Energy.

Last year, Chris McCormack told The Sunday Business Post that he "owned the Nathaniel technology" through an entity called McCormack Consultants.

Before its move to the United States, Life Energy was headquartered at the "Reynolds-Romanov Research Institute" which was situated in Dundalk.

Dr Valeri Romanov, a Russian scientist was employed by the company as the head of its research division.

However, it is unclear exactly how much reserach was actually done in Dundalk and the company soon moved its operations to New York.

Life Energy has also been involved -- on and off -- in a strange dispute with a former Irish associate of the company. Claims by both the company and its former associate have been circulating for over a year.
 
http://sbpost.beecher.net/story.jsp?story=WCContent;id-55746