Replies to post #92507 on Conversion Solutions Holdings (fka CSHD)

[liable]

AQCI never made money in the underwater logging business despite being poineers in the field. They are still listed under AQCI, but have applied for a name change and have moved their focus to non producing oil and gas reserves.
The work is dangerous, and over the last decade has not resulted in anything more than a long list of failed companies.


http://www.bookofjoe.com/2004/09/underwater_logg.html

Using the submerged forest as collateral, the company was able to obtain more than $100 million in credits.

But after removing some especially valuable hardwoods, it went bankrupt, leading to huge losses for creditors and a congressional corruption investigation that the government eventually quashed.

"It was all a great big financial scam, compounded by the stupidity of the federal agencies," said Osorio Pacheco Alves, the municipal secretary of water and sewage here.