Replies to post #25747 on Universal Energy Corp (UVSE)

[NASCOW]

I'm not calling anybody names but I am making a point about believing in your own product and taking the extra steps above and beyond the call of duty to make it work rather than taking the easy way and calling for more of other peoples money. They've used quite a bit of "Other peoples money" to this point albeit I went along with the 'money pit'

[DMN Enterprises]

Calpine may have pulled it off, but if they were in BK then all of the original shareholders would have been wiped out.

[mikeyk]

And UVSE and Calpine have what in common, NG?? Calpine used NG to power electrical generating plants, the price of NG rose too fast and put them at bankruptcy risk, before that they still had more assets and paying customers. For those that don't know, this is the story of Calpine, Macons shining example of how UVSE will survive. Your grabbing at straws here Macon.




Thursday, December 22, 2005

Electrical power generator Calpine Corporation declared bankruptcy on Tuesday. The San Jose, California based company filed for Chapter 11 bankruptcy protection in U.S. Federal Court, to facilitate debt restructuring and to allow for normal operations to continue. Calpine has obtained secured debtor-in-possession financing from Deutsche Bank and Credit Suisse First Boston totaling $2 billion. The company announced that some of its Canadian subsidiaries would also file for creditor protection under the Companies' Creditors Arrangement Act. Calpine and its subsidiaries operate natural gas and geothermal electricity generating plants in 21 U.S. states and 3 Canadian provinces.

The recent rise in natural gas prices due to Hurricanes Rita and Katrina has pushed Calpine's cost significantly above the locked in selling price for its long-term contracts. Calpine has asked the court to void eight long term contracts, including a 20-year contract entered into with the State of California's Department of Water Resources and Pacific Gas and Electric Company in 2001.

The company received permission on December 21 from the Federal Bankruptcy Court for the Southern District of New York to use $500 million of its financing to continue operating and to keep paying its employees' salaries and benefits.