ScovilleUnits
14 years ago
GNH Files for Chapter 11 Protection
Atlanta, GA, November 25, 2009 – Global Energy Holdings Group, Inc. (NYSE AMEX:GNH) (“Global”) announced today it is voluntarily seeking to reorganize itself and four of its subsidiaries under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The voluntary filing will allow Global to continue its operations in the normal course through the financial restructuring process.
Global determined that it was prudent to file for Chapter 11 at this time in order to restructure its business under the protection of the bankruptcy court. In 2008, Global focused its operations on the development of renewable energy projects, such as biomass gasification and landfill gas-to-energy projects, and chose to exit its legacy ethanol business. Global will continue an orderly liquidation of its non-core assets and develop business opportunities upon which it may structure its emergence from Chapter 11. The decision to pursue reorganization under Chapter 11 came after extensive efforts to improve Global’s liquidity and pursue strategic alternatives.
Along with the filing of the five voluntary petitions, Global intends to file four first day motions which it believes are necessary to enable the debtors to operate in Chapter 11 with a minimum of disruption and loss of productivity.
8-K .... http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6625787
ScovilleUnits
15 years ago
Seems to have facility sold for $1.65 million.
8-K ~ http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6502821
Global Energy Holdings Group, Inc. Sells Ethanol Facility to Fiberight, LLC
Friday , September 04, 2009 16:15ET
ATLANTA, Sep 04, 2009 (BUSINESS WIRE) -- Xethanol Biofuels, LLC, a subsidiary of the diversified renewable energy company, Global Energy Holdings Group, Inc. (NYSE Amex: GNH), announced the execution of a definitive agreement to sell its ethanol facility in Blairstown, Iowa to Fiberight, LLC. Closing of the transaction is expected to occur on September 30, 2009. The Blairstown Facility consists of a 24,728 square foot ethanol plant on 25.5 acres of land, a 20.9 acre vacant lot adjoining the property, and warehouse and distribution facilities.
The Blairstown Facility was producing ethanol at a rate of approximately 5.6 million gallons per year, using corn as its feedstock, before Global Energy ceased production of ethanol at the facility as of May 1, 2008. In addition to ethanol production, the Blairstown Facility also produced distiller's wet grains, or DWG, a by-product of the traditional corn-to-ethanol process.
Fiberight intends to convert the facility into an integrated demonstration plant to produce cellulosic ethanol using Fiberight's proprietary sold waste to biofuels technology, with waste feedstocks sourced from the Cedar Rapids area.
ScovilleUnits
15 years ago
GAEC LOI to buy GNH’s Blairstown, Iowa plant.
On July 28, 2009, the article attached hereto as Exhibit 99.1 was released by Gulf Alternative Energy Corporation (PinkSheets: GAEC) (“GAEC”) and appeared on the Business Wire. The article discusses, in part, a letter of intent between GAEC and Global Energy Holdings Group, Inc. (“GNH”) for the sale of GNH’s ethanol facility in Blairstown, Iowa to GAEC. The sale of the Blairstown, Iowa ethanol facility, as contemplated in the letter of intent, remains subject to several contingencies, including negotiation of a definitive agreement and GAEC’s satisfactory completion of its due diligence investigation of the Blairstown, Iowa ethanol facility.
8-K .... http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6441337
ScovilleUnits
15 years ago
Name and Symbol Change today...new: GNH
Global Energy Holdings Group Announces New Corporate Structure and Ticker Symbol on the New York Stock Exchange Alternext US
Date : 10/28/2008 @ 8:00AM
Source : Business Wire
Stock : Global Energy Holdings Group, Inc. (XNL)
Quote : 0.1602 0.0 (0.00%) @ 1:05PM
Global Energy Holdings Group Announces New Corporate Structure and Ticker Symbol on the New York Stock Exchange Alternext US
Global Energy Holdings Group, Inc. (NYSE Alternext US: GNH), formerly known as Xethanol Corporation, has begun trading under the new ticker symbol GNH. Global Energy is an Atlanta-based diversified renewable energy company with two subsidiaries, Global Energy Systems and Global Energy Ventures.
Global Energy Systems develops renewable energy projects with a focus on biomass and landfill-gas-to-energy. It also implements energy conservation and alternative energy projects for commercial and governmental organizations across the United States, including government agencies and the U.S. military. Global Energy Ventures invests in early stage, strategically relevant energy companies.
“At Global Energy Holdings, we recognize that there is no single solution to our nation’s energy challenges,” said David Ames, President and CEO of Global Energy Holdings Group. “We must take immediate steps to lessen our dependence on fossil fuels by implementing mature alternative energy and conservation technologies. It is equally important we invest in a variety of emerging technologies to help grow the sector and take advantage of our nation’s vast renewable energy potential.” Global Energy Holdings Group recently restructured its management team. This team has extensive experience in developing companies in various sectors of the energy markets. In addition, the company’s engineering staff has significant expertise in biomass gasification, cogeneration, heat recovery and energy conservation projects.
Global Energy Holdings Group previously traded on the AMEX under the name Xethanol Corporation (AMEX: XNL).
About Global Energy Holdings Group Global Energy Holdings Group is a diversified renewable energy company based in Atlanta, Georgia, with two subsidiaries. Global Energy Systems develops renewable energy projects, including biomass gasification and landfill-gas-to-energy projects. Global Energy Systems also coordinates and implements energy-efficiency projects, such as cogeneration and heat recovery, for organizations that include government agencies and the U.S. military. Global Energy Ventures invests in strategically relevant, early stage energy companies. Global Energy Holdings Group provides tailored solutions that capitalize on the nation’s need for diverse energy resources, while investing in promising innovations to help power the future. The company trades under the ticker symbol GNH on the NYSE Alternext US (formerly the American Stock Exchange). For more information about Global Energy Holdings Group, please visit its Web site at http://www.gnhgroup.com.
---------I can't figure out what the r/m share restructure was, haven't found it disclosed yet. XNL closed at .16 and GNH's high today (1st one trading as GNH) openend at .18 with a high so far of .34.
~ ~ Safe to take a position here?... ‹(•¿•)›
ScovilleUnits
16 years ago
...increase salary for Ames Pres/CEO, from $1 to $350,000
and awarded a $150,000 cash bonus for his past service, effective October 1, 2008.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=5924087
Arrangements of Certain Officers.
On October 7, 2008, the compensation committee of the board of directors of Xethanol Corporation, the registrant, approved an increase in annual salary for Mr. David Ames, our President and Chief Executive Officer, from $1 to $350,000 and awarded a $150,000 cash bonus for his past service, effective October 1, 2008.
On October 9, 2008, in accordance with our policy of providing performance incentives to align the interests of management with those of our stockholders, the compensation committee of our board of directors granted to our executive officers - Mr. Ames, Mr. Romilos Papadopoulos and Mr. Michael Ellis - and other key members of management shares of restricted stock and non-qualified stock options under our 2005 Incentive Compensation Plan (the “Plan”). In connection with the grants of shares of restricted stock and stock options under the Plan, we entered into a restricted stock agreement and a stock option agreement with each of the recipients. The committee granted to our executive officers a total of 305,000 shares of restricted stock and options to purchase a total of 555,000 shares at a purchase price per share equal to the closing price of the common stock on the American Stock Exchange on the date of grant (which was $0.19 per share), as detailed in the following table. Under the terms of the respective agreements, the restricted stock and the stock options have a 7-year term and will vest or expire or be forfeited at earlier dates based on the performance of our stock price as explained in more detail below.
----------->>>>
(Bless his heart. Worked all this time and only took one dollar in return....ROFLMAO!!!!)
ScovilleUnits
16 years ago
Court OKs shareholder settlement with owner of Blairstown plant
Tuesday , August 26, 2008 11:07ET
Aug 26, 2008 (The Gazette - McClatchy-Tribune News Service via COMTEX) -- Aug. 26--The New York-based owner of the idled ethanol plant in Blairstown has agreed to pay $2.8 million to settle a shareholder class-action lawsuit.
A settlement with Xethanol Corp. has received preliminary approval from the U.S. District Court for the Southern District of New York, according to the New Orleans law firm that led the case for shareholders, Kahn Gauthier Sevick LLC.
The lawsuit represents shareholders who bought the company's stock on the American Stock Exchange between Jan. 31, 2006, and August 8, 2006. It is a combination of several cases filed against the company over allegedly false claims and omissions. Throughout the period, Xethanol repeatedly assured investors that it could sustain itself on revenue from corn ethanol production while successfully commercializing biomass ethanol production. Share prices fell steeply as it became clear that the company could not commercialize its biomass ethanol production plans in the near-term.
Prices of Xethanol stock fell from over $15 to $4 per share during the period covered by the lawsuit.
The lawsuit also claimed that the company misrepresented the experience of management and standards of eth ics, or to disclose related party transactions with individuals who had records of stock fraud.
A hearing on the proposed settlement scheduled for 9:30 a.m. Sept. 15 in U.S. District Court for the Southern District of New York will be used to determine if the proposed settlement is fair, reasonable and adequate.
In addition to the Blairstown plant, Xethanol formerly owned another plant in Hopkinton. It has since sold the Hopkinton plant.
Xethanol does not admit to any of the claims in agreeing to settle the case.
-- Contact the writer: (319) 398-8317 or david.dewitte@gazcomm.com
stylecounciler
16 years ago
EB,
speaking of pressure....
"only a few liters at a time"...
http://money.cnn.com/magazines/fsb/fsb_archive/2007/02/01/8399939/index2.htm
and remember when some just might have bashed Mark Cuban, his opinions, and short sale?
http://www.sharesleuth.com/2006/08/moonshine_blindness
yup, it never hurts to back check all the principles in such hyped up penny companies.
hyped by the same posters, on multiple message boards.
'cause it sure looks to me like they're still up to the same things.... just different stocks.
what makes me suspect this?... i checked.
stylecounciler
16 years ago
No Credence?...
Clearwater, maybe.
so how about then, a little Revival, mate?
Stockmann, funny you mentioning earnings per share of .50 cents back then.
yea, .50 cents...
'cause .50 cents is all one's got left... and even that's, IMHO, just a temporary price.
more downside to come. my guess?... .005 cents.
and soon.
stylecounciler
16 years ago
must have something to do with this,..
http://securities.stanford.edu/1036/XNL_01/20061110_o01c_Jones.pdf
here's more history on a few of the insiders...
http://www.secinfo.com/d12TC3.z18Ae.htm
one firm stands out, C&H Capital. who was, and i think still is "engaged to assist" XNL as investor relations.
if you google the firm, or the president, and this is all public information, you'll find a whole list of company that, shall we say, underperformed the average stock? USEG, FPP, XNL, EQST, SPMI, MOVT, ECLN, NXTI, WOLVQ.
and currently "engaged to assist" MDVX.
again, all public available information.
weatherdude
16 years ago
After digging around on-line it sounds like they've settled already...
NEW YORK -- Xethanol Corporation (AMEX: XNL), a renewable energy company, announces that on November 28, 2007, the company agreed in principle to settle the seven consolidated putative class action lawsuits pending against it captioned as In re Xethanol Corporation Securities Litigation, 06 Civ. 10234 (HB) (S.D.N.Y.). The agreement was reached during a mediation overseen by a retired United States District Court Judge in West Palm Beach, Florida, and attended by counsel for plaintiffs, counsel for the company and the individual defendants and counsel for the company's insurance carriers. The agreement remains subject to final negotiated writings executed by the parties and approval by the United States District Court for the Southern District of New York.
Tina
16 years ago
received Xethanol class action suit papers today in the mail-
"if you purchased Xethanol Corporation common stock during the period January 31, 2006 through and including August 8, 2006, and were allegedly damaged thereby, then you could get payment from a class action settlement."
settlement will provide $2,800,000 cash settlement for investors who bought shares of Xethanol
A federal court authorized this notice.
You must mail your completed and signed proof of claim and release postmarked no later than September 26, 2008 to:
Xethanol Securities Litigation
P.O. Box 24790
West Palm Beach, FL 33416
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