GEEC has lost its influential chairman, former Irish prime minister Albert Reynolds, and faces a hefty tax bill in Delaware and millions in judgments, the paper says, after burning through more than 200 million British pounds since 2000.
The stock has been recovering somewhat since hitting $0.49, and closed at $0.58 on Friday, unchanged, after trading earlier in the day at $0.66.
Here is their report:
The Sunday Times - Business
May 08, 2005
Debts soar for troubled GEEC
Douglas Dalby
LONDON -- Problems seem to be mounting for Global Environmental Energy Corp (GEEC), the listed company chaired by Albert Reynolds until the announcement two weeks ago that the former taoiseach had stepped down on the grounds of ill health.
Following the publication of its latest accounts two weeks ago, which showed the company had no cash in the bank, it has emerged that GEEC is fighting fires on several more fronts.
The company has lost a multi-million-dollar court case against former directors, is being pursued by the American state of Delaware over $368,000 (€287,000) in unpaid back taxes and is facing a petition by certain former investors to have it wound up.
GEEC stated last week that its main asset in Delaware was an approximate $25m loss carry forward, which it was negotiating to sell. In February 2001, according to a filing it made to the American Securities and Exchange Commission, it had total assets of more than $186m. Since 2000, it would appear the waste-to-energy company has burned through more than $200m.
The latest liabilities include judgments against the company on April 28 in Virginia for $1.974m, $700,000 against its legal team and a further $5m in punitive damages for former directors who were denied entitlement to shares. The company and its lawyers said they would appeal.
On Friday, GEEC’s shares closed near a 52-week low of 49c.
6 comments:
Joe, please outcheck post I just sebt to previous page.
Bests,
Homeport,
Thank you for the great news, sincerely! Looks like everything is falling into place.
Good luck everyone, this may be it!
-Ken
PS - for some reason my posts on RB are not going through, someone please get the Lusa report and post it
ken
Ken - can you share your interpretation of the news provided by Homeport and how you see this helping a conclusion?
Many Thanks
The article is lacking one important component.
"What is the next step?"
"Are additional meetings scheduled?"
"What else needs to be done?"
etc etc.
What does this have to do with ERHC? Soon we will be seeing stories of a shareholder with an hangnail. Phil Nugent is as much a founder of ERHC as he is the Pope. I know of him and he is is not to be trusted in any dealings whatsoever (if you can get him out of the bottle long enough to make him coherent. Clearly Joe is relying on him for insight into the goings on regarding ERHC. Pity, Joe could've picked someone more credible, like the tooth fairy. Sad, very sad.
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