Bio Willie producer post a $60,000,000.00 loss for 2006

[olddawggreen]

Investors file bankruptcy against BioWillie maker

DALLAS — A biodiesel-fuel producer says it will continue operating, despite a bankruptcy filing by a group of investors who claim the company hasn't been paying its debts on time.

Five investment groups — Castlerigg Master Investments Ltd., Radcliffe SPC Ltd., Portside Growth and Opportunity Fund, Cornell Capital Partners LP and Evolution Master Fund Ltd. — filed an involuntary Chapter 7 bankruptcy petition against Dallas-based Earth Biofuels on Wednesday in the U.S. Bankruptcy Court in Wilmington, Del.

The investment group said it collectively holds at least $33 million of the company's senior convertible notes, issued July 24, 2006.

Earth Biofuels produces, distributes and markets biodiesel fuel, which is made from natural seed and animal oils and liquefied natural gas for vehicles.

In its annual report filed with the Securities and Exchange Commission on May 18, the company listed over $60 million in losses for 2006. An auditing firm warned that Earth Biofuels' debt and losses raised concerns about how much longer it could operate.

In a statement released Friday, the company called the creditors' action "unnecessary" and said it will continue producing biodiesel.

Earth Biofuels has a license from country music star Willie Nelson to sell BioWillie, a biofuel made from natural seed and animal oils. Nelson once served on Earth Biofuels' board, but stepped down April 20.

The company operates a biodiesel production plant in Durant, Okla., that produces biodiesel from soy and cottonseed oils, and last year invested in an Illinois biodiesel plant whose partners include Bunge North America, a big agribusiness that operates a soybean facility nearby.

Mike Miles, of Miles Automotive in north Fort Worth, said he bought BioWillie for about two years for his service station and developed a loyal following. But two months ago, he said, the state comptroller's office contacted him seeking to seize inventories of BioWillie because Earth Biofuels owed tax payments.

Miles said the state dropped its efforts after he explained that he was only a retailer, not a distributor. But the experience, along with other misgivings he had developed about the company, led him to switch suppliers.

"It's a shame," Miles said of Earth Biofuels' woes. "I really believe in the product and the ideals."

[burnet44]

another CD out soon

"the IRS tapes" part deaux

[olddawggreen]

Originally posted by burnet44
another CD out soon

"the IRS tapes" part deaux

Yep, it doesn't look like the Bio think is gonna take the place of oil & gas any time soon. It's helped some of the farmers, but its raised the price of feeding livestock, which is passed on the the consumers at the grocery store.

I guess thats one way for the enviro crowd to get people to stop eating meat. Hmmm, maybe thats the true plan behind all of this.:eek: :eek:

[JasperDog94]

Originally posted by olddawggreen
I guess thats one way for the enviro crowd to get people to stop eating meat. Hmmm, maybe thats the true plan behind all of this.:eek: :eek: You might be on to something here.

[rangerjim]

hmmmmmmmmmmmm

we stop eating meat, don't use fuels to make the cow into dinner, we all become vegetarians, there's less cows in the world, fewer cows means decreased cow flatulance, decreased cow flatulance means less greehouse effect, which means no global warming, but now we're all vegetarians so our flatulance output increases, which negates the savings in cow flatuance cuz there more of us, which means we take more Tums, which uses fossil fuels to produce, which means WE'RE SCREWED NO MATTER WHAT WE DO

personally I'm going to eat a big hamburger tonnight and watch Barry Bonds go 0-3 with one intentiaonal walk tonight on my 48" wide screen HDTV (flatulance may be involved too!)

[charlesrixey]

Originally posted by rangerjim
hmmmmmmmmmmmm

we stop eating meat, don't use fuels to make the cow into dinner, we all become vegetarians, there's less cows in the world, fewer cows means decreased cow flatulance, decreased cow flatulance means less greehouse effect, which means no global warming, but now we're all vegetarians so our flatulance output increases, which negates the savings in cow flatuance cuz there more of us, which means we take more Tums, which uses fossil fuels to produce, which means WE'RE SCREWED NO MATTER WHAT WE DO

personally I'm going to eat a big hamburger tonnight and watch Barry Bonds go 0-3 with one intentiaonal walk tonight on my 48" wide screen HDTV (flatulance may be involved too!)

one of the best things i've read on here in a long time!

[rangerjim]

charlesrixey

I've got an extra burger and some Lysol if you wanna watch the game?

[rangerjim]

If we can keep this thread going - I can actually use the word flatulance in my 200th post!!!!!!!!!!!!!!!!!!!!! That could possibly be a 3adownlow first

[charlesrixey]

Originally posted by rangerjim
If we can keep this thread going - I can actually use the word flatulance in my 200th post!!!!!!!!!!!!!!!!!!!!! That could possibly be a 3adownlow first

i'll do everything i can!

[rangerjim]

This thread is dying and so are my chances to meet my goal! crap, opps I mean fart, opps I mean flatulance

[olddawggreen]

Originally posted by rangerjim
hmmmmmmmmmmmm

we stop eating meat, don't use fuels to make the cow into dinner, we all become vegetarians, there's less cows in the world, fewer cows means decreased cow flatulance, decreased cow flatulance means less greehouse effect, which means no global warming, but now we're all vegetarians so our flatulance output increases, which negates the savings in cow flatuance cuz there more of us, which means we take more Tums, which uses fossil fuels to produce, which means WE'RE SCREWED NO MATTER WHAT WE DO

personally I'm going to eat a big hamburger tonnight and watch Barry Bonds go 0-3 with one intentiaonal walk tonight on my 48" wide screen HDTV (flatulance may be involved too!)

Alas! We have a free thinker in the group, one who see outside the box and beyond! Exellent observation!!:thinking: :thinking: :D

[burnet44]

Originally posted by rangerjim
hmmmmmmmmmmmm

watch Barry Bonds go 0-3 with one intentiaonal walk tonight on my 48" wide screen HDTV (flatulance may be involved too!)

Barry a slickhead huh?
well kinda the same thing

Lets look on the quilting board

[rangerjim]

As a avid Cubs fan I am all too aware of the historic feats that have been accomplished against the Cubs. I am confident (or at least hoping) that Bonds lays an egg against them.

I am not a Bonds fan but the cool thing is that I get to see my beloved team on national TV a couple of times this week.

I heart Mark Cuban - opps did I say that out loud??????

[dogdad]

Originally posted by rangerjim
hmmmmmmmmmmmm

we stop eating meat, don't use fuels to make the cow into dinner, we all become vegetarians, there's less cows in the world, fewer cows means decreased cow flatulance, decreased cow flatulance means less greehouse effect, which means no global warming, but now we're all vegetarians so our flatulance output increases, which negates the savings in cow flatuance cuz there more of us, which means we take more Tums, which uses fossil fuels to produce, which means WE'RE SCREWED NO MATTER WHAT WE DO

personally I'm going to eat a big hamburger tonnight and watch Barry Bonds go 0-3 with one intentiaonal walk tonight on my 48" wide screen HDTV (flatulance may be involved too!)

ROFLMAO
a classic
I like the way you think rangerjim

[rangerjim]

Just found out that Bonds is not playing tonight. Man that just blew my night...........

[DU_stud04]

id rather have a steak.