Go back were you belong? Sorry to hear you lost $, what name change? When? You provide no information, why? Read the latest filing. http://www.pinksheets.com/pink/quote/quote.jsp?symbol=evfl Since you say you have a history with the company then you should have more knowledge about then lost money a name change or two..ago or something...ah...duh...??? Do you even know the definition of shell company? Ignorance is bliss! By the way I'm born & raised in the great US of A it doesn't matter how Atrocious my english is you still got the point! Go back to teaching English & stop talking about stocks you obiviously have no clue!
Perhaps Earth Biofuels Chairman Dennis McLaughlin should have spent more time working on his business plan instead of schmoozing celebrities. Earth Biofuels, the Dallas green-energy firm he founded with the help of A-listers like Willie Nelson, Morgan Freeman and Julia Roberts, has been hit with an involuntary bankruptcy petition in Delaware.
Creditors are seeking Chapter 7 liquidation over $33 million in unpaid debt. Earth lost $68 million on sales of $42 million last year.
There's plenty of embarrassment to go around here. In addition to Earth's red-faced celebrity directors, there are supposedly savvy fund managers, including Sandell Asset Management and Cornell Capital, who poured $50 million into Earth a year ago.
Those funds apparently were willing to overlook--or never investigated in the first place--McLaughlin's résumé. It includes the $100 million bankruptcy of his previous energy company, Aurora Natural Gas, in 2001, and a short stint as chief executive of Ocean Resources, a shipwreck-salvage firm that traded in the pink sheets. McLaughlin left Ocean amid allegations of funneling cash to a management-services firm he then controlled. He denies the claims.
"Frankly, most people were just checking boxes and not doing due diligence on any of these investments," says analyst Peter Fusaro, president of the Energy Hedge Fund Center. "It was like lemmings."
Earth says it believes the Chapter 7 petition was unnecessary and the company is "confident in its business plan." Nelson quit as an advisory director in April, forfeiting 6 million shares of stock. That was several months after Forbes exposed McLaughlin's bankruptcy and business problems--none of which had been disclosed to investors.
McLaughlin formed Earth in late 2005 out of other penny-stock companies he controls including Dallas-based Apollo Resources International. Earth's market capitalization at one point soared to $344 million on investor enthusiasm for green-energy stocks. Julia Roberts once plugged the company on Oprah.
Raising money seems to have been McLaughlin's chief talent, however, even in that he fell short. The company sank more than $22 million into a shuttered New Orleans-area ethanol refinery last year but failed to come up with the $80 million needed to complete the project. Earth recently settled with its partners in the project, accepting the return of most of its investment, apparently interest-free, over the next couple of years.
He also has been investigated by the Securities and Exchange Commission over the relationship between his public companies and partnerships that are paid to provide management services to them. McLaughlin denies any connection to the partnerships, although he founded them. The status of the SEC investigation is unknown; neither Apollo nor the SEC will discuss it
Dennis G. McLaughlin Chief Executive Officer, President and Director BBN Global Consulting, Incorporated Spring Valley , NY Sector: SERVICES / Staffing & Outsourcing Services Officer since May 2009
43 Years Old Dennis McLaughlin was appointed as the Chief Executive Officer, President and Director of the Company in connection with the Merger. He has served as CEO and Chairman of Apollo Resources International, Inc. (a publicly traded company) since October of 2004. He was CEO of Blue Wireless & Data, Inc. (a publicly traded company) from June 2004 through April 2005, and served as Chairman from June 2004 to 2007. He was CEO and Co-Chairman of Ocean Resources, Inc. (a publicly traded company) from September 2003 to January 2005. Prior to that he founded Aurion Technologies, LLC in 1998 and served as CEO and was a Director through 2001. He founded Aurora Natural Gas, LLC in 1993 and served as CEO through 2001. Prior to starting his own companies, he worked as a Manager of Marketing & Transportation for Highland Energy from 1991 to 1993, and before this worked as a gas marketing representative for Clinton Natural Gas from 1990 to 1991. Mr. McLaughlin received a Bachelor of Economics degree from the University of Oklahoma in 1992.
Real company. No real holdings any more, Durant Plant deteriorating as we type, LNG company sold for exchange of paper, part ownership in Willie's Place that is producing some revenue (but couldn't be a lot), no longer transporting fuels, no longer producing any fuels (if they ever did to begin with). Only promises of new way to produce ethanol (what plant will the use to do this?). I own 208,000 shares at an average price of .01. Still holding but with little hope in a company with 0 capital (real capital).
I'm not taking sides but there have been a few name changes if I understand the filings correctly. When the company was in Mississippi it had a name that was changed to Earth Biofuels when moved to Dallas. Now it is Evolution Fuels. So I guess that is two name changes. As far as a shell company, I don't exactly know the definition, but the company has been around for a more than a few years and I've been waiting for them to produce a product to sell. I have a large investment (for me) and waiting for some payback also. And as a vet I defended ALL Americans, no matter what race, creed, religion or educational background!