Posted on 06/18/2008 7:44:55 AM PDT by ZGuy
Unable to turn a profit from investing in such green technologies as biofuels and reclaiming rubber from old tires, EarthFirst Technologies, based in Tampa, filed for Chapter 11 bankruptcy protection.
The company's latest setback comes after months of financial problems. Documents filed in bankruptcy court Friday reveal that EarthFirst owes at least 20 companies hundreds of thousands of dollars.
In 2007, EarthFirst generated $18.3-million in revenue, but couldn't overcome setbacks in its biofuel business or surmount millions in operational costs, bringing its year-end net loss to $9.1-million.
In January, EarthFirst dodged a big bullet after a lawsuit filed by investment firm Laurus Master Funds seeking $8.5-million in debt repayment was dismissed. According to an EarthFirst SEC filing, the lawsuit could have forced the company to fold.
Calls to EarthFirst's offices Monday went unanswered or were met with disconnect signals. A call to EarthFirst CFO Frank Barker Jr. was not immediately returned.
That’s OK—I’m sure after Obamanation is elected, they’ll receive lots and lots of federal dollars to keep their operation afloat.
If at first you don’t succeed try, try again. What will we do as a species when all the oil wells are dry... attempt to then solve the problem.
Alternative energy solutions need to be explored, tested & perfected if we expect to make it into the 22nd century. We need to stop crisis managing our energy policies and develop a long range outlook that produces long term results.
Maybe they shouldn’t have named their company after the eco-hippie-terrorist group.
But in thee mean time Drill Here and Drill Now! or buy a good pair of walking shoes.
..yes...I think that they have somehow missed that putting in 1 horsepower and getting back .99 horsepower will not work for long..
...and that developing perpetual motion machines is not a sound investment.
Or maybe they shouldn’t have put so much of their advertising budget into Air America...
Heh! I’ll have to take your word for that.
Air America was (is?) on my XM Radio but I don’t ever listen to it, and never have.
Them the company owners into fuel for our cars.
Do not take counsel of your fears..... George S Patton
Fear is the mind Killer.....Dune.
I have no fear simply a keen awareness.
There are none so blind as those who will not see.
Good grief. Their net loss was half their entire revenue? That might be regarded as one of those little warning signs...
I don't think the problem is that there are not people attempting to find and use "alternative energy".
The problem is, as long as there is cheap chemical energy in the form of coal, gas, and oil, the "alternatives" will be uneconomical. The present price crisis is a result of politics against fossil fuel development. It is not a signal that fossil fuels are near the end.
So to say that we will be "doomed" when fossil fuels run out isn't realistic. "Next Generation" energy technologies are there, we just can't afford to use them yet.
Yes, I see your point, what we have to decide is what is the best course for our nation... Is it to wait for fossil fuel cost to rise to where alternatives are cost effective -or- subsidize the burgeoning alternative fuel industry now seeking ways to increase production and lower costs, provide distribution that will help us to adapt.
Like many issues we face today there are no easy answers and some trial & error will be necessary, my own personal belief is to start now doing what we can with what we have.
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