An unauthorized collection of the records of Alternate Energy Holdings, inc., its principals and subsidiaries, and their antics, trials, and tribulations

Former AEHI CEO Don Gillispie

Former AEHI CEO Don Gillispie
OK, everyone, I've got to step out for just a minute. I'll be right back, I promise!

Friday, December 17, 2010

PIPEs Report: Roswell Capital Says AEHI's $150 Million Funding Agreement Automatically Terminated

Yesterday's article on the PIPEs Report had this little nugget about the Roswell Funding agreement:

"On Nov. 22, Roswell Capital Partners, through its Centurion Private Equity LLC fund, agreed to provide $150 million in equity line financing to Alternate Energy.
That agreement will be terminated, Roswell said in an emailed statement to PIPEwire today. The SEC's charges against Alternate Energy trigger terms in its financing contract that will cause it to automatically be cancelled, Roswell said."
Yup.  Here it is:
2.3.2 Termination of Right to Put. The Company’s right to initiate subsequent Puts to the Investor shall terminate permanently (each, an “Automatic Termination”) upon the occurrence of any of the following:

(a) if, at any time, either the Company or any director or executive officer of the Company has engaged in a transaction or conduct related to the Company that has resulted in (i) a Securities and Exchange Commission enforcement action, or (ii) a civil judgment or criminal conviction for fraud or misrepresentation, or for any other offense that, if prosecuted criminally, would constitute a felony under applicable law;

What are we up to now, four or five of these triggers? 

This time, though, Roswell itself states the trigger applies.

1 comment:

  1. Just another count of fraud. I can't wait until the criminal complaint is filed and the handcuffs come out.

    I suspect there is a reason that Gillispie is doing radio interviews over the phone. Does anyone really believe he is in Virginia helping his elderly mother?

    Not me!