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!

Monday, January 31, 2011

SEC on Executive Compenastion: Meet AEHI CEO "Double Dipping Don" Gillispie

From Page 5 of Friday's SEC Response Memorandum: (citations omitted here) (embedded links added)

"In 2009, Gillispie received $367,456.15 in cash and paid expenses – $234,456.15 more than the $133,000 disclosed to investors. AEHI’s 2009 10-K reported that the company paid Gillispie a flat fee of $133,000 of “other compensation” consisting of an “expense allotment for travel, auto, Idaho living expenses, and entertainment.”  Gillispie confirmed in his deposition that these flat payments were meant to pay for such things as his Idaho house. In reality, Gillispie pocketed these purported expense allotments while AEHI separately paid his bills. For example, Gillispie, a Virginia resident until 2009, set up automatic debits from AEHI starting in 2008 so that the company would pay rent on a $500,000 home that he leased in Idaho.  The rent on Gillispie’s house was $3,000 per month so, in addition to his “expense allotment,” AEHI paid Gillispie’s landlord $36,000 in 2009 alone. In 2009 Gillispie also double-dipped by submitting $143,456.15 in credit card bills directly to AEHI for payment, and keeping his expense allotment for those same expenses. The bills included expenses for travel to Asia, California, the Bellagio Hotel & Casino in Las Vegas, and the Broadmoor Hotel in Colorado Springs, as well as restaurants, flowers, and $10,718.40 for Broncos season tickets. Aside from the double-dipping, Defendants fail to explain why Gillispie got at least $55,000 of additional undisclosed cash from AEHI in 2009. Defendants’ chart of Gillispie’s 2009 compensation omits a wire transfer to Gillispie for $10,000."

Here's the house:

AEHI Investor Money Hard At Work.  (Not Energy Neutral, Incidentally)
   A real estate listing for the house indicates it has a private indoor pool. The Zillow listing reflects the 500K price in the SEC Memorandum.

Lavish lifestyle?  Let's see:  A 4,600 square foot home for a supposedly single 60-something, with a private indoor pool and 5 car garage to park your Maserati and Range Rover
Whatever happened to "these fine men who, in their retirement, are working without compensation?"

Q: How does the Dude know this is Don's house?
 A:  According to the Idaho Secretary of State, someone named Donald Gillispie, at that address, donated $100 to State Controller Donna Jones' campaign on October 21, 2010:

Q:  $100?? What a cheapskate!
A:  Yes.

Shown below are the expense summaries from the SEC.  The full exhibits are in document 9, exhibits  N-T.

Note the Acqualina 5-Star Luxury Resort

Remember this part of that email exchange back in November?

From: AEHI Info
Date: Wed, Nov 24, 2010 at 10:03 AM
Subject: RE: Investor Questions
To: [X]
That’s wise…he does not take money out regularly…he now takes a salary but often takes less instead…but know he has put it in regularly at times to pay for things….he is one most honest and generous man I know…he was recently was selected as Honorary Wing Commander at the Mountain Home Air Force Base and Idaho Business Man of the Year by American Solutions….background checked by Home Land Security to meet Prime Minister of Korea and undersecretary of Energy in China…..
Right on, Don.


  1. Holy Shit!!! For a penny stock company they sure travel well. Even the CEO of Idaho Power would not stay in those beautiful hotels.

    The investor money paid all those bills. I hope they feel their donations were spent wisely. Because pretty much the money invested in the company was just a donation to the officers and employees.

  2. Do you not know that it takes a lot to keep a concubine in the good life? Don sure has the company and investors in good hands. Pathetic! "Oh what a tangled web we weave when first we practice to deceive" Starting with his wife.

  3. Come on Anonymous #1, you are a little over the top now. Gillispie's own deposition under oath stated clearly, they don't actually have any employees, so it went directly to the officers, lets not get carried away here.

    And Anonymous #2, what do you mean concubine. Why Honest Don himself stated clearly several times in newspaper interviews that his V.P. of Elevators I mean V.P. of Administration and whatever else, was not his girlfriend. Neither does it mean anything just because they had a joint checking account with at lease $40,000 of investor funds in it. And everyone knows since Honest Don stated in his deposition taken by that peskey SEC, that he only takes "Jenn" to provide a pretty blond face for those terribly naughty "Asians" with a blond fetishe to stare at, she is worth every penny of her $635,000 + annual compensation.

    Besides, a great many of the stockholders well know from personal experience that "Jenn" is very good at things which cannot appropriately be disclosed in any SEC document or company news letter.

    You people are just mean!

    Now if you want to pick on someone, pick on Martin Johncox. That guy slaved his little fingers to the bone and wrote all those terribly inaccurate and even (whoas me) misleading news releases that caused all this trouble and at the first sign of trouble, yep the dirty skunk bailed on us all. He left us all high and dry and I don't think they have mustered a positive news release since then. If you ask me he is the guy that caused all this! If he had written even one honest news release the stock would never have climbed above 5 cents and no one would have cared. That way Donny would still be pumping a dry well and we would all have our money in our pockets.

    But, alas, not to cry over spilled milk, I have dibbs on 180 months square on the sentencing pool.

  4. Oh...Din is I am sure "pumping a dry well." Bimbo Jenn has been around the block. But hey, she is not guilty of anything. Each and every day people go in and take other people's money from the bank knowing there is an outstanding TRO...and most of those people go to jail.

    I cannot wait to see Jenn and Don in those fashionable striped outfits. Stripes will for sure make both of their butts look big.


  5. Nice house. You can do a lot with other folks money. Bet he does no time. The lady always takes a fall for her man.