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


Please, Please, Please, Everyone! Just Calm Down! And Stop Whining!

Friday, May 20, 2011

Departed Director: Former AEHI Board Member Can't Seem to Get Answers- Now Just Another "Whining Shareholder?"

Alert Readers may recall Alternate Energy Holdings, Inc's February Board of Directors shakeup exodus, in which two Directors (28% of the board) resigned effective immediately, according to their timely filed(!) 8-K:

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 7, 2011, Alternate Energy Holdings, Inc. (the "Company") accepted the resignations, effectively immediately, of Mr. Leon Eliason and Mr. Gregory Kane from the Board of Directors of the Company. Mr. Eliason and Mr. Kane have each served on the Board of Directors of the Company since the Company’s inception in 2006. Both Mr. Eliason and Mr. Kane resigned due to personal reasons and not over any disagreement with the Company’s Board of Directors or its management. The Company intends to search for potential candidates to appoint as new directors of the Company to fill the vacancies created by Mr. Eliason’s and Mr. Kane’s resignations.

However, Alert Readers will want to take a look at AEHI's Stock Pumping Facebook Page, where the Dude observed an interesting comment by former Director Greg Kane: (took a screenshot in case the comment gets deleted)
 
Whoa.  A former director's stock broker can't get a call in to Five-Finger Double-Dipping Don?  Not even the (Now Conveniently Former) Key Senior Executive Vice President For Lavish Expenditures will return his calls?
 
But Wait, Dude!  Are you sure it's the same guy?
 
Yep.  He even posted the same comment on his own Facebook Page:
 
 
Sure enough, the "Eagle-I Nuclear Assistance" company matches Kane's bio from an earlier company 10-K:
 
Greg Kane, Vice President and Director
A past nuclear plant manager, Mr. Kane has served as Vice President and Board member of the Company since September 2006. Mr. Kane is the President of Eagle “I” Nuclear Assistance, a consulting firm that has provided management consulting to over 25 nuclear programs. Mr. Kane has held that position since 1998. Mr. Kane was previously the General Manager at Virginia Power’s twin unit PWR North Anna Nuclear Plant, where he was responsible for safe operation and budgeting of the station in the all aspects of operations. Mr. Kane has completed the Navy Nuclear Program.
It looks like this former Director might be trying to unload the shares he got stuck with during his tenure, and has run into some sort of snag, and now Don Gillispie won't return the broker's phone calls. 

How much stock did Kane get stuck with?

According to this Form 4, about  two and a half million shares:


No wonder Kane's a little miffed at his broker being blown off- that's somwhere near a quarter million dollars given the recent .08-.13 share price range. 

And, it's no wonder Don Gillispie and his Convenietly Former Key Senior Executive Vice President are blowing off the guy's broker- they sure don't want to have to tell the other shareholders that a former board member is trying to unload his stake, or part of it.

One gets the sense that perhaps not all is well at AEHI Interplanetary Headquarters...

3 comments:

  1. I find it hard to shed too many tears for Mr. Kane. He had to know what a scam this operation was from the beginning. If he didn't it is simply financial natural selection. Anyone who has the ability read the SEC filings knew. But at least he did have the good sense to resign after the SEC officially let the cat out of the bag.

    But, thanks Dude for pointing out the obvious issues with this mess. Possibly the Payette county commissioners should read your site once in a while?

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  2. Dude!

    You should start your own Financial Darwin Awards Web site. You have an excellent group of nominees from the list of AEHI stock holders.

    What do you think?

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  3. The Dude hits the nail on the head once again!! Nice investigative work!!

    ReplyDelete