Earth Biofuels' "Substantial" Self-Doubt
Hard to believe Earth Biofuels is still hiring -- thought the Knox Street-based company was all but a distant memory at this late date. Alas, today comes news that the makers of BioWillie® done gone and appointed Brazilian Miguel Dabdoub as its Vice President of Biodiesel Engineering.
Which is great for Dabdoub, except that in its most recent filings with the Securities and Exchange Commission, Earth Biofuels once more acknowledges that it's still losing dough and that "as of September 30, 2007, has limited financial resources, [and] these factors raise substantial doubt about our ability to continue as a going concern." The company did settle last month with the creditors who tried earlier this year to liquidate Earth Biofuels, so they could recoup some of their investment, but its stock is nearly worthless -- this morning, it's going for a whole seven cents per share, or $1.77 less than it was selling a year ago today, before it began its plummet. Which isn't stopping chairman of the board and CEO Dennis McLaughlin from snapping up stock in his company, putting him at somewhere near 4 million shares ... which is worth, like, $280,000. For now. --Robert Wilonsky