Forbes is digging deep into Earth Biofuels, the company that brought BioWillie to the market. According to a story in the latest issue, Earth missed a deadline for finding $80 million in financing to restart an ethanol plant. Based on financial reports, the company had just under $42,000 in cash last September. But that’s not all that concerns Forbes. CEO Dennis G. McLaughlin III apparently hasn’t been disclosing his “colorful background” that includes lawsuits and a company bankruptcy. Forbes also questions some insider transactions. Even if you don’t understand financial language, this story is a dimming force on biodiesel’s brightest star. The big questions loom: What are the risks in investing in alternative fuels? And who’s next?
Related:
- Earth Biofuels will sell biofuels across America at its own stations
- Earth Biofuels invests in Illinois’ largest biodiesel plant
[Source: Dan Fisher / Forbes]