Sierra Geothermal Power Corp. (TSX: SRA) is what one might guess it is from that name. The company, based in British Columbia, Canada, has been developing geothermal energy products located in Nevada and California.
The company's website says that it "intends to finance development by utilizing a combination of corporate equity, joint venture partnerships and project debt, with the support of US government grants and loan guarantees."
Dissidents led by Richard Rule, and a company he controls (Exploration Capital Partners) seeks to change the size of the board in a way that would put majority control up for grabs. They are unhappy with the existing board's efforts to remain independent, at a time when similar companies are consolidating.
At this time, RiskMetrics is supporting the incumbents. That proxy advisory company says, "The board has the right strategy of becoming a major independent producer of geothermal power. Two future milestones: (i) 50 MW bankable feasibility by the end of 2010 and (ii) power production by 2012, have been conveyed to the market. $20 million out of the $50 million required for (i) have been secured. A future financing plan has also been outlined. There is no contrary evidence to prove Sierra is not on track now."
Showing posts with label Nevada. Show all posts
Showing posts with label Nevada. Show all posts
Tuesday, January 19, 2010
Tuesday, September 15, 2009
Daryl O. Anderson
A recent article in the Las Vegas Review-Journal tells us of the latest troubles of Daryl O. Anderson, a veteran of the great CMKM penny-stock swindle.
Anderson was a stock broker at the now-defunct NevWest Securities, which used to sell CMKM stock in the heyday of Casavant and his cronies. Back in the good ol' days, over the four year period 2003-07, CMKM sold $200 million in stock to the public on that public's expectation that such capital would help exploit the diamond wealth of Saskatchewan, Canada. By the spring of 2007, CMKM was a penny stock company with, in essence, no assets and $558 in the cash drawer.
CMKM still exists, but the new management there is encouraging the Dept. of Justice, the FBI, and an IRS task force to "finally issue indictments and commence criminal proceedings" against the the old management.
Anyway, none of this has discouraged Daryl Anderson, who got right back on the horse, as they say in Nevada. The Fort Worth, Texas office of the SEC has recently filed a lawsuit against Anderson for stock scalping involving a company named Cloudtech Sensors. [Stock scalping involves the recommendation of the purchase of a stock while the person giving the recommendation is himself selling it into the market.]
Apparently, this enterprising fellow got forty investors to pony up $3 million total for Cloudtech, which caused a 358% rise in its price, allowing him to cash out his Cloudtech for a profit of $930,852.
My point? Just the age-old one: caveat emptor.
Anderson was a stock broker at the now-defunct NevWest Securities, which used to sell CMKM stock in the heyday of Casavant and his cronies. Back in the good ol' days, over the four year period 2003-07, CMKM sold $200 million in stock to the public on that public's expectation that such capital would help exploit the diamond wealth of Saskatchewan, Canada. By the spring of 2007, CMKM was a penny stock company with, in essence, no assets and $558 in the cash drawer.
CMKM still exists, but the new management there is encouraging the Dept. of Justice, the FBI, and an IRS task force to "finally issue indictments and commence criminal proceedings" against the the old management.
Anyway, none of this has discouraged Daryl Anderson, who got right back on the horse, as they say in Nevada. The Fort Worth, Texas office of the SEC has recently filed a lawsuit against Anderson for stock scalping involving a company named Cloudtech Sensors. [Stock scalping involves the recommendation of the purchase of a stock while the person giving the recommendation is himself selling it into the market.]
Apparently, this enterprising fellow got forty investors to pony up $3 million total for Cloudtech, which caused a 358% rise in its price, allowing him to cash out his Cloudtech for a profit of $930,852.
My point? Just the age-old one: caveat emptor.
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