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Energy

Evergreen Energy’s Wishful Thinking Announcement (EEE)

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By Douglas A. McIntyre Published
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So, your company’s stock is trading at nearly 90% below its 52-week high, and estimates for the current quarter point to a continued loss. What do you do? If you’re Evergreen Energy (NYSE: EEE), you adopt a poison pill.

Yesterday, the company’s stockholders approved a plan that gives currentshareholders the right to purchase a new series of preferred stock "inthe event of an unsolicited takeover bid." Institutions and insidershold about 70% of the company’s float, and by golly they are going tohold onto them even now that the stock is going for $0.33/share. The52-week high is $3.25, and the all time high is about $18.50.

The company has developed a process to produce cleaner-burning fuelfrom low-grade sub-bituminous and lignite coals. You’d think with theclamor for clean-burning coal that Evergreen would be doing better.The problem appears to be long-term debt of more than $97 million,coupled with negative cash flow.

There’s got to be a big line of potential takeover artists just drooling to get their hands on this baby. Or not.

Paul Ausick
December 5, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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