If you would like to see the filing it is available online at http://209.98.144.66/GSE/
At 9:21 AM -0500 8/12/04, Pam Ellison wrote:
Let us not forget the hard work and dedication of John Birrenbach as well.
While I appreciate the kind words, and I do have to admit it does puff one's ego a bit, they are not necessary. I saw a problem in 1998 brewing (sorry no pun intended), and was lucky to have a neighborhood that doesn't roll over. There are so many who did so much to help it is a disservice to all of them to even attempt to make a list or single out individuals.
At 6:09 AM -0700 8/12/04, M Charles Swope wrote:
A note of caution.
I do hope Andy is right about this being the end of GSE and, given the ratio of liabilities to assets, it probably is. However, this is a Chapter 11reorganization filing, not a Chapter 7 liquidation, so there is at least a possibility that GSE could be resurrected in some form.
I have to admit Charles has the right last name, he Swoped into the main issue that concerns me.
This is not liquidation this is protection by the court from the seizure of more of the companies assets by it's creditors. It should be noted that recently one of their creditors went in and scooped out all the cash out of GSE's bank account for a judgement they had against the plant. I applaud someone who takes it to the limit and goes after the cash, however Chapter 11 allows GSE to be protected from any such action being taken in the future, or at least not without an OK from the court.
So I am optimistically hopeful that this is the end of GSE, but in reality it is not completely dead yet. Definitely on Life Support, and headed down that road, but others have been able to come out of Chapter 11 intact and back in operation. I add to my optimism the fact that the corn crop is not looking good and prices are probably going to remain high through to next year. This will add to the their inability to process anything.
My optimism is tempered by the facts that there is also BIG money playing the game here. Big money is not always concerned with everything they have making or being profitable. In fact the opposite can often be true. It is not how you play the +'s but how you play the -'s that give you the right number at the end of the year. It's a complicated shell game that many Big Money people play in order to make the taxes come out right.
So I and the neighborhood (and the rest of St Paul) will breath a little easier for a while BUT, I am not going to hold my breath or throw a party till I see or hear that the ethanol production equipment is being removed from the plant.
--
Sincerely,
John Birrenbach
W 7th Neighborhood, St Paul MN
=== Political & Business Consulting ===
http://www.birrenbach.com/
======================================
"Six years on the council has trained me to feign interest for long periods of time"
Chris Coleman Jan 21, 2004
+++++++++++++++
Unless it is something you think I will find funny don't reply personally, if it's relevant to a post I made then post it to the list for everyone to see. I have no problem being challenged in public. Challenge me in private and you take your chances.
+++++++++++++++
_____________________________________________
To Join: St. Paul Issues Forum Rules Discussion
Email: [EMAIL PROTECTED]
_____________________________________________ NEW ADDRESS FOR LIST: [EMAIL PROTECTED]
To subscribe, modify subscription, or get your password - visit: http://www.mnforum.org/mailman/listinfo/stpaul
Archive Address: http://www.mnforum.org/mailman/private/stpaul/
