Saturday, August 24, 2013

KIOR Now Called Petro Dismal

My last blog gave the timeline from the date of the  DOE term sheet till the IPO and how the lawyers suing KIOR and its officers and directors should get data from the DOE why the cheap Obama loans were pulled so soon after the DOE executed the term sheet with Kior.

Now let’s dwell on an equally sinister timeline of the first quarter 2013 earnings call through the end of the second quarter and the data that was finally released of the paltry quantity of fuel actually produced in the second quarter by the wood to diesel alchemy Condi Rice and her team practiced there in Columbus Mississippi. 

The CEO held the first quarter earnings call on May 9th 2013 and said the following:

"Consistent with our previous guidance, we expect that total fuel production during the second quarter will range between 300,000 and 500,000 gallons, keeping us on track to fall within our projected production range of 3 million to 5 million gallons for 2013."

On May 21 some 12 days after the earning call, the local Columbus Mississippi CBS station (WCBI) was invited for a site tour of the plant to report on the wondrous alchemy happening there in Old Columbus Miss.  A young and probably rookie reporter named Ms. Caresse Jackman was sent to the plant to do the reporting.  Little did Ms. Jackman realize she was going to break a story of her lifetime that might bring down a former Secretary of State for making overzealous claims of the reality in the production weapons of mass combustion.  Donning a blue hard hat and looking quite the part of a chemical professional in the steam belching chemical plant Ms. Jackman reported that “the plant had only shipped a single truckload of diesel so far this year.”

OK we have the CEO saying 12 days before Ms. Jackman’s visit that the plant will produce between 300,000 and 500,000 gallons in the quarter that was to end on June 30, 2013.  But he must have known that with the quarter almost half over they had shipped out next to nothing.  The dozens of lawyers chasing after KIOR and their officers and directors as part of shareholder class action lawsuits will certainly use Ms. Jackson report as part of their case.  I have alerted several of the lawyers to her onsite reporting.

Ms. Jackson should win a Emmy.  She had no clue all dressed in blue that she was about to uncover one of the biggest hypes in the Obama green-space.  She had no clue Condi was hyping the “reality” of Kior as a substitute to imported oil.  She had no clue that Vinod Khosla, who had a hand in Range Fuels and Cello two other gangrene cellulosic flops, was such a big muckety muck from sand Hill Road.  She had no clue that the plant mainly makes carbon dioxide gas and soot and hardly yields any liquid fuel.   All that belching steam was simply for show.

She probably was sent at Kior’s request to show the wonderful shiny new plant belching steam and chipping southern yellow pine trees to shreds.  How was she to know that this plant that the DOE and EPA were counting on to supply more than 50% of the 2013 advanced cellulosic biofuels in the entire US was simply a violator of the second law of thermodynamics?  As far as she knew Dr. Steven Chu was a firm believer in diesel from wood, and after all he is a Nobel Prize winner in low temperature physics.

I early June when I discovered Ms. Jackman’s report on the internet, I emailed her and her editor to tell them she would become famous.  I received no reply from them as I guess they hoped her story would simply go away and that Condi would miraculously produce the weapons of mass combustion in their backwater town in Mississippi.  Well Ms. Jackman and WCBI you are about to become star witnesses in one of the biggest green stock hypes of the century.

When you are called to court you need not wear a blue hard hat.  Please don a green and soft beret as you are part of the Special Forces that uphold the laws of thermodynamics in a corrupted country where former secretaries of state like Powell and Rice and a former Vice President like Al Jazeera Gore are plundering public funds for their gangrene enterprises like Kior, Fisker, and Bloom Energy.  The massive plundering was allowed by people like Dr. Chu who well understood that this was pure thermodynamic nonsense.  Yet to please his boss he let it happen.  Dr. Chu shame on you!!!

Long Live The Laws Of Thermodynamics they may still save our country.  As for Condi Rice she still is looking for additional bismuth pinkcake from Niger which is the active ingredient in Petro Dismal.  


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