I did some checking on the word Moolah and it of course is
slang for money but it also is the word for a cow’s teats. Now you all think I have gone udderly
crazy. But Kior needs moolah real
fast. They need approximately $10
million by month’s end to survive another month. To put it bluntly they need a cash cow!
Even if they sold approximately 100,000 gallons of fuel
during the two months of July and August combined, their cash bleed was still
around $20 million in those two months alone.
During July and August Khosla gave them $20 million of loans to cover
the bleeding but now that line of credit is depleted.
Condi and Vinod must be begging all sorts of folks to come
in and invest in Kior. Will Vinod and or
the Province of Alberta Canada step up with more loans? The operational update Kior announced
yesterday was pretty bleak.
If funds are not raised very soon, layoffs and write-downs
will begin. Actually write-downs of fixed
assets should have already occurred as the plant has no hope of attaining the
stated nameplate capacity.
They claimed they would run with increased uptime in the 3rd
quarter than in the second quarter where they ran at 43% uptime. Let’s assume they managed 65% uptime in July
and August. Let’s assume they stuck with
running the plant at 40% of its nameplate capacity (200 tons a day of bone dry
wood versus 500 tons a day). There are
62 days in July plus August so they fed approximately 8,060 tons (0.65 X 62 X
200) of bone dry yellow pine to produce 199,071 gallons.
This means they could yield 24.7 gallons of fuel per bone
dry ton of pine (not the 72 gallons they claimed). If their uptime was 80% and they ran at 50%
of nameplate the yield will be only 16 gallons per bone dry ton of yellow pine.
Note the start-up of their semi-scale
facility in Columbus Mississipi has now been going on for almost a year. It probably has lined out to where it can
go. If KIOR does raise money and is
still around to report 3rd quarter earnings in mid-November we may
actually hear from them what their actual uptime percentage and capacity
utilization percentage were.
Condi is being used at Stanford as a high powered recruiter
of football players. She can also play
the piano and tell us all about Mr. Russ Putin. Now she simply has to find a
lot of moolah or Kior will go me-khoo-leh which is Yiddish for bankrupt.
Vinod has a new green start-up called MiKi-Orlay which takes
out of date and rancid potato chips from convenience stores and extracts the
oils and ferments the starch to make bio-diesel. This company will make folks who speak
Yiddish say that they invented Oil of Oy Vey.
Condi is probably looking up the hebrew4christians site for the word
smart lawyer.
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