Monday, May 18, 2015

The Timeline of the KIOR Caper



Here is more information on the Military Industrial Congressional Presidential Complex operative Vinod Khosla and his adviser Condi Rice in the KIOR Caper.


Here is The Timeline:

Mississippi passes legislation to loan KIOR $75 million on August 27, 2010

The term sheet for a billion dollar loan is executed with US DOE in Feb 2011

Hunt Refining executes offtake agreement with Kior on March 8, 2011

The State of Mississippi loan closes on March 17, 2011

Kior issues the first S1 for their IPO on April 11, 2011 with lots of discussion of the US DOE loan
http://www.sec.gov/Archives/edgar/data/1418862/000095012311034676/h80686sv1.htm

Catchlight (Chevron Weyerhaeuser) execute an offtake agreement on May 3, 2011

May 10, 2011 letter from DOE to KIOR telling KIOR the DOE loan may take till June.

Fedex executes an offtake agreement with Kior on May 12, 2011

KIOR voluntarily “gave up” on DOE loan on May 15, 2011

SEC asks KIOR about the status of the DOE loan May 27, 2011

KIOR's lawyer replies to the SEC on June 1, 2011 linked below
http://www.sec.gov/Archives/edgar/data/1418862/000095012311055749/filename1.htm

Condi Rice announces she will join the board in July but this is announced on June 22, 2011 just two days before the IPO.
https://gigaom.com/2011/06/22/condi-rice-to-join-board-of-biofuel-startup-kior/

Amended S1 filed on June 22, 2011.  The DOE loan is out of the S1 document but Kior had already taken $28 million from Old Miss under the state loan
http://www.sec.gov/Archives/edgar/data/1418862/000095012311060902/h80686a7sv1za.htm



I believe there have to be records under the FOIA about the third party's view on the technology.  The April 11, 2011 S1 was full of statements about the third party hired by the US DOE that was to review the technology.  KIOR claimed the DOE loan was not taken because they had to start construction on September 30, 2011.  In the April 11, 2011 S1 the September 30 date is mentioned several times and was not a problem.  This timing issue is probably a smoke screen for other problems with the DOE loan. 



There has to be a third party report given to the US DOE around the end of April or early May 2011 on the technology.  I want to see if the third party reported that KIOR would likely not yield the quantities of diesel and gasoline they claimed.  This report will resolve if Khosla et al at Kior pulled a fast one on Mississippi as well as investors who bought into the IPO.


Also as the IPO was only source of funds for the company after the DOE went hasta lavista, the announcement that Condi Rice would join the board was probably made to prop up the IPO.


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