Saturday, April 19, 2014

Judge to Trash-to-Biofuel Firm: Hit the Bricks

Posted By on Sat, Apr 19, 2014 at 10:49 AM

Ten years after barnstorming throughout the region with promises to bring its trash-to-biodiesel technology to communities after being offered generous tax breaks and a friendly regulatory environment, a judge is evicting Green Power from the Port of Pasco, Wash.

Pasco officials now call the tactics of Green Power "lies and promises," and the company's CEO MIchael Spitzauer is in federal custody on charges of wire fraud, aggravated identity theft and money laundering.

And this morning's Tri-City Herald is reporting that Green Power's attempts to enter receivership have failed, but a King County Superior Court Judge says the application is "suspect."

The company's founder and CEO is accused of defrauding investors of at least $6.7 million over seven years. The Washington Department of Ecology shut down Green Power's unfinished facility in 2009 because it lacked proper air quality permits.

Bankruptcy records indicate Green Power's assets to be $10 million while the company owes more than $30 million to 14 creditors.

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