Alternate Energy Holdings, the wannabe-nuclear developer, wasted no time in the new year boasting to media and shareholders of its intentions to move forward with a nuclear power plant in Southwest Idaho. In a Jan. 3 press release, AEHI said it was ready to move toward site approval work in advance of a nuke site in Payette County.
But neither Alternate Energy CEO Don Gillispie nor any of his underlings sent out a press release when they were slapped with a class-action lawsuit, filed Dec. 20, 2010
2011, in federal court, accusing Gillispie of securities fraud. Lead plaintiff Lance Teague filed the suit, alleging the company "engaged in a scheme to manipulate and artificially inflate the market prices of Alternate Energy stock by paying stock promoters to create artificial demand in the marketplace." The suit also alleged that Gillispie and his AEHI officers "misrepresented the company's true financial condition."
Gillispie also hasn't sent out any press releases updating investors on behind-closed-door mediation with the Securities and Exchange Commission under way at Boise's federal courthouse. AEHI still has to answer the SEC's 27-page complaint, alleging that the company defrauded the public. The parties have been meeting since September 2011 in confidential settlement conferences with U.S. Magistrate Judge Larry Boyle serving as a mediator. The SEC said AEHI's tax filings for fiscal year 2010 indicated the company had "minimum liquid assets and would be reliant upon stock and/or debt offerings to fund any kind of nuclear operations." A Citydesk review of AEHI's most-recent quarterly financials indicated that the company operated at more than a $1 million loss for the quarter ending Sept. 30, 2011.
AEHI also hasn't sent out any recent press releases to the media or investors representing the company's stock performance, which has lost half of its value since August 2011. As BW was going to press, AEHI was being traded for 6 cents a share in OTCQB markets.
But AEHI's Jan. 3 statement indicated that company officials are ready to move forward, filing a 60-day notice with Payette County, which it called a "key prerequisite for the next phase of the project." The company said the legal filing was prior to what it called "official work, including core boring, environmental study and installation of meteorological survey towers."
"We have waited a long time to get to this phase," said Gillispie. "In part because of several other steps that had to be accomplished first."