Tuesday, April 17, 2012

Suit Accuses Payette County of Assisting Alternate Energy Holdings' 'Hair-Brained Schemes'

Posted By on Tue, Apr 17, 2012 at 9:03 AM

A new lawsuit against Alternate Energy Holdings - the Eagle-based company that promises to build a nuclear reactor in Payette County - has named Payette County as a co-defendant.

"Payette County's material assistance to AEHI's stock fraud scheme is a violation of Idaho Law and Public Policy," said a statement from a group of property owners who are plaintiffs in the suit. "The decisions made and actions taken by Payette County were the only validation of AEHI, a company with no assets, no customers, no revenues from any viable business, and no record of success on any of its hair-brained schemes."

The suit does not seek any damages but calls for a rescission of all decisions and actions taken by Payette County regarding AEHI, including rezoning and variances. You can read the full complaint here: AEHI_complaint.pdf.

AEHI and its CEO, Don Gillispie, recently settled with a group of its disgruntled shareholders, who had accused the company of misleading investors and grossly understating Gillispie's compensation. Gillispie must make a payment of $450,000 to those complainants by June 30 or face a $2 million federal penalty judgment.

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