The photovoltaic rumor mill says Astropower is not just having to restate earnings, but is being investigated for withholding info from stockholders - and the latter is the real reason for the resignations of Barnett and the other officers.
I first met Allan Barnett in 1975 when he came to the University of Delaware as Director of the Institute of Energy Conversion (IEC)(a position he was eventually 'removed' from). The Director of IEC position came with a dual appointment as Professor, with full tenure, in the UD's College of Engineering.
When Barnett was 'removed' as Director of IEC, he still was tenured faculty at UD. He moved to the College of Engg. faculty and managed to raise private funding for his research. That research and funding, as posted on the Astropower website, eventually led to the formation of Astropower.
Today, a few of the officers remaining at Astropower came from either IEC or Solar Energy Systems (SES) ... a now defunct Shell Oil funded photovoltaic company, spun off from an IEC research project. I know these people to be totally honest and above reproach.
On March 15, I posted a release from StockDiagnostics.com, where they referred to Astropower as a "trap door" and ended with:
. . . AstroPower does not have a viable business model and unless it totally overhauls its business model, we believe that the probability is high that it may be out of business by the end of 2003.
IMO, that release is accurate and investors would be wise to heed their warning: #reply-18704749.
Merry |
