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Microcap & Penny Stocks : Biosafe International, Inc [BSFE]
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To: Charles Holewinski who wrote (149)2/9/1997 6:12:00 AM
From: DCBEN   of 280
 
Charles,

Biosafe's flagship project in Fairhaven has long been under court challenge by an organization consisting of property owners near the landfill and assorted sympathizers. During the initial escavation of cell #1 the neighbors complained of foul odors, noxious gasses etc. BSFE undertook a long expensive program of odor abatement, etc. but a number of the property owners were not satisfied (some wanted Biosafe to buy them out at very high prices). They have been joined by estwhile environmentalists who fear all kinds of bad things.

In any case the group that calls itself ENUFF filed a complex legal action that has been handled in parts. Bisofe has prevailed on virtually all motions and rulings to date, but the major hearing on the revocation of it "Athorization to Construct" went to hearing way back in September, I think. The judge has still not made his ruling. The cloud has hurt BSFE's ability to earn money at Fairhaven, and I suspect it has gotten in the way of its ability to raise debt funding for that or other projects and interfered with its ability to procede with the other Massachusetts projects.

This ruling, if in BSFE's favor, will go a long way to clear the air (no pun intended). There will still be the matter of damages claimed by ENUFF, which has yet to go into discovery phase. If they lose, the Fairhaven contract will likely be canceled and who knows if or how much of the money BSFE has sunk in their can be recovered.
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