To: John Hensley who wrote (11183 ) 3/2/2000 3:04:00 PM From: Norman H. Hostetler Respond to
John, the primary reason the processor is not running is money. It will take a minimum of $75,000 and about six weeks of maintenance, training, buying waste oil, etc., before the processor could go into permanent operation. GOE does not have, and has never had since the SEC trading halt, the ability to put that much money into the processor at one time. Since the processor became fully permitted in August 1998, the relationship between the limited partners and the general partner have deteriorated, much like the relationship between the stock owners and the CEO. Partners have been unwilling to advance more money until they found out where their previous money went (there has never been any serious accounting to partners, despite South Carolina partnership law, which requires at least one such accounting every year), unless they had control over the uses and expenditures of the funds. The general partner (GEO, hence Bill) has steadily refused to consider any modification of the present general partner's functions, and would consider accepting money only under the current conditions, which give the general partner total control over the disposition of the funds.
