Today, in the latest of ten Evergreen Energy Inc. (AMEX: KFX, $10.10; NYSE Arca: EEE) press releases issued preceding and during its First Energy Corp. (NYSE: FE, $55.91) dust fiasco, Evergreen announced that Richard Spencer is resigning from Evergreen’s Board. The resignation will be effective within days and comes without prior public notice.
Mr. Spencer bought into Evergreen’s most recent penny stock and warrant deal. The deal was done over four years ago to resurrect Evergreen’s 30-year old dried-coal promotion.
It is telling that Evergreen would claim that Mark Sexton has only been with Evergreen for a year in the same press release that insinuates that Mr. Spencer is leaving to avoid a conflict in structuring a financing.
Mr. Sexton joined Evergreen in 1999 as a director. He left in 2004 and spent a year attempting to structure a financing for Evergreen. No financing materialized. Mr. Sexton returned to Evergreen.
We suggest investors seek another explanation for Mr. Spencer’s sudden departure shortly after the First Energy fiasco.
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