Governor places limits to Renkes investigation.

Robert Bundy, the private attorney that Alaska Governor Frank Murkowski claims to be investigating Alaska Attorney General Gregg Renkes, has disclosed that the Governor unilaterally and privately controls the scope and nature of his investigation. The disclosures came in response to demands by members of the Alaskan legislature that Mr. Bundy expand his investigation.

There is a great deal of interest in the Renkes matter among our subscribers. We will continue to monitor these developments and post any material articles on our site. However, we note that KFx Inc.’s (AMEX: KFX, $9.27) Alaskan fiasco only relates to our KFx investment opinion (Short Sell) as a character reference. Our KFx opinion is based on the value of KFx’s PRB coal drying process.

We believe that even assuming the best case for plant construction and operating costs, and that K-Fuel qualifies for the recently enacted tax-credit adjusted, that K-Fuel is totally uncompetitive and that its most promoted properties are entirely worthless.

Inquiry focus set, Bundy tell Dems
By Paula Dobbyn
Anchorage Daily News
October 28, 2004

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