Wednesday, September 17, 2008

Bankrupt Lehman Brothers Eclipses Evergreen Solar

Michael El-Hillow, Chief Financial Officer of Evergreen Solar (ESLR-$4.39) told Reuters last Wednesday that the company was in talks to license its new solar thin-film technology to other solar panel makers. Agreements could be announced—next year!

Reading that press release wasted fifteen seconds of my life I cannot recover. As if El-Hillow's credibility was not already strained with that insipid release, now comes word that Evergreen
is vulnerable to potential shareholder dilution of more than 20 percent if shares lent to an affiliate of the insolvent Lehman Brothers are not returned.

El-Hillow insists, however, that the company is availing itself "of all legal remedies to protect the Company and its shareholders in this very fluid situation."

Editor David J. Phillips does not hold a financial interest in any companies mentioned in this posting. The 10Q Detective has a Full Disclosure Policy.

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