Incompetence, fraud alleged in Greenshift investor group, Biofuels Industries Group suit

March 7, 2011 |

In Michigan, the trial postponed from last July to January regarding the 2007 takeover of Biofuel Industries Group by New York investors in Greenshift has been postponed again until November. The January trial date was called off after a new set of claims and counterclaims were filed last fall that included accusations of incompetence and fraud.

A new party, YA Global Investments LP of New Jersey, also filed a motion to enter the case to protect a “substantial amount of money” it had loaned to Greenshift Corp. of New York in 2008. YA Global claims it has the first secured position for assets of the Greenshift parties.

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Category: Fuels

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