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KiOR Biofuel Investors Settle for $4.5Mn (Ind. Report)
KiOR,Vinod Khosla
Date: 2017-06-12
Following on our January 30th, 2015 coverage, a federal court in Houston has approved a $4.5 million settlement for the 23,000 private shareholders of the bankrupt, Mississippi woody biomass-to-biofuel maker KiOR, and a lawsuit by the state of Mississippi seeking to recover a much larger amount continues.

Former KiOR CEO Fred Cannon, lead investor Vinod Khosla and former Chief Financial Officer John Karnes are to pay the money under the settlement. Lawyers are to receive $1.5 million of the $4.5 million, plus expenses. The state claims KiOR Khosla and others knew KiOR had limited chances for success but defrauded Mississippi into loaning $75 million. Components from the $230 million plant to two other renewable fuel companies for a paltry $2.7 million.

Separately, Mississippi Attorney General is suing Cannon, Khosla and others in state court in Jackson, demanding repayment of $77 million, plus interest. Mississippi loaned $75 money to KiOR, which built a biofuel plant in Columbus. (Source: Clarion Ledger, AP, Others, 10 June, 2017) Contact: Khosla Ventures, (650) 376-8500, www.khoslaventures.com

More Low-Carbon Energy News Vinod Khosla,  KiOR,  Cellulosic,  Biofuel,  

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