A., commonly known as Atersa, a privately held company based in Valencia, Spain. announced that the US Bankruptcy Court presiding over Astro Power’s Chapter 11 proceeding approved Astro Power’s participation in the disposition by an Astro Power subsidiary of 100% of the share capital of Aplicaciones Tecnicas de la Encergia, S. A.., (Elecnor) a Spanish Corporation on July 12, 2004. The sale price was 3.0 million euros.“The Company discovered a substantial financial reporting misstatement which led to the departure of high level executives.
Staff Determination letter on April 17, 2003 indicating that Astro Power does not comply with the requirements for continued listing set forth in Marketplace Rule 4310 (c) (14) as a result of its failure to timely file its Annual Report on Form 10-K for the year ended December 31, 2002 with the Securities and Exchange Commission. PK) announced today the US Bankruptcy Court presiding over Astro Power’s Chapter 11 proceeding approved the sale of most of Astro Power Inc.’s US business assets to General Electric Company’s designee Heritage Power LLC. The Company also faced a severe liquidity crisis caused by historical operating losses and significant research and development spending.”In November 2005, Dr.
made material misstatements, engaged in fraudulent accounting practices, and signed filings made with the Commission that they knew, or were reckless in not knowing, contained materially false and misleading financial statements.
The Commission alleged that at the direction of Barnett and Stiner, and in contravention of Generally Accepted Accounting Principles, Astro Power improperly recognized approximately million in revenues from four transactions executed over the course of the second and third quarters of 2002.
Without admitting or denying the allegations in the Complaint, Barnett and Stiner consented to the entry of final judgments enjoining them from future violations of these provisions of the federal securities laws, prohibiting them from acting as officers or directors of any public company, and imposing civil penalties.
Stiner, without admitting or denying the Commission’s findings, also consented to the institution of settled administrative proceedings pursuant to Rule 102(e)(3) of the Commission’s Rules of Practice suspending him from appearing or practicing before the Commission as an accountant, based on the anticipated entry of an injunction against him.
According to the Complaint, as a result of improperly recognizing revenue from these transactions, Astro Power’s net income was overstated by approximately 0,000 or 80% for the second quarter of 2002, and approximately 0,000 or 113% for the third quarter of 2002.
Despite high anxiety in the US and Europe over potential price increases, and a highly divided solar industry prices did not increase significantly.While GE is expanding solar module production using cells from outside suppliers, does this event mark the end of the both recycled wafer and APex™ Silicon-Film™ solar cell technologies developed by solar industry pioneer Astro Power?As the worldwide solar photovoltaic industry expands production at a rapid pace and confronts silicon shortages and solar module demand growth fluctuations, the rapid decline of industry high flier Astro Power may provide some sobering lessons. today announced that it has signed an agreement to acquire Aplicaciones Tecnicas de la Energia, S.The Corporate Trust holds the Debtors' retained claims, and the Lender Trust holds claims contributed by the Consenting Lenders. Kirschner (the "Trustee") was appointed as the trustee of both Trusts. Separately, KPMG argues that any discovery disputes between KPMG and the Debtors are governed by the arbitration clause contained in the prepetition engagement agreement between KPMG and the Debtors dated July 10, 2015 (the "KPMG Engagement Agreement"). 2004) (citation omitted); In re Countrywide Home Loans, Inc., 384 B. On April 6, 2016, the Trustee filed the Rule 2004 Motion seeking authority to examine the Third Parties on behalf of both the Corporate Trust and the Lender Trust. The Trustee's declaration in support of the Rule 2004 Motion was admitted without objection and the Trustee provided additional live testimony. After due deliberation, the Court pursuant to a certain senior secured term loan agreement (the "2014 Credit Agreement"), the proceeds of which were primarily used to pay off certain existing debt and provide a special dividend to equity holders, as well as to provide for working capital. Under the settlement, MLH and TA contributed 5 million to the Debtors and received releases from the Debtors and third parties; the claims under the 2014 Credit Agreement were converted into a new term loan in the amount of 0 million; the prepetition lenders received 100% of the equity of the reorganized Millennium; two trusts were created to pursue additional recoveries against "Excluded Parties"; On December 14, 2015, an order confirming the Plan was entered. On April 22, 2016, the Objectors filed their Objections to the Rule 2004 Motion.