So here’s a fascinating situation. Some people have a knack so you can get out of bad situations just. I recall when Leucadia got out of their WilTel. It was a disaster, but they got out at break-even and walked with a huge tax asset away. It type of reminds me of a silent movie scene where Chaplin or Keaton walks away and a grand piano crashes onto the sidewalk where they stood only moments before.

And here’s Einhorn’s great get away. Greenlight and Third Point are both shown as large shareholders in the original S-1 in 2007 so were pre-IPO traders (along with Cargill) of the initial BioFuel Energy. 10.50, and I don’t know what the class B shares cost). 17 million or so bringing up stocks owned to 43 million.

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And then there is a 1/20 reverse split bringing shares owned by Greenlight to 2.2 million stocks. So on this basis, it’s hard to say that Greenlight will walk away out of this at break even. Anyway, this deal occurred at around enough time Pacific Ethanol (PEIX) was soaring; Bill Gate’s investment company was an investor. Either real way, it’s a tiny position for these guys.

It was a nice ‘punt’ on a favorite theme at the time. BioFuel Energy Corp.BioFuel Energy Corp. Delaware corporation on April 11, 2006, to invest in BioFuel Energy solely, LLC (the “LLC”), January 25 a limited liability company arranged on, 2006, to construct and operate ethanol production facilities in the Midwestern USA. From June 2008 through November 22, 2013, the ongoing company operated two ethanol production facilities situated in Wood River, Nebraska, and Fairmont, Minnesota, that produced and sold ethanol and its own related co-products. The Company’s ethanol plants were owned and operated by the operating subsidiaries of the LLC, that have been party to a Credit Agreement (the “Senior Debt Facility”) with a group of lenders.

Substantially every one of the possessions of the operating subsidiaries were pledged as guarantee under the Senior Debt Facility. On November 22, 2013, the Company’s ethanol plant life and everything related property were used in certain designs of the lenders in full satisfaction of most outstanding responsibilities under the Senior Debt Facility. Following a disposition of the ethanol creation facilities, we are a holding company with no substantial procedures of our very own.

Our head office is positioned in Denver, Colorado. 8.1 million in cash and cash equivalents. 181.3 million, which were completely reserved against. BIOF basically became a shell company with a tax asset and some cash, and a delisting was got by them notice from NASDAQ. JBGL is a genuine estate operator involved in the development and buy of land for residential use, construction, home, and financing building operations. JBGL Capital, LP and JBGL Builder Finance LLC was each formed under the laws of the State of Delaware.