Friday, January 16, 2015

State of Mississippi goes after Vinod Khosla in KiOR matter

From the Sun-Herald Biloxi newspaper:

JACKSON -- The state of Mississippi has sued billionaire Vinod Khosla and others, saying they knew long ago that bankrupt biofuel firm KiOR had poor prospects for success, but misled the state into loaning the company $75 million.

The lawsuit, filed Tuesday in Hinds County Circuit Court, alleges Khosla and others engaged in fraud, negligence and conspiracy to hide the fact that KiOR's technology never performed as well as they represented.

"The State of Mississippi reasonably relied upon these misrepresentations, omissions and ratifications, and as a consequence, loaned KiOR Columbus $75 million," the lawsuit states.

Attorney General Jim Hood hired the Ridgeland law firm of McCraney Montagnet Quin & Noble to investigate KiOR days after it filed for bankruptcy in November. The suit seeks to recoup what KiOR owes the state, as well as punitive damages.


LBE notes in his interview with NHK-TV, the Japanese wanted to know "why" Lucent stockholders were not going after
Lucent management for the fraud of Jan-Hendrik Schon. Lucent did pull the patent applications of Schon rather quickly after the fraud was uncovered.


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