Thursday, June 04, 2020
Hawai'i Free Press

Current Articles | Archives

Tuesday, March 11, 2014
For Sale Cheap: One More Bankrupt Alt-Energy Scheme
By News Release @ 4:41 PM :: 4431 Views :: Energy, Tax Credits

Activated Carbon Processing Facility & Biomass Power Plant In Hawaii Hit The Auction Block

--Tiger Group and Aaron Equipment conducting bid offering for unique processing and sustainable biomass energy facility

(Question: If it is 'sustainable' why is it bankrupt?  Any why does the press release writer not notice the irony in this?)

News Release from Tiger Group

KAWAIHAE, Hawaii, March 10, 2014 /PRNewswire/ -- By order of the U.S. Bankruptcy Court, Tiger Group's Remarketing Services Division and Aaron Equipment Company Inc. are liquidating an activated carbon processing facility and a biomass power plant formerly owned by Big Island Carbon LLC and its affiliates. Located in Kawaihae on the west side of the Big Island of Hawaii, 35 miles north of Kailua-Kona, the assets are being marketed in a sealed bid offering that closes at 5:00 p.m. (PT)on April 4. The sale is being conducted under the direction of bankruptcy trustee Charles A. Stanziale of McCarter & English, LLP.

"Companies involved in the activated carbon industry and in sustainable biomass energy will be interested in this facility, which is initially being offered as a complete facility," said Jeff Tanenbaum, President of Tiger Remarketing Services. "The Big Island plant was built to crush, size and char locally-grown macadamia nut shells, and then activate the charred products in a 'green,' non-chemical manner. The on-site biomass power plant is equipped to support the facility with energy generated from pyrolysis oil synthesized by the process "

More than $40 million was invested in the facility, developed by Denham Capital Management, but funding was cut off before the plant could begin full production. The company filed for Chapter 7 bankruptcy on November 5, 2012 in the Delaware Bankruptcy Court (case number 1:12-bk-13023). According to former management, the facility initially produced and tested a high grade of activated carbon.  During that preliminary phase, the company also identified the steps and costs necessary to ready the operation for full production,  said Tanenbaum.

The site is located on approximately 14 acres in an industrial zoned area, leased from the Department of Hawaiian Home Lands. The facility has received all required construction and operating permits, including the Title V air permit for the power plant. Big Island Carbon has also received all required operating permits.

The location offers easy highway access to the Kawaihae Port and its fuel depot and shipping terminal, facilitating transportation of the activated carbon product to Los Angeles at a cost of less than 10 cents per pound, according to former management's business plan.

To support the activated carbon thermal process operation, the facility features equipment acquired at a cost of over $14 million(exclusive of shipping and installation costs), including a 40-foot Bartlett-Snow Rotary Calciner and a 2,000 gallon Alstom Power Char Converter Reactor.  The power plant includes a 1,825-kw Cummins reciprocating diesel engine generator set with an SCR for NOx reduction, and a steam turbine, manufactured by Elliott Ebara, which was previously installed at a West Virginiafacility but never commissioned. The turbine operates at 5,620 rpm and is connected to an 1800 rpm, 480 volt generator, via a gear reducer. Steam for both the turbine and the process facility is produced in a Cleaver Brooks D style package boiler rated to produce 22,000 lb. /hr. of 600 psig 640°F superheated steam.  A complete list of equipment at the plant is available through Tiger.

To comply with the Bankruptcy Court Order, the facility must be sold – the only question is whether Tiger and Aaron will find an operator, as opposed to selling the facility for its parts.  "Our firm was very successful in 2013 in securing turnkey operators for dormant facilities; this is always our top priority," Tanenbaum noted. "The ability to purchase this facility at distressed asset value creates a huge opportunity for the right company ready to act."

"This is a great opportunity for a turnkey buyer," added Stanziale.

The plant and equipment will be available for preview by appointment only. For a full description of the offering and details on how to schedule a site visit and bid, go to: www.SoldTiger.com

About Tiger Group

Tiger Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger's collaborative, straight-forward approach is the foundation for its many long-term 'partner' relationships and decades of success. Tiger operates main offices in Boston, Los Angeles and New York. To learn more about Tiger, please visit www.TigerGroup.com.

  *   *   *   *   *

Last One: Fall-out from Hoku’s failed polysilicon project heats-up

Next One: 'Clean' Energy: Hawaiian Dredging accuses Hu Honua of stealing Computers, Information

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

808 State Update AM940

ABCDEFG Blog

ACA Signups Hawaii

ACCE

ALEC

Alliance Defending Freedom

Aloha Life Advocates

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

American Mothers of Hawaii

AMVETS-Hawaii

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Audit The Rail

Ballotpedia Hawaii

Better Hawaii 

Blaisdell Memorial Project

Broken Trust 

Build More Hawaiian Homes Working Group

CAFR Hawaii

Castaway Conservative

Children's Alliance Hawaii

Children's Rights Institute

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Citizens for Recall

Cliff Slater's Second Opinion

Coffee Break

CSIS Pacific Forum

DAR Hawaii

DeedySupport.com

DVids Hawaii

E Hana Kakou Kelii Akina

E Māua Ola i Moku o Keawe

Farmers For Choice Hawaii

FIRE

Fix Oahu!

Follow the Money Hawaii

Frank in Hawaii

Front Page Magazine

Frontline: The Fixers

Genetic Literacy Project

Get Off Your Butts!

God, Freedom, America

Grassroot Institute

Habele.org

Hawaii Aganst Assisted Suicide

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crime Victims' Rights

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defending Marriage

Hawaii Defense Foundation

Hawaii Families for Educational Choice

Hawaii Family Advocates

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Firearm Community

Hawaii Fishermen's Alliance

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii March for Life

Hawaii Meth Project

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Right to Life -- Big Island

Hawaii Right to Life -- Oahu

Hawaii Shield Law Coalition

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

Heritage Foundation

HI Coalition Against Legalized Gambling

HIEC.Coop 

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Homeless Crisis

Honolulu Navy League

Honolulu Traffic

Horns of Jericho Blog

House Minority Blog

House Republican Caucus YouTube

HPACC

Hump Day Report

I Vote Hawaii

If Hawaii News

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

Iowa Meets Maui

Jackson v Abercrombie

Jihad Watch

July 4 in Hawaii

Kahle v New Hope

Kakaako Cares

Kau TEA Party

Kauai Co GOP

Keep Hawaii's Heroes

KeyWiki

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Mauna Kea Recreational Users Group

MentalIllnessPolicy.org

Middle East Forum--The Legal Project

Mililani Conservatives for Change

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

Muslim Brotherhood in America

NAMI Hawaii

NARTH

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

National Wind Watch

New Zeal

NFIB Hawaii News

No GMO Means No Aloha

Northwest Economic Policy Seminar

Not Dead Yet, Hawaii

Now What I Really Think

NRA-ILA Hawaii

Oahu Alternative Transport

ObamaCare Abortion Hawaii

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Pacific Aviation Museum

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons 

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

Republican Party -- Hawaii State

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

SIFE Remington

SIFE W. Oahu 

Sink the Jones Act

Smart About Marijuana--Hawaii

St Marianne Cope

State Budget Solutions Hawaii

State Policy Network

Statehood for Guam

Tax Foundation of Hawaii

The Harriet Tubman Agenda

The Long War Journal

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Truth About Trade & Technology - Hawaii

UCC Truths

Union Members Know Your Rights

US Tax Foundation Hawaii Info

Valor in the Pacific

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT