Cornerstone Propane
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| − | Cornerstone Propane, (defunct symbol CNO), once the United States' leading supplier of propane gas, went through bankruptcy, following a liquidity crisis precipitated by their parent company's refusal to extend terms for debt payment. | + | Cornerstone Propane, (defunct symbol CNO), once the United States' leading supplier of propane gas, was formed Dec 1996 by Northwestern Growth Company([http://caselaw.findlaw.com/mo-court-of-appeals/1333369.html Source]). The company went through bankruptcy about 2003, following a liquidity crisis precipitated by their parent company Northwestern Growth Corporation's refusal to extend terms for debt payment. |
Their former website http://www.cornerstonepropane.com is now defunct. | Their former website http://www.cornerstonepropane.com is now defunct. | ||
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| + | Following the restructuring of Cornerstone about 2004 or 2005 the SEC filed charges against some of its top officers claiming filing of false statements, and failure to file financial statements. | ||
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| + | The major portion of Cornerstone changed it's named to Titan Energy Partners. However, evidently some of the smaller pieces of Cornerstone continue to use the name Cornerstone, so parts of it must have been sold off or divided. | ||
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*[http://www.sec.gov/litigation/litreleases/lr19391.htm "SEC CHARGES FIVE FORMER EXECUTIVES OF CORNERSTONE PROPANE PARTNERS, L.P. WITH FALSE FINANCIAL REPORTING"], 23 Sep 2005 : "The Securities and Exchange Commission today filed civil charges against five individuals formerly associated with Cornerstone Propane Partners, L.P. ("Cornerstone"): former chief executive officer, Keith G. Baxter; former chief financial officer, Ronald J. Goedde; former vice president of finance and acting chief financial officer, Richard D. Nye; former controller, Robert E. Ellington; and former divisional chief financial officer, Anthony W. O'Dell." | *[http://www.sec.gov/litigation/litreleases/lr19391.htm "SEC CHARGES FIVE FORMER EXECUTIVES OF CORNERSTONE PROPANE PARTNERS, L.P. WITH FALSE FINANCIAL REPORTING"], 23 Sep 2005 : "The Securities and Exchange Commission today filed civil charges against five individuals formerly associated with Cornerstone Propane Partners, L.P. ("Cornerstone"): former chief executive officer, Keith G. Baxter; former chief financial officer, Ronald J. Goedde; former vice president of finance and acting chief financial officer, Richard D. Nye; former controller, Robert E. Ellington; and former divisional chief financial officer, Anthony W. O'Dell." | ||
*[http://www.the10b-5daily.com/archives/000710.html "Reducing Class Sizes"], 16 May 2006 on The 10b-5 Daily website : "...re Cornerstone Propane Partners, L.P. Sec. Litig., 2006 WL 1180267 (N.D. Cal. May 3, 2006), the court found that "plaintiffs who sold their stock before July 21, 2001, when the first corrective disclosure occurred, did not suffer any loss causally related to the defendants' alleged misrepresentations." Accordingly, the court excluded these plaintiffs from the definition of the class." | *[http://www.the10b-5daily.com/archives/000710.html "Reducing Class Sizes"], 16 May 2006 on The 10b-5 Daily website : "...re Cornerstone Propane Partners, L.P. Sec. Litig., 2006 WL 1180267 (N.D. Cal. May 3, 2006), the court found that "plaintiffs who sold their stock before July 21, 2001, when the first corrective disclosure occurred, did not suffer any loss causally related to the defendants' alleged misrepresentations." Accordingly, the court excluded these plaintiffs from the definition of the class." | ||
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| + | Associated names: Alan Fuji, Graham Gottfried, David Scoggins, JoAnn something, Will Johnson | ||
