by Andrew Crisp
The Eagle-based Alternate Energy Holdings hasn't paid $700,000 in legal bills, said the law firm representing the company in a case launched by the U.S. Securities and Exchange Commission.
The news comes after the embattled company entered into a "material definitive agreement" with a group of investors. That option tasks the company and its CEO Don Gillispie with providing complainants with a total of $450,000, or face a $2 million penalty judgment.
The SEC alleged that AEHI misled investors and grossly understated Gillispie's compensation.
However, now K&L Gates attorney Barry Hartman told U.S. District Court Judge Edward Lodge that AEHI hasn't paid his firm's legal bills since February. Now the firm wants to withdraw from defending the company in the case brought by the SEC.
The company had previously hoped to build a nuclear facility in Payette County. AEHI stock was trading at 0.02 cents today.