Brotherly love…

March 16, 2004

So many K’s were filed over the past few days, that it’s hard to know where to begin. We’ll start with a nice tale of brotherly love: KFX Inc. (KFX) is an alternative energy company whose Chairman and CEO is Theodore Venners. For the past 10 years, the money-losing company has had a deal with Venners’ brother, John P. Venners, to provide public relations and lobbying services to the publicly traded company. In 2003, Venners & Co. received $249,186 in cash from KFX, $31,523 in expenses and free office space in suburban D.C. In 2002, he received $149,977 plus 10,000 shares of stock and $37,707 in expenses and the office space. And in 2001, he received 20,000 shares of KFX stock. Trading in KFX stock has been problematic for John P. Venners. Back in June 2000, the SEC sued Mr. Venners for “marking the close” or manipulating KFX stock. Venners paid a $10,000 fine and received a permanent injunction, though he neither admitted nor denied the SEC’s allegations.

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