In Colorado, BioFuel Energy Corp announced that it has received a preliminary non-binding proposal from Greenlight Capital, Inc. (together with its affiliates) and James R. Brickman for a possible transaction pursuant to which one or more newly-formed, wholly owned subsidiaries of the company would acquire all of the equity interests of JBGL Capital, LP and JBGL Builder Finance, LLC, and their direct and indirect subsidiaries.
JBGL is a series of real estate entities involved in the purchase and development of land for residential purposes, construction lending and home building operations. JBGL is currently owned and controlled by Greenlight and Brickman.
In response to the Proposal, the board of directors of the Company will establish a special committee consisting of independent directors to evaluate the Proposal and alternatives for the Company. The special committee will be authorized to retain independent financial, legal and other advisors.