The "Original BTU"
The following is a detailed "BTU" structure chart based on information available in the public domain. It has been distilled from court filings, BTU Power Company Offering Memorandum, post in this blog (which are based on public domain information), and multiple websites.
Hopefully it will help navigate the multitude of disparate operating and shell companies that are part of Almazeedi's "business empire."
Hopefully it will help navigate the multitude of disparate operating and shell companies that are part of Almazeedi's "business empire."
The "BTU" in the following structure chart is the "original" one. That is, it is the one where Hayat is 44% owner. As Hayat himself explains in his Verified Amended Complaint:
More on the "Other BTU"
Information Sources
"...Hayat has learned that certain entities — also named BTU and related to the energy industry — were formed by Defendants without Hayat's knowledge. In violation of the Defendants' duties of loyalty to Hayat and Holdings, such entities are not owned or controlled by the parent company, Holdings, and are not managed by entities in which Holdings has any ownership stake."
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More on the "Other BTU"
At some point Al-Mazeedi began to form other entities under the BTU name that have no connection to the "Original BTU" (other than the fact that, on paper, Almazeedi owns shares in the separate entities). He refers to that hodgepodge of BTU entities as "affiliates" in most of his public pronouncements. On that basis, if someone owns shares in General Electric and Walmart, they could claim that those two completely separate companies are "affiliates" as well.
As Hayat further explains in his Verified Amended Complaint, "After freezing out Hayat, Al-Mazeedi and Oishi began to form their own parallel set of companies that had no subsidiary relationship to Holdings, to carry out the business of the BTU Group."
- BTU Industries, Ltd. (Caymans)
- BTU Industries Holdings Limited (Cayman)
- BTU Industries Holdings (USA) Inc. (Delaware)
The "Other Almazeedi and Oishi Companies"
Although they are self-proclaimed "major industry players" not much information is available regarding the newest set of companies formed by Al-Mazeedi and Oishi, and headed principally by Al-Mazeedi. The only descriptive information available on the web consists almost exclusively of press releases that undoubtedly originate with Al-Mazeedi.
- QGEN Ltd. (Caymans)
- QGEN (USA), Inc. (Delaware)
- The only external "news" link in QGEN's website references the QGEN website exclusively to support its statements. Seemingly NO independent research or reporting was done in the linked article.
- FATE Consortium
- No idea if this is a real corporate entity. At least in Massachusetts it isn't - it's not registered with the Massachusetts Secretary of the Commonwealth.
The "Track Record" and a Conclusion
This topic has already been discussed at length elsewhere in the blog, particularly in the section titled "What is QGEN." Al-Mazeedi makes numerous claims regarding the "Track Record" of QGEN (recently) and BTU Industries (previously). It's pretty clear by now that the only entity that owns ownership interest in power plants of any kind, hybrid or conventional, is BTU Power Company. However, you can not draw a direct CONNECTION whatsoever between BTU Power Company and any of the other Almazeedi and Oishi companies.
Information Sources
