Mantria wants to sell Hawaii firm
Mantria Corp., the Pennsylvania company that's been accused of a $30 million Ponzi scheme by the U.S. Securities and Exchange Commission, said it is looking to sell a Hawai'i company it took over recently.
Mantria got a court order several weeks ago to take over Carbon Diversion Inc., a company with technology to turn green waste and other trash items into a charcoal product with a number of uses, including as a soil enhancer.
The takeover was opposed by the head of Carbon Diversion at the time, Michael Lurvey, who said he didn't have the resources to fight Mantria in court and prove the company had not issued stock to the Mainland company when it accepted a $2.1 million investment.
Mantria, which took control of the company after a court hearing here, said the public record supports its contention that it is Carbon Diversion's majority owner. Mantria had alleged mismanagement at Carbon Diversion, something Lurvey has denied took place.
Lurvey has moved to form another biochar company, while Mantria said it is in talks to sell Carbon Diversion.
"Right now we are working with a Hawaiian company who is looking to purchase the assets of CDI," said Christine Gresh, an executive administrative assistant, in an e-mail.
The SEC filed charges earlier this week against Mantria and four people affiliated with the company, accusing them of duping more than 300 investors out of $30 million by promising double-digit returns from environmentally friendly investment opportunities.