Green Energy Renewable Solutions, Inc. (OTCPK:EWRL) entered into asset purchase agreement to acquire Davison Landfill from Richfield Equities, LLC for $1.4 million in a stalking horse bid on April 29, 2013. Green Energy Renewable Solutions has made a deposit of $0.15 million for the transaction. Green Energy Renewable Solutions will pay a break-up fee of $0.15 million if a competing bid is approved by the Court and the trustee closes a transaction with the party making such Court-approved competing bid or if the auction is not conducted and provided that the stalking horse bidder is not in breach of the agreement and has not terminated the agreement. The first sale hearing will be held on June 5, 2013, before before the Honorable Daniel S. Opperman, United States Bankruptcy Judge for the Bankruptcy Court for the Eastern District of Michigan. The last date for sale objection deadline is May 31, 2013. As on June 5, 2013, the second hearing date for the transaction has been decided as June 11, 2013. As on June 11, 2013, the bankruptcy court approved the transaction. The court approved sale order had a closing date of July 1, 2013.

Michael J. Porter of Porter, LeVay & Rose, Inc managed public relations for Green Energy Renewable Solutions, Inc. Michael W. Jones of Holland & Knight LLP acted as legal advisor for Green Energy Renewable Solutions. Anthony J. Kochis and Scott A. Wolfson of Wolfson Bolton PLLC acted as legal advisors for Samuel D. Sweet, trustee in the transaction. Ralph McDowell of Bodman LLP acted as legal advisor for Comerica Bank. Christopher Grosman of Carson Fischer plc acted as legal advisor for Richfield Equities.

Green Energy Renewable Solutions, Inc. (OTCPK:EWRL) cancelled the acquisition of asset purchase agreement to acquire Davison Landfill from Richfield Equities, LLC on July 19, 2013. The transaction was terminated as Green Energy did not have the cash to complete the transaction. Also, a completion of a consent action plan and remedial action plan, which are required by the Michigan Department of Environmental Quality (MDEQ) to issue operating licenses, is necessary in order to close the sale transaction, have not been completed and therefore the company was not prepared to close. Green Energy will continue to complete the above mentioned plans and the resulting licenses, and intends to complete its closing on the Davison Landfill soon after these agreements are in place.