BTU HOLDINGS COMPANY was placed in VOLUNTARY LIQUIDATION on January 27, 2011. The Grand Court of the Cayman Islands issued an Order (on February 24, 2011) for the liquidation to be continued under the Supervision of the Court because BTU HOLDINGS COMPANY could not show that it was solvent.

from E&Y website: 2006 Entrepreneur of the Year

Almazeedi's "Founder's Statement" in the new btupower.com Website 

sometime mid-February 2011

"As the BTU Companies continue to successfully execute our business plan, I am pleased to update you on recent and positive developments in our efforts to protect the value of our assets for the benefit of all our investors."

• BTU HOLDINGS COMPANY went into Voluntary Liquidation on January 27, 2011  [see page 335]

28 days later...

• BTU HOLDINGS COMPANY's liquidation was Ordered to continue under the Supervision of the Court in accordance with Section 124 of the Companies Law (2010 Revision) on February 24, 2011 (28 days after filing for Voluntary Liquidation).  [see page 470]

Observation

Based on the excerpt form the Cayman Island Companies Law, if BTU HOLDINGS COMPANY could have shown that it was SOLVENT, it could have continued under Voluntary Liquidation


Cayman Islands: Companies Law (2010) Revision
124. (1) Where a company is being wound up voluntarily its liquidator shall apply to the Court for an order that the liquidation continue under the supervision of the Court unless, within twenty-eight days of the commencement of the liquidation, the directors have signed a declaration of solvency in the prescribed form in accordance with subsection (2).

Conclusion

The "parent" company of BTU Ventures Inc., BTU Power Management, BTU Power Company, etc. is "broke."  This little bit of information did not make it's way into the Founder's Statement for btupowercompany.com (perhaps Almazeedi will update that website soon.  Maybe he'll return his E&Y Entrepreneur of the Year award as well.)

So, what are these "recent and positive developments" that he was talking about in btupower.com - maybe he was talking about them from HIS perspective... they are positive for HIM.