Bye, Bye, Bio Willie

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In April, Willie Nelson resigned from Earth Biofuels' Advisory Board of Directors. He's now using his remaining shares of stock as rolling papers.

Here's some exclusive breaking news; take that, Forbes. The magazine's been all over the problems at Dallas-based Earth Biofuels, for which we're ever so thankful.

But we just got through looking at the company's latest filings with the Securities and Exchange Commission, and we discovered two things. On Wednesday, the Knox Street-HQ'd company filed paperwork in which it stated that "due to circumstances surrounding the auditor review of our financial information," it could not sumbit its required financial report with the SEC. So it needs an extension -- which is to say, another one.

But more important, docs were filed with the SEC in which it was revealed that on April 20, a member of the board of directors by the name of Willie Hugh Nelson disposed of 6 million shares of stock in the company. And why did the Red-Headed Stranger unload the stock? Turns out, says the doc in fine print at the bottom, "Mr. Nelson resigned as a member of the Advisory Board of Directors of Earth Biofuels, Inc. and therefore forfeited 6,000,000 shares of restricted, non-vested common stock." Which reminds me, we never linked to this Motley Fool story about the company from January. Them's smart Fools over there. --Robert Wilonsky