Plastic2Oil Inc (PTOI)

[wEaReLeGiOn]

"Is the lead plaintive in the derivative lawsuit a former machine operator and maintenance person? I think his name is Erwin Grampp."

I have no idea.

"He instigated this lawsuit why?"

So common shareholders would be able to get fraudulently obtained shares/money back from Bordynuik and Baldwin.


http://en.wikipedia.org/wiki/Derivative_suit


Purpose and difficulties

Under traditional corporate business law, shareholders are the owners of a corporation. However, they are not empowered to control the day-to-day operations of the corporation. Instead, shareholders appoint directors, and the directors in turn appoint officers or executives to manage day-to-day operations.

Derivative suits permit a shareholder to bring an action in the name of the corporation against parties allegedly causing harm to the corporation. If the directors, officers, or employees of the corporation are not willing to file an action, a shareholder may first petition them to proceed. If such petition fails, the shareholder may take it upon himself to bring an action on behalf of the corporation. Any proceeds of a successful action are awarded to the corporation and not to the individual shareholders that initiate the action.