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So why no URS production audit . Why isn't URS and the contract mentioned in any of the filings?
"Honest John" 2010 said the following : The investment community [ that's the big investment bankers], they want to see the numbers on the machine, what can it do. So,for that, we have engaged URS . Two weeks ago I signed a contract, a small agreement. They're gonna come out and they're helping us with permiting outside of a New York , basically Florida and Canada , and they're also gonna do a production audit of the machine.
Baloney! " Honest John" apparently saw the need for run tickets and validation when he told some loyal investors that he "engaged" URS and would be releasing URS produced run tickets. Ofcourse that never happened. What's so hard about releasing actual verified production numbers? Is JBII changing the story about finding the "secret" catalyst while reading tapes? Is JBII filling tankers as we speak?
My post has nothing to do with Agilyx. No one seems willing to offer a reasonable explanation why the "secret" catalyst remains untested and in my opinion highly suspect . As many on this board can attest , posts are limited , but I'll be happy to post what "Honest John" said about how he found the catalyst and what he claimed the production would be /was/is with its use. URS "engagement" must have been more fluff? Why doesn't "Honest John produce some run tickets and make all heaven break loose?
Can you think of a reason not to prove the "secret" catalyst ? Seems so basic to JBII's whole claim. Prove the claim and stock price takes care of itself. Is it possible the claims made were not provable or even true? I doubt the SEC cares about the claims of a "secret" catalyst but I bet class acton lawyers will ask clients if they bought JBII stock based on that claim. At some point "Honest John" will need to back up his claim.
Ty!.. I can't think of any reason an investor would rely on a CEO's word when the proof can easily be determined. Well, I can think of one reason the CEO wants his investors to rely on his words and not verified data........
Compare the output of the "JBI" contraption using the "Secret" catalyst and then without the "Secret" catalyst. You know, to show how much more "fuel" is produced using the same amount and type of feedstock with or without the "secret" catalyst. Simple science.. control sample.. and then run tickets by URS as were mentioned.
Why in the world didn't Islechem test the "secret" catalyst against the normal machine operation using the same feedstock? I mean any 3rd grade student can draw up a simple test for it. Let's take a ton of the uniform "free" plastic, divide it in half and the run one half through the machine using the "Secret" catalyst and the other without the catalyst. Then measure each output. If "Honest John's" claim is true then all this discussion would be mute and I'm sure the pps would reflect it. Where are the run tickets? Where is the proof that the "secret" catalyst works as was claimed by the "Honest Genius"
Wonder why that statement didn't make the 8k filing? I'm sure March 15th will clarify all.
Wow!~ That's terrific! Must be some explosive news coming Congrats! Think everyone will hear about a mysterious party that has made a buyout offer that "Honest John" is considering ?[ That will ultimately be rejected because it wouldn't be best for shareholders? And ofcourse the entity will not be named because of the sensitivity of the proposal? Or some other huge carrot?
Napster also hasn't turned out many heroes imo.
I found the accounting reference interesting.
http://www.niagaramag.ca/sitepages/?aid=2266&cn=Features&an=Feature%201
John Bordynuik, 40, was born and raised in Fonthill, and demonstrated his passion for fixing and building technologies at an early age. At seven he began building his own simple robots. By 10, he’d mastered basic computer programming, and soon the robots he made were no longer simple. By the time he was a teenager, he was writing accounting software for his school’s administration, and developing the mainframe security system for Grimsby Hydro
Bordynuik doesn’t like to talk about where the plastic to oil technology came from. In part, there were some abandoned military technologies in the engineering archive, though that’s only a piece of the puzzle.
lots of interesting stuff, kinda foeshadows "Honest John's" SEC trouble... imo
Good read for those unfamiliar with the company
SEC Charges Plastics-to-Fuel Company JBI with Accounting Fraud
http://www.accountingtoday.com/news/SEC-Charges-Plastics-Fuel-Company-JBI-Accounting-Fraud-61325-1.html
Washington, D.C. (January 4, 2012)
By Michael Cohn, Accounting Today
The Securities and Exchange Commission has filed suit in a Massachusetts federal court against JBI Inc., a Canadian company that claims to be able to convert waste plastic into clean-burning oil.
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The publicly traded company was formerly located in Massachusetts and is now headquartered in Ontario, Canada. The SEC also charged JBI’s current CEO, John Bordynuik, an Ontario resident, and its former CFO, Ronald Baldwin, Jr, who now resides in Palm Harbor, Fla. The SEC alleges that they engaged in a scheme to commit securities and accounting fraud by reporting materially false and inaccurate financial information on JBI’s financial statements for two reporting periods during 2009.
According to the SEC, during the third quarter of 2009 and year-end 2009, JBI materially overstated certain assets in an effort to bolster its balance sheet and success in two private capital raising efforts (Private Investment in Public Equity or PIPES) geared toward raising the capital necessary to begin commercial operation and production of its process for converting plastic waste into oil, known as “Plastic2Oil,” or “P2O.”
The SEC complaint alleges that JBI raised over $8.4 million for the company in these PIPES just before the company issued a public statement indicating its financial statements could no longer be relied upon, in part, due to the erroneous valuation of certain assets, known as media credits, on the balance sheet.
The SEC alleges that in contravention of U.S. GAAP, JBI erroneously booked the media credits at a value of $9.997 million, thereby becoming the single largest asset on the company’s balance sheet, when they should have been initially booked at a value of $1 million when acquired in August 2009. Subsequently, the media credits should have been re-measured at their current value and written down to zero as of the end of the company’s third fiscal quarter on Sept. 30, 2009.
According to the complaint, Bordynuik was aware of, or was reckless in not being aware of, the GAAP concerns surrounding the reported value of the media credits in advance of the company’s third quarter 2009 Form 10-Q filing with the SEC on Nov. 16, 2009 and the year-end 2009 Form 10-K filing with the SEC on March 31, 2010 yet falsely certified that the company’s financial statements for those reporting periods were filed in conformity with GAAP. The SEC complaint further alleges that Baldwin was aware of, or was reckless in not being aware of, GAAP concerns surrounding the reported value of the media credits in advance of the company’s year-end 2009 10-K filing on March 31, 2010, yet falsely certified that the company’s financial statements for that period were filed in conformity with GAAP.
In response to the SEC lawsuit, JBI said it was “profoundly disappointed by the erroneous allegations of fraud.”
“The company regrets that its attempts to negotiate settlement of this dispute failed, and, in consultation with its litigation counsel and board of directors, looks forward to vigorously defending itself in court, where the company believes it will prevail on the merits,” said JBI in a press release. “The allegations in the complaint concern legacy accounting issues that have since been corrected.”
JBI noted that since restating its financial statements, it has hired a new CFO and engaged additional experienced accounting staff along with a reputable independent audit firm.
“Contrary to the allegations made by the SEC, the company believes that its officers acted in good faith in valuing the media credits discussed in the complaint, based on the information available at the time,” said JBI. “The company further maintains that after learning of potential problems relating to these credits, it took appropriate steps in compliance with its obligations to shareholders and the public markets at large.”
I think $100 will get you an appointment with "Honest John" or one of his lawyers. Didn't "Honest John" go on some "Game Show" for entrepeneurs and ask for $5 million? Wonder if he can get back on the show and explain his filling tankers as we speak and big profits next qtr. baloney statements ? Maybe he can be scheduled for an anniversary show, he could tell everyone on the panel about his progress during the last year including the SEC lawsuit. I bet the panel would enjoy it!
Skype logs are easily verified.
I think it's clear that someone or more than one person has become an informer and witness against "Honest John" for the SEC. The Skype logs point directly to that. IMO
Scion THANK-YOU!!! I KNOW that I speak for the ENTIRE BOARD when I say THANK YOU for your hard work and tireless efforts to bring STELLAR DD to the JBI board.....keep up the good work, especially the Pacer updates....just heartyin-thankin'
Ray Charles has been silent on his opinion of JBII business thus far. I'd venture to say that although dead for over a decade and likely well preserved, Oscar Mayer can identify a load of balogna/baloney when he sees it.
Really good list! I would add Uplisting to NASDAQ Or Amex, actually uplisting to any exchange. AGM videos. Ohio P20 deposits, Al Sousa. P20 Palm Springs. Various Accountants.
Wow! Thanks for posting that. Do we have another "Honest John" story to discuss now?
The list grows
MIT Honorary degree, patented, err patent pending err, gonna file a patent soon.... thought he won a bank contest or something and so he transferred $1 million dollars that clearly wasn't his to his bank account $95k at a time. The bank was so grateful, they closed his bank account and took away his bank card.[Welland News June 1990] Now other places the plants have been installed?
I'm sure "Honest John" will set the record straight today!
Just like there was no AGM video and now apparently the just discovered article has poofed? Maybe it served its purpose with that nice 25k block sale .
I'm not sure what that picture is supposed to show. Looks like different types of vinegar or possibly urine samples obtained at different stages of a subjects hydration level.
Shouldn't a so called "plant" be more than an old concrete slab ? Why do you suppose someone paid for this "articles/advertisements" placement?
Wow, is this a true statement?
"RockTenn, a Georgia-based industrial packaging company that has one of the Plastic2Oil plants on its property"?
Don't let the facts get in the way of the story. So you think Indigo is paying the freight and is shipping it to themselves to test it and bask in the fuels goodness? BTW I never stated anything about being able to make or sell fuel by JBII . Profitability is the problem . And now ofcourse a securities fraud charge for the company doesn't help . Thanks again!
So Indigo can't find anyone locally or for that matter JBII can't find anyone locally to sell this to? Georgia it is then? Thanks for the primer, can't wait to see the shipping costs . Any idea when the tanker will make it to Georgia? Seems like maybe there will be some kind of parade or something? I'm sure everyone will look forward to the announcement. Likely another trading event. Thanks again!
According to Indigo Energy's own website they have 14 terminals in NY state alone , and about 50 others that are closer to JBII than Georgia. Why would JBII be shipping a tanker of "fuel" all the way to Georgia? who's paying the freight and why not ship it to a NY terminal? I mean didn't the Indigo folks already visit the plant and test the fuel before they signed the agreement? Strange stuff.
http://indigoenergy.com/terminal_locations/terminal.html
More forward looking do not rely on our website or our press releases statement. Wasn't URS supposed to producing run tickets for all to see awhile back? Wouldn't you expect there would be a huge market both locally and nationally for Diesel fuel? So at this point customers only want #6 fuel and no one wants diesel? Uh huh. Thanks for the link.
Do you have a link that states JBII produces Diesel fuel from plastic? Last I read it was for a "Near Diesel" fuel like substance. And it is apparently unsellable compared to the Number 6 prehistoric tar-like substances that are currently being offered by the company. I suppose JBII could re-create a Labrea Tar pit near the falls. Might bring in some tourists or something.
Isn't that 2010? Why no pics or videos from the 2011 AGM?
What happened at the last AGM that warranted an informational blackout?
And yet still no video of the most recent AGM. It's a shame that "Honest John" isn't able to show/tell the investing public that were unable to attend the same info. Maybe just a glimpse of the "ME" billionare would convince everyone what a great company JBII is is? I bet a Middle Eastern Billonaire would be hard to track down by phone, I think it would be OK to release his/her name for the good of the public. I bet a Billonaire would have an unlisted phone number or two and probably a host of other ways to avoid be bombarded with calls.
Did something happen at the most recent AGM to your knowledge that would make "Honest John" go back on his word to show it?
Wonder if there's room for the p2o marine unit to dry dock?
Good poay
I'm not sure what you are trying to say here. Were you trying to say "Post"?
Did you get a chance to take a picture or two? How about a sketch? Did any of the cars have US Goverment license plate insignias on them. Any Canadian mounties? TIA
Is there a way to track wayward railcars? I mean do they post them on milk cartons or at the post office lobby? Anyone know the whereabouts of the JBII "fuel filled" railcar at present?
Perp walk John?
I wonder if the SEC is aware of the " Honest John" story written by John Sherwin in 1990. You know the one where "Honest John" thought he might have won a contest and so transferred over a milion dollars into his savings account $95,000 at a time? [ a contest where apparently the winner can just transfer money into his account at will ?][ uh huh ]. The bank was so grateful they closed "Honest John's" Bank account and took away his bank card too. "Honest John" said at the time he "thought" he did the right thing returning the money. Now that's CEO material right there.
Amazing, so JBII will be using neighbors to help them ship fuel? Is that in the business plan? Seems like every detail about JBII has some contorted work around. Nothing straight forward or easily verified. Lots of eye witness etc info. Very little verifiable info. Just the way 'Honest John' likes it?
So another pipe is in the works? Thanks!
Have they moved the RailRoad tracks since then?
I read that too.. Pretty funny . But I'm sure the company is still "Super Excited" about the prospects.