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Bet he wished he had that consultant when he sold Pak-it. That proforma could have used some juicing.
“please get the pro formas as juicy as you can so I can acquire a chemical company for less.”
10Q DUE MAY 11th.
NEXT STEP BY SEC DUE SOON. Here are the rules.
http://www.sec.gov/about/rulesprac2006.pdf
It's very transparent. They commenced the launch in 2010. Now they are launching the launch. It's not THAT hard to understand.
Some DD on the part of JBI might have been warranted before they traded a million shares for the asset/media credits.
JB got a million shares transferred back from Domark/Kidd after the purchase. 100K to Media4Equity and 900K to himself and Vasquez. Why?
(b) On October 20, 2009, R. Thomas Kidd and Joan L. Kidd, tenants by the entireties, agreed to transfer 100,000 shares of JBI under a consent of assignment agreement with Media4Equity and on December 23, 2009 R. Thomas Kidd and Joan L. Kidd, tenants by the entireties, transferred to JBI, Inc. 900,000 shares of JBI common stock pursuant to the terms of a settlement agreement executed by R. Thomas Kidd and Joan L. Kidd, husband and wife, as tenants by the entireties with Judith Vazquez and JBI, Inc.
http://www.sec.gov/Archives/edgar/data/1333293/000121390010003910/sc13da3kidd_jbi.htm
valuation was also set by KIDD & DOMARK
Should/Could JBII sue Domark?
"Florida SEC", whatever that is, didn't accept the value of the media credits. The SEC accepted the filing, which was later discovered to be egregiously fraudulent. The fraudulent nature of the filing is not even being contested by JBII.
Can you prove Mr. Grampp isn't a PIPE investor?
http://investorshub.advfn.com/boards/replies.aspx?msg=73638376
It would be interesting if he was. If not, it's still interesting that he's suing the executives of JBI on behalf of the company and with no gains.
Wow!! How did they get Daily Planet to edit out the picture of the sludge?
WM did a 'cradle to grave' audit! And they are listed on the JBI website as a green partner! Oh wait....they're off now. Didn't they invest in JBI? Wasn't announced at the AGM they were going to partner?
JBI, Inc. submitted an application under Rule 24b-2 requesting confidential treatment for information it excluded from the Exhibits to a Form 8-K filed on August 4,2011, as amended on March 30, 2012.
CT Order 4/9/2012
http://www.sec.gov/Archives/edgar/data/1381105/999999999712006451/9999999997-12-006451-index.htm
* Certain Confidential Information contained in this Exhibit was omitted by means of redacting a portion of the text and replacing it with an asterisk. This Exhibit has been filed separately with the Secretary of the Securities and Exchange Commission without the redaction pursuant to a Confidential Treatment Request under Rule 24b-2 of the Securities Exchange Act of 1934, as amended.
8-K/A 3/30/2012
MASTER REVENUE SHARING AGREEMENT BETWEEN JBI, INC. AND ROCKTENN CP, LLC DATED JU
http://www.sec.gov/Archives/edgar/data/1381105/000121390012001563/0001213900-12-001563-index.htm
8-K 8/4/2011
MASTER REVENUE SHARING AGREEMENT
http://www.sec.gov/Archives/edgar/data/1381105/000121390011004040/0001213900-11-004040-index.htm
The only secrets JBI is trying to hide is how one-sided this agreement is.
One of the PIPEers may be Mr. Grampp.
http://investorshub.advfn.com/boards/replies.aspx?msg=73638376
Solid Waste Permit modification - nothing showing on the DEC website.
http://www.dec.ny.gov/cfmx/extapps/envapps/index.cfm?view=detail&applid=770377
We have a story about a rail car. A story that was shot full of holes. We have pictures of one tanker truck turning around OUTSIDE the fence on Iroquois. The other business at Iroquois and Buffalo Ave has tanker trucks coming and going(as seen on aerial photos).
There is no proof that any production has commenced. JBI said it commenced in 2010. Got revenue?
This should have been a clue to JB during due diligence. 10K prior to the media credit purchase by JBI. Ignorance is not an excuse.
http://www.sec.gov/Archives/edgar/data/1365160/000116552708000523/0001165527-08-000523-index.htm
Intangible assets - media content 10,000,000
Years 2008
Media content 3 $10,000,000 $ --
Total intangible assets 10,000,000
Less: accumulated amortization
$10,000,000 $ --
=========== ========
The Company has not amortized these assets as they were purchased late in the
year and have not been placed in services as of May 31, 2008.
10Q prior to the media credit purchase by JBI
http://www.sec.gov/Archives/edgar/data/1365160/000116552709000244/0001165527-09-000244-index.htm
OTHER ASSETS
Prepaid Media 10,000,000
Intangible Assets - Software & Intellectual Property 4,100,000
Media4, Inc. Asset purchase 2,640,000 0
Website with pictures of 20 Iroquois going back many years. Click "Imagery" button for a drop down of years. Most recent is August 2011.
http://www.terraserver.com/view.asp?cx=-79.01509670000002&cy=43.0806932&proj=4326&mpp=1.5&pic=-1&prov=-1&stac=-1&sdrt=jax
Expecting a dismal Q1? And a disappointing Q2? A hint? Which 10Q do you think will show continuous production with 3 processors? The 10Q due in May? Or August? Or November? Or will you have to wait for the 2012 10K next March?
we should get a good hint with the Q2 10k
The situation could be called synergistic. Or would that be parasitic?
I find it somewhat amazing that Bordy and Baldwin concealed information and lied to the shareholders and that most of the shareholders seem fine with that. Maybe this is a unique situation where the SEC should back off as Bordy and this particular shareholder group seem suited for each other.
The one shareholder who isn't fine with it is Grammp. He's suing JB on behalf of JBI. JB filed an answer with the SEC for JBI and himself as one unit. How does this affect the Grammp suit?
YOY? Can you start posting YOY numbers again Rawnoc? Thanks!
Important Dates:
April 25th - Reply from SEC to Answer filed 4/5 due
May 11th - 10Q due (40 days past EOQ for accelerated filer)
We'll know a lot more after these dates.
Here are two links for FOIA docs and FOIL requests. Perhaps you can get an update to the second link.
Most requested:
http://www.sec.gov/foia/foiadocs.htm
List of requests from 2008 - 2011 - perhaps you can request an update.
http://www.governmentattic.org/4docs/SEC-FOIA-Logs_2008-2011.pdf
Apparently the SEC is more transparent than JBI. Why hide the tank capacity information? It used to be readily available.
Tank Information
Tank Information withheld (not releasable under Freedom of Information Law)
in accordance with Public Officers Law Sections 86.5, 87.2(f), 89.5(a)(1)(1-a)
Bulk Storage Database Search Details
Facility Information
Site No.: 9-601203
Status: Active
Expiration Date: 07/09/2015
Site Type: PBS
Site Name: JBI RE #1 INC.
Address: 20 IROQUOIS STREET
Locality: NIAGARA FALLS
State: NY
Zipcode: 14303
County: NIAGARA
http://www.dec.ny.gov/cfmx/extapps/derexternal/abs/details.cfm
Have you noticed if FOIL requests are available for the Boston SEC branch? What a black eye to the SEC they are becoming :(
Seems it's Beth Healy's job as a Boston Globe staff reporter to post business updates and investigations. She's written dozens this year alone. I'm sure she's on numerous RSS feeds, I know I subscribe to several including the SEC. You can subscribe here if you are so inclined.
http://www.sec.gov/rss/litigation/litreleases.xml
Here's an example of another SEC case she reported on 2 hours after the SEC posted litigation results.
SEC orders hedge fund manager to pay $7.5m
03/22/2012 1:00 PM
http://www.boston.com/Boston/businessupdates/2012/03/sec-orders-hedge-fund-manager-pay/Iv0WDMgxFQv4UM0UWTHkyL/index.html
Andrey C. Hicks and Locust Offshore Management, LLC, as Defendants, and Locust Offshore Fund, Ltd., as Relief DefendantThursday, March 22, 2012 10:57 AM
http://www.sec.gov/rss/litigation/litreleases.xml
I noticed there were different SEC investigators than the JBI complaint. Should they be dismissed as well? I honestly think Miss Healy was just doing her job.
Are you able to explain the article written by Beth Healy from the Boston Globe about JBII? 10 paragraphs written proofed and released with in 2 hours of the SEC release?
In the long run, that detachment of investigators will be demoted if not entirely dismissed for being incompetent in this matter.
JBI said they were "worthless" after they paid 1 million dollars in shares for them.
JBI's filings show they were so "worthless" they wrote them off after showing them as an inflated asset on their balance sheet for many months. An asset used to lure pipe investors.
Who cares how Domark booked them, they're not the company in trouble.
Seems kind of stupid to pay 1 million dollars for something "worthless". Someone obviously missed it doing their due diligence.
My question still is: Did JBI use any of the "worthless" media credits and if so, how is it accounted for in their filings if they wrote off the "worthless" media credits?
Oh? Are you referring the "worthless" media credits the SEC approved a valuation of 10 million for Domark and then told JBI they can't book them the same way?....UH-OH. Starting to look like 10 million dollars worth of media credits is worth?...drum roooollll plzzzz.....10 MILLION!....ROFL!....just 10 millionin'
Lots of news articles everywhere! NewsUSA trades media for equity. Wonder if JBI used any of those media credits? I don't recall seeing anything in the filings.
http://www.copyrightfreecontent.com/tag/john-bordynuik/
John Bordynuik : Copyright Free Content
Seeking Solutions for Plastic Medical Waste
http://www.copyrightfreecontent.com/?s=plastic2oil
Greener Pastures: P2O Plants Convert Farm Waste to Fuel
http://www.copyrightfreecontent.com/?s=pak-it
Because the asset was not in place at 9/30/2009
It was in place according to the 3rd quarter filing 2009.
http://www.sec.gov/Archives/edgar/data/1381105/000121390009003274/f10q0909_jbi.htm
In connection with the Agreement, Domark has also assigned $9,997,134 of media credits in print and radio to the Company in exchange for the issuance of 1,000,000 shares of the Company’s common stock.
page 27
The shares of common stock were issued pursuant to an exemption from registration at Section 4(2) of the Securities Act of 1933.
Wow - JBI totally changed their answer from one month to the next.
The link below shows the times the SEC has released litigation notices this year. I've included a few examples below. Conspiracy? I don't think so. I think it's just when they get entered by the clerks.
http://www.sec.gov/rss/litigation/litreleases.xml
JBI, Inc., John Bordynuik and Ronald Baldwin, Jr.Wednesday, January 04, 2012 3:25 PM SEC CHARGES COMPANY AND ITS OFFICERS WITH ACCOUNTING FRAUD
Life Partners Holdings, Inc., Brian D. Pardo, R. Scott Peden and David M. Martin Wednesday, January 04, 2012 3:25 PM The Securities and Exchange Commission today charged Texas-based financial services firm Life Partners Holdings, Inc. and three of its senior executives for their involvement in a fraudulent disclosure and accounting scheme involving life settlements.
Kevin J. Wilcox, Jennifer E. Thoennes, and Eric R. Nelson Wednesday, January 04, 2012 11:30 AM SEC CHARGES THREE INDIVIDUALS FOR THEIR ROLE IN $16 MILLION PONZI SCHEME
Edward L. Moskop and Financial Services Moskop & Associates, Inc.Tuesday, January 03, 2012 4:32 PM FORMER REGISTERED REPRESENTATIVE SENTENCED TO 20 YEARS IN PRISON IN CONNECTION WITH MISAPPROPRIATION SCHEME
Jeffrey L. Mowen, Thomas R. Fry, Bevan J. Wilde, Gary W. Hansen, Michael G. Butcher, James B. Mooring, David G. Bartholomew, and Michael W. Averett, Defendants, and Erin O'Malley, f/k/a Erin O. Mowen, Relief Defendant Tuesday, January 03, 2012 2:32 PM
This SEC thing is a great distraction. If the 1st quarter P2O numbers aren't up to par, can it can be blamed on the SEC and the other conspiracy theories for wasting JB's time? It's not like he's the only person working there.
As of March 13, 2012, we employed 56 persons on a full-time basis, of which 5 were executive management, 7 were in finance and administration, 5 were in sales and marketing, 37 were in operations, 2 were in customer service and support.
Operating Expenses
Fiscal Year Ended December 31, 2011
Selling, General and Administrative expenses $13,790,096
http://www.sec.gov/Archives/edgar/data/1381105/000121390012001206/f10k2011_jbi.htm
So the reality is we do not know how this is going to turn out. And pretending we can from the sidelines seems kind of funny but perhaps par for the course. The really important event in my view is validating with revenue and sales that the business model substantially works as advertised.
The SEC tried to get JBI into compliance as evidenced by the letters on file.
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001381105&type=upload&dateb=&owner=exclude&count=40
Filings Format Description Filing Date File/Film Number
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-11-046955 Size: 45 KB 2011-08-03
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-11-037909 Size: 67 KB 2011-06-21
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-11-011625 Size: 78 KB 2011-02-23
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-11-001709 Size: 45 KB 2011-01-10
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-11-001704 Size: 36 KB 2011-01-10
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-11-001235 Size: 69 KB 2011-01-06
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-10-074522 Size: 77 KB 2010-12-13
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-10-072526 Size: 82 KB 2010-12-03
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-10-057104 Size: 147 KB 2010-09-28
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-09-057453 Size: 15 KB 2009-10-13
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-09-053250 Size: 15 KB 2009-09-23
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-09-048837 Size: 32 KB 2009-09-03
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-09-046484 Size: 19 KB 2009-08-25
UPLOAD Documents [Cover]SEC-generated letter
Acc-no: 0000000000-09-045812 Size: 40 KB 2009-08-20
From the marketing materials. Check out the proforma and associated 8K.
"The company is fully reporting and compliant. Stock Symbol: JBII
Share Structure: 53M OS, of which 40M Restricted is owned by Bordynuik. That leaves a float of 13M shares.
The goal of the company is to move to the NASDAQ exchange within a few months. CEO will not consider FSing the stock until after it gets to NASDAQ, if then.
The company is profitable with an approximate .18 EPS.
Financials: Assets: $22,486,751, Liabilities: $5,831,189"
(From Pro Forma 8K/A, 10-7-09):
http://knobias.10kwizard.com/filing.php?param=&ipage=6545828&DSEQ=2&SEQ=&SQDESC=SECTION_EXHIBIT&exp=
8K
http://knobias.10kwizard.com/filing.php?param=&ipage=6545828&DSEQ=1&SEQ=&SQDESC=SECTION_BODY&exp=
JBI does have a long way to go with the SEC. Based on the list of civil procedure steps, they aren't even halfway through the list (Answer). Does anyone know how long before the next step? I'm assuming the ball is back in the SEC's court.
Civil procedure in the United States
Federal Rules of Civil Procedure
Doctrines of civil procedure
Jurisdiction
Subject-matter jurisdiction
Diversity jurisdiction
Personal jurisdiction
Removal jurisdiction
Venue
Change of venue
Forum non conveniens
Pleadings
Service of process
Complaint
Cause of action
Case Information Statement
Class action
Class Action Fairness Act of 2005
Demurrer
Answer
Affirmative defense
Reply
Counterclaim
Crossclaim
Joinder
Indispensable party
Impleader
Interpleader
Intervention
Other Motions
Pre-trial procedure
Discovery
Initial Conference
Interrogatories
Depositions
Request for Admissions
Request for production
Resolution without trial
Default judgment
Summary judgment
Voluntary dismissal
Involuntary dismissal
Settlement
Trial
Parties
Plaintiff
Defendant
Pro Se
Jury
Voir dire
Burden of proof
Judgment
Judgment as a matter of law (JMOL)
Renewed JMOL (JNOV)
Motion to set aside judgment
New trial
Remedy
Injunction
Damages
Attorney's fees
American rule
English rule
Declaratory judgment
Appeal
Mandamus
Certiorari
maximize shareholder value
No mention of P2O.
A message from the CEO:
June 5th, 2009 - To the shareholders of JBI Inc:
I, John Bordynuik, have recently acquired 63% of 310 Holdings Inc (JBII).
I will not affect a reverse stock split of JBII. I will not reverse merge another company into JBII.
JBII will be in a state of transition. I expect this to occur over the next month as I hire engineers, staff, move resources, and acquire a building for JBII. JBII will acquire assets, technologies and companies that have great value and would be profitable if they weren't so severely overleveraged with debt, excessive staff, and other draining systems. JBII will also monetize IP that I presently own, or IP gained from mining old data. I have a significant reputation in the magnetic media and data migration industry which I believe will benefit the shareholders of JBI Inc. I also have an excellent working relationship with NASA and many other organizations which will positively affect the integrity and opportunities of this company.
In early April I participated in Harvard's Corporate Restructuring, Mergers, and Acquisitions - Creating Value in Turbulent Times. I have a new network of acquaintances who share my business views and have offered assistance. There are many opportunities in the US and I will focus our efforts in sectors that my staff and I have experience in.
As always, my primary focus is to maximize shareholder value. This can be best executed with the right new technology, assets, and talent.
Regards,
John Bordynuik
President and CEO
JBI Inc.
289-668-7222
john@310holdings.com
Here is an article about suing the SEC.
http://www.time.com/time/business/article/0,8599,1920323,00.html
JBI thought so.
In addition, for an additional one million shares of restricted common stock, the Company acquired approximately $10 million in U.S. radio and newspaper prepaid advertising covering 10,000 newspapers and 6000 radio stations. The completed package resulted in a total asset purchase of approximately $15 million. The Company believes that the media advertising will be beneficial in promoting the expansion of the P2O technology and processors as well as the previously-announced planned acquisition of the chemical company's products and services.
http://www.plastic2oil.com/site/news-releases-master/2009/08/28/310-holdings-inc-has-completed-the-acquisition-of-javaco-inc
So, and I mean this seriously, were those media credits EVER REALLY worth anything to anyone? Or we're they just a bullshit way to justify financial transactions?
How the credits got their value - from another board and poster.
--April 2007 By deduction, Lextra pays $3.3 mill worth of shares to M4E (but they are a private co). [3]
--Aug 2007 Sportsquest buys Lextra [1] for 2 mill shares quoted at the time at $0.45 ($900 k) [2] and forgivenss of note of $500k.
--Aug 15, 2008, the contract w/ Sportsquest is terminated and Domark pays 2.64 mill shares @ $3.79 ($10,005,600) for media credits, but paid in capital of 9,997,360 (4)
--Aug 24, 2009, the transfer to JBI
How much was actually spent for the very same dubious media credits?
1. http://www.sec.gov/Archives/edgar/data/803097/000100210507000278/ex108.htm
2. http://www.sec.gov/Archives/edgar/data/803097/000114420408045605/v122518_10ksb.htm
3. http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46717022
4. http://www.sec.gov/Archives/edgar/data/1365160/000116552709000772/g3413a.txt
ANSWER = Boilerplate
04/05/2012 12 JBI Inc.'s and John Bordynuik's Joint ANSWER to 1 Complaint with Jury Demand by John W. Bordynuik, JBI, Inc..(Marcelino, Juan) (Entered: 04/05/2012)
Doc 12 PDF file
https://viewer.zoho.com/docs/zUadbbg
04/05/2012 13 Ronald Baldwin, Jr.'s ANSWER to 1 Complaint with Jury Demand by Ronald Baldwin, Jr.(Marcelino, Juan) (Entered: 04/05/2012)
Doc 13 PDF file
https://viewer.zoho.com/docs/xUbQw
Good catch. 40 days. Plenty of time left.
HEY even better idea. Accounting 101. JBI paid 1,000,000 shares worth $1,000,000.00 for the media credits. That made the media credits worth....Tah dah......$1,000,000.00.
What did Domark pay for the media credits? Maybe they paid 10 million so that made them worth .......10 million on Domark's books.
Wonder if they'll call the designer of the original brochure as a witness for the prosecution? Tom Kidd? Pak-it and Javaco ex presidents? Is Court TV still active? This would be a great show!
Plastic or Paper? Doesn't say.
Mucho Stockpile?
http://www.sec.gov/Archives/edgar/data/1381105/000121390012001206/f10k2011_jbi.htm
NOTE 4 – INVENTORIES, NET (Consolidated P2O, Javaco)
Inventories at December 31 consist of the following:
Raw materials
$64,191
Finished goods
$402,907
Obsolescence reserve
(160,000)
Total inventories (Consolidated P2O, Javaco)
$307,098
As of December 31, 2011 and 2010, our reserve for inventory obsolescence was $160,000 and $115,000, respectively.
As at December 31, 2011, inventory includes $53,671 (2010 - $Nil) of general and administrative costs.
Changes in Accounting Policies Including Initial Adoption
During 2011, we started producing oil from recycled plastic, which required valuation of the plastic inventory and the oil inventory on hand. As a result, we determined that basing their inventory on a first-in-first-out basis (“FIFO”) ceased to be a viable accounting policy and that using the average cost as their basis for the lower of cost or market assessment would yield a more relevant policy in the future.
The change was applied retrospectively for all subsidiaries and did not have a material impact these consolidated financial statements.
45 days.
When will shareholders receive further updates?
JBI, Inc. will disclose material events in a timely manner after they have occurred, but will not disclose progress during any negotiations that might lead to material events being announced.
When is JBI, Inc.'s year end and when does the Company report earnings?
The Company’s fiscal year ends on December 31 and quarters end on March 31, June 30, September 30 and December 31. The quarterly earnings results are usually announced within 45 days of the quarter end; on or about the 15th of the second month following the quarter end. The Company's annual report will be released on or about March 15 of each year. Please visit the SEC Filings page for a complete listing of our reports.
http://www.plastic2oil.com/site/faqs
Considering how long it took to tinker with a processor they purchased - I'm not holding my breath on the next step.