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Bang on with your last comment PP:
"But again, posters can go back and forth on the financials and permits all year and make cases how Mr. Bordynuik is either highly credible or not to be trusted at all. I would encourage everyone to instead stay laser-focused on the suggested value proposition--whether or not JBII's claims of making a saleable product for less than $10/bbl and being able to sell it for around $80/bbl are valid or not."
It's all that matters now.
The company is supposed to be providing information on how to lift the restriction on your shares shortly. IR told me this. I am just relaying information that was told to me earlier. It may not be right.
I have not had a real chance to go through the document. Other than the loss which could be caused by non cash expenses, has anyone seen a cash flow figure?
No representation was made by the company that they would file to register our shares. In the OM, it says a 6 month holding period which I interpreted to mean July 1. I was told it was 6 months from the date of payment and that I had to register the shares using Jaclin & Anslow.
Sorry d2006s. I'm to cheap to be a premium subscriber so I can only publicly comment on your private message. I bought my shares as a lottery ticket only. I reviewed the financials and did not like what I saw. But I invested in the man himself. He is very convincing. I have pretty much resigned myself that they are wallpaper now. I am hoping for a pleasant surprise.
You cannot sue on suspicion. Stop all this nonsense about a class action suit until you are sure of what is going on.
I absolutely agree with this comment.
I am an $0.80 pipeholder. I cannot comment on the $4 pipeholders and their position.
Yes he did put some math on it using a seeling price of WTI less $3
Like I said earlier, its a lottery ticket. I've blown more that $10,000 on other stuff. Another question for the board. Why go to the risk of seeking a Nasdaq listing? It was bound to reveal the poor quality of their financials. In fact, thats why I think they are restating. Nasdaq listing committee probably denied their listing unless they brought their financials up to date. In any event, only time will tell. Sometime in the next month, we will know if this is a viable company.
I am coming to the belief that JBI could be a very early incubator stock. Normally these types of stocks are in the domain of venture capital funds and are not public companies. They can make their errors out of the public eye and they are not subject to the scrutiny of individual investors. They can smooth out their operations and then go through the IPO process.
But until JBI is producing revenue and earnings, you cannot attach any sort of valuation on the company or hold a belief that everything will work smoothly. Ther are still incredible risks associated with this type of company and investors should act accordingly.
Just to clarify some of my comments. I do not believe JB is trying to scam anyone. He himself does truly believe in JBI and he is in my opinion an incredibly driven individual. Bright and articulate. Just my opinion but a gut feeling.
He may still fail in his execution. But when I say there are questions, there are many that will be determined in the future. I was just trying to say that if it really was a scam, and I have watched many pump and dumps over the years, all that we would have now is tears and regrets. It would be all over. A scam company would not go to the trouble of hiring a Withim to ensure that their financials are in order. A scam company would not still be trading. It would have just disappeared in ever dimishing volume until it just went away. They are past their deadline and they are apparantly in a hearing to avoid the pinks. A scam company would not bother,
As to how I got involved. I was at a public presentation locally in November 09. I visited the company. I was advised that there was a private investment public entitiy (PIPE) investment and I made the choice to participate. I am an accredited investor.
My comments to Zardiw and others is just to try and keep an objective view to the process and to the company.
The analyst at BMO Nesbitt Burns said the same about the gold he was shown at Bre-X. I am not taking sides here. I am trying to look at this objectively. You were shown a jar of diesel. I saw it too. We did not see the process from the beginning to the end. I am not a chemist. I am not a scientist. I said to John before the AGM that I would prefer that the media and analysts saw the process before shareholders. He told me that they would laugh at him as the company had not produced any revenue. I disagreed.
All of those shareholders that previewed the site wanted desperately to believe. Its the power of greed. I have been in this business for over 26 years and I have seen it time and time again. We wanted to believe that Nortel would double each and every year and the Dow would go to 36,000 in ten years from the year 2000.
Again, I want to stress that I am not taking sides. I would love to see JBI succeed. Yes, I would like my investment to profit and make me money. I would love to see a solution to the plastic problem. I JUST DON'T KNOW. I can only react and comment on proven facts. Yes the Islechem report is convincing.
Yes I did. $10,000 US for 12,500 shares. I don't have my cert no. Why on earth would you suggest otherwise?
I am not suggesting he is dishonest. I am simply stating what was told to me. As I said, after months of intense study, I know nothing that I can say for certain is the truth. I don't think anyone can at this point. If you take off your current belief and look at it objectively, you will admit the same. Because you want to believe does not make it so.
You're asking me? I don't know that anymore than the man on the moon. I have no idea whether JBI will still be trading a week from now. After months of studying this company, I know nothing about it.
You guys can argue all you want about the relative merits of JBI and as to whether its a scam or not. The fact is that we don't really know. JB knows and he is currently not speaking. When I first went to a presentation given by JB, my first reaction was that it was a scam. I visited their facility in November 09 and I thought I would give him the benefit of the doubt. I still had huge reservations and questions but I regarded the investment as a lottery ticket and invested what I considered as a loseable amount. If it goes to zero, I will have to work another couple of months in order to retire. When it went to $7 and they had the AGM and visited the facility in Niagara Falls NY, I thought perhaps it was the real thing. I still reserved judgement until they actually had revenue and earnings.
At the AGM, I was the one that asked about future financing and they did give me what I considered an evasive answer. Their CFO replied specifically that they could not rule out another PIPE offering but they hoped not to. I was angry when I found out that they were actually doing a PIPE at the same time as their CFO answered my questions. I questioned JB about this and he said regulations prevented them from answering this question directly at the time. I doubted that and I still have concerns about this event. When they announced the restatement, I thought that was it. It was a scam. But why hire Withum? Why go to the bother of assembling a 20 mt processer in NF, NY. The table top model would have been good enough to fool most investors. And why not just disappear? JB could have absconded with a couple of million. Then I thought, he would never get away with it. He has made to many public comments that would incriminate him. He would face prison and be forced to give back the money. So many questions and still no answers. He is still at work in Niagara Falls and there is activity there. None of this makes any sense currently. Time will tell.
I ams still prepared to accept the fact that I have lost all my investment and I would give 50/50 odds of this happening. However if any of this is true and JB can pull it off, it could be a successful investment. I feel badly for those who have invested more than they can potentially lose.
BTW, the current PIPE holders cannot sell their investments. They are currently restricted for the foreseeable future and will remain so until the financials are restated and they pay Anslow $500 to unrestrict the shares and their own brokerage firm an additional $200 as well.
From Anslow + Jaclin on getting the restriction removed:
If you would like the restrictive legend removed, please have your broker contact me and supply me with the necessary 144 paperwork, including a broker and seller representation letter along with a copy of the certificate and a fee of $500.
Please note at this time, the company is not current in their filings so we will not be able to provide a 144 legal opinion until they are current.
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this means as a pipeholder, I cannot remove my restriction. I don't know how any of the December pipeholders can remove their restriction.
So many things about this company don't add up. But you have to ask yourself, "What is John's motivation to scam shareholders" How will he profit from this. If its a scam, you know he will go to jail. They will catch him. He has said to much publicly. It would be easy to convict him. There is not that much skin in this to take this much of a chance.
I am not defending him. I am just as confused as everyone here. If it's a scam, its an awfully stupid scam. JB is not that dumb.
The date does not matter. The process is onerous. I was at JBI's office in December. There were lots of subscribers there waving their cheques to purchase. Most of them were not sophisticated investors. I suspect most subscribers still have their original certs and have not deposited them to a brokerage account if they could. My own firm really did not want to deposit the certs. Most of the investors that I saw will not be selling in July.
Try selling your Pipe Holdings. You will have to jump through hoops to do it. I tried to get the legend (restriction) removed from my stock so I could sell it if I wanted. According to Jaclin Anslow, attorneys that handled the pipe, the restriction is actually lifted 6 months from the date you subscribed to the PIPE. Its not necessarily July 1. I subcribed Dec. 18, 2009 so theoritically my restriction is lifted as of June 18. It will cost me $200 at my Canadian brokerage firm for them to start the process and an undisclosed amount from Jaclin Anslow and about 6 weeks to get the restriction removed. Then I have a 90 day window to sell the stock. If not sold within that 90 day period, I have to start the process over.
I doubt 8 million shares will be sold on July 1 as suggested.