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it is working fine
http://rosemcampbell.files.wordpress.com/2012/05/backgrounder.pdf
Says here 500 million markers produced yearly
I'm hoping that we won't need the additional financing. Appears all the parts for 4 and 5 have been purchased already. Either we sell the machines or assemble without delay. With 2 and 3 humming with the assistance of HTF we may not need all the financing.
$1 million in. $2 million on deck next.
These 3 sentences are what all longs wanted to see - this is excellent news.
The reactor and residue kilns were both in excellent condition during our visual inspection. In addition, the adjustments that were made to the machine’s flue gas piping have helped the machine achieve ideal heat profiling, which is precisely what we were striving for during this period of downtime. Our next step for processor number three is to work on maximizing feed rates.”
If they're producing thousands of tons of plastic every day why not process that instead of mining plastic from the monofils. Thousands of tons everyday is enough to supply many many machines.
"RockTenn's paper mills and MRFs currently produce thousands of tons of plastic per day.
I expect that Mr. Heddle would like to be get a handle on all aspects of the business before he announces the AGM - I'd say 3 months - so I'd guess mid-November.
Still waiting on an AGM announcement...perhaps an online AGM to save money? Almost September.... gotta believe a strategic plan is in place. :o)
how in San Bernardino did you come up with that theory. There is absolutely no connection with Ingham's hiring and the reporting total revenues. Not sure what any of that post is trying to suggest - perhaps you can supply some evidence of your conspiracy.
add my name to the list
There are still people out there who don't believe that JBI is real and that the technology is, by far, the best that the world has ever seen - lol.
The Company is pleased to report that in its third fiscal quarter through August 12, 2013, it produced approximately 82,618 gallons of fuel, with approximately 64,542 (78.12%) gallons produced as in-spec diesel fuel and approximately 18,075 (21.88%) gallons produced as naphtha.
"I'm extremely pleased with the consistency in which we've been able to produce fuel to start the third quarter," stated JBI Chief of Technology, John Bordynuik. "We are still running processor three conservatively and are encouraged that the residue removal is working as expected. Residue has been removed continuously during the machine's startup run, which today will be on its 23rd consecutive day." He continued, "We are looking forward to getting to the point where we can begin to test significantly higher feed rates on processor three."
I agree completely Brig - this is a new beginning with processor # 3 humming steadily. We have a new CEO, new CFO, new BoD and new financing. This technology is second to none other.
I'd like to add that shareholders owe a debt of gratitude to our biggest shareholder, the only financier to step up to the plate, our new CEO/BOD Chair, Mr. Richard Heddle. Without his contributions to this company there would be no company.
CONGRATS JBII SHAREHOLDERS!! What a great week...new seasoned team in place with their own hard earned money invested....John came through with flying colors on Machine 3.....blue skies and sunny profitable days are ahead....hang in there it's been a long hard haul but we have turned the corner to $$$$$$$$$$$$
Installed, I'd say 9 -10 million + 10% royalty + maintenance agreement of several thousand a year + ongoing supply of the catalyst.
L2 anyone??
we're all perfect - not allowed to make one mistake?
what costs are included in the cost per barrel?
Mr Bogolin you have not seated a new INDEPENDENT BoD. I do not want you in charge of what happens to my investment. If you knowingly did anything to affect the share price or used shareholders money inappropriately you can expect to hear from us.
It's a good day to resign.
well at least it preempts any attempt to shock shareholders/investors. Everyone here knows the motive - perhaps shareholders should consider their own lawsuit. Perhaps JBI et al should counter sue.
Can you tell me again the number of shares involved here, the amount paid and the grounds for the suit?
...a last ditch desperate refiling of a pos case that got dismissed once already in a RUSH on a Friday?
probably a counter suit on its way - this is clearly frivolous and malicious.
anyone but him - I'd have taken INGHAM and the janitor as my 1st 2 choices but knowing what I now believe is true about INGHAM I'll take the janitor - he would have done a far superior job.
I 2nd that motion. Anyone figure out why the investors wanted Bogolin in the CEO's position. Was it his qualifications as a COO, CEO and COO in other companies? No, that can't be it. Perhaps it was his success there? No, that's not it either because that didn't seem to be the case. Perhaps the longevity in his previous jobs? No, that's not it either - he was never employed in 1 place for very long.
Any investor care to provide a reason? Anyone? Anyone? Bueller?
Hey Tony, Hope you're all packed.Don't stub your toe on the way out.Take Matt with you.
I hope Baldwin goes to trial - I'd like to see the outcome after all the evidence is presented even though JBI and JB were forced to settle
The insurance company probably made the settlement with consent. JBI pays the deductible and the insurer picks up the rest of the tab.
Absolutely agree. This man has a duty to act in shareholders best interests - he is not. But disallowing potential candidates into the plant to conduct DD is unacceptable. The question I have is why would they not allow them in? Bogolin and Ingham and the investors were said to be impressed with the candidates found by Mr. Wesson - what happened to change that opinion?
Tony B. should just up and quit before the 10Q gets filed.
Do you think that all investors want the Bogolin to stay on as CEO? If not, what are they doing about it? Why block the Board candidates from attending the plant to conduct Due Diligence?
Shareholders know it's real as do the recipients of the emails. No one else really matters.
As a former independent director at JBI, Inc. I have been dismayed by the apparent reluctance of the company's current CEO and CFO to nominate or appoint a slate of new directors in a timely manner.
I am therefore adding my voice to those calling for Mr. Bogolin and Mr. Ingham to name new director candidates and file a DEF14A proxy with the SEC as soon as possible.
I am copying one of my emails to Messrs. Bogolin and Ingham here. Unfortunately, I have yet to receive a reply:
subject: AWAITING YOUR RESPONSE
From: Robin Bagai July 18, 2013
To: Tony Bogolin, Matthew Ingham, cc: John Bordynuik, John Wesson, Rachel, Christine, Chris Irons
Messrs. Bogolin and Ingham:
I have not received a response from you regarding the immediate steps needed for appointment of a new board of directors at JBI, Inc.
I find your lack of responsiveness and failure to seat a minimum of 3 persons to the board to be very disturbing.
Should your silence and inaction continue, I will be forced to follow John Wesson's lead and publicly address your behavior, as I can only conclude that you are both engaging in various forms of obstructionism that is causing grave harm to the company and its shareholders.
Regards,
Dr. Robin Bagai
(Former Director, JBI, Inc.)
Mr. Bogolin - a must read
Legal Relationship Between Shareholders & CEOs
by Matt Petryni, Demand Media
Many small businesses are organized as corporations, and sometimes solicit investments from shareholders outside of the company's management. Shareholders ultimately have control over the corporation's board of directors. In most small businesses, these directors technically hire the CEO. The CEO's legal duties, expectations and responsibilities generally extend from this corporate hierarchy. A CEO's failure to uphold the responsibilities of his office can result in personal liability for the company's debt and legal actions from shareholders.
Basic Job Description
The chief executive officer and other corporate officers represent the company in all of its regular operations. The CEO acts on the small business's behalf in most legal matters, and thus holds the authority to bind the corporation in contracts, debt obligations and legal proceedings. The extent of a CEO's power to make unilateral decisions for the business varies according to the business's governing documents, which are legally enforceable. The CEO reports directly to the board of directors.
Fiduciary Duties
Both the board of directors and the CEO of a small business have a fiduciary responsibility to the business's shareholders. The fiduciary duties are legal concepts that form the basis of a CEO's legal relationship with his company's owners. According to the American Bar Association, courts have ruled that a CEO's relationship with his small business's shareholders carries more legal responsibility than his relationship with his company's creditors. This is because the creditors' relationship with the company exists purely as a result of a legal contract. The shareholders' relationship with the CEO, by contrast, entails both a binding contract and the trust of that CEO in controlling the shareholders' property.
Duties of Care, Loyalty and Disclosure
A CEO's legal responsibilities to his company's shareholders are broken down into three distinct fiduciary duties: the duty of care, the duty of loyalty and the duty of disclosure. The duty of care refers to the CEO's responsibility to consider all of the available information relevant to business decisions, including the advice of experts and employees. The duty of care also includes the responsibility to understand and evaluate the company's day to day operations and the terms of agreements. The duty of loyalty requires that a CEO always acts in the best interest of a business's shareholders, and that he places that interest above his own in business decisions. This includes the responsibility to avoid conflicts of interest. Finally, the fiduciary duty of disclosure mandates that a CEO fully inform both the board of directors and the shareholders about the major issues facing the business.
Business Judgment Rule
In legal proceedings, the business judgment rule typically protects the CEO from the corporation's liabilities and losses. This rule basically states that a CEO is not personally responsible for the shareholders' losses if he acted honestly, openly and with the best interest of his company in mind. Under the business judgment rule, it is the responsibility of shareholders to demonstrate a CEO's failure to uphold his fiduciary responsibilities. In limited circumstances, such as the sale of the small business to a new owner, the business judgment rule does not apply, and it becomes the burden of CEOs and company directors to demonstrate that their actions were in the company's best interests.
http://smallbusiness.chron.com/legal-relationship-between-shareholders-ceos-33637.html
Have you ever thought that anything they try operationally is being held up and/or denied by an obstructionist(i.e. Rauber/Boglin). When you are always spending time correcting errors made by the former CEO/COO it's no wonder things are slow to develop. The current CEO former COO has a mission to ensure that JBI doesn't succeed. Is this at the direction of the investors who put him in this position?
What really bothers me is why the investors not only placed him in this position but ALL seem to believe he's the right man for the job. Does that suggest to you that ALL investors are in bed together and want this company to go under? Do they know that JBI has a technology they want for themselves? There are a number of investors but only a few have opted out of the group and the side agreement. Does the mean the remaining investors are content with the way things are? Why have they not speaking out and why have they not tried to remove BOGOLIN? Does that suggest they are happy with BOGOLIN and the direction the company is headed?
I believe that was before JBI came along.
The entire marker is not recyclable. The plastic marker barrel is recyclable, however, the tip and reservoir would need to be removed first. Our marker caps can be recycled at recycling facilities that accept #5 plastic.
I'm not necessarily upset that a CEO is making 140,000 ++++++ but expect him to live near the office and work at least 40 hours a week. It's not only the salary, bonus and expenses that we save on but we'll also save on costs added to the processing because of the mistakes he's made - 10s, if not, 100s of thousands more.
And I do expect news on the 10Q but it won't be enough for redemption.
Tony - see quote below. I just know you want to do your part to help out by resigning.
That's a saving of $140,000 a year salary + the bonus you give yourself.
Then there's the cost of a flight from St. Louis to Buffalo and return every week (looks like about $464.00) = about $23,000 (per year) (most people move to where their workplace is).
Car rental - an average of about $100.00 per day = 5,200.00 (per year)
+ whatever expenses he puts on the corporate credit card.
Must be nice to only work 3 days (about 24 hrs.) a week compared to the loyal staff who, we see, are working 60 + hours a week.
I'm thinking easily $300,000 per year that he could save the company.
Not to mention they also cut back on overhead recently. Skies are brightening up for JBI just watch and see
JBI is not at that stage and we don't want it to be. That's why Mr. Bogolin either resigns or is terminated.
So why buy shares in a company that will declare Ch 11 and cancel all common equity upon emergence if this is the scenario ?
Looks that way doesn't it.
You solved it ! He was specifically brought in because he has Chapter 11 corporate bankruptcy experience.
JBII now has a bankruptcy expert in place for when they will file.
No wonder insiders will not buy shares that they know will be cancelled.
Found another company Mr. Bogolin was employed by - Venture Stores Inc. a women's Wear Store. Mr. Bogolin was promoted in June 1997 to divisional vice president of treasury and accounts payable. Surprise, surprise the company entered into Chapter 11 bankruptcy on January 20, 1998 and closed it's doors on April 27, 1998.
Anyone seeing a pattern here.
http://en.wikipedia.org/wiki/Venture_Stores
Venture shuffles finance execs
PUB. DATE
June 1997
SOURCE
WWD: Women's Wear Daily;6/30/1997, Vol. 173 Issue 122, p12
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Reports on Venture Stores Inc.'s reorganization of its financial team to strengthen trade relations. Appointment of Russell Solt as chief financial officer; Joe Carter's promotion to vice president and controller; Jay Baker as vice president of new business development; Promotion of Tony Bogolin to divisional vice president of treasury and accounts payable.
Well seems like Mr. Bogolin didn't stay employed very long for any of the companies he's worked for so that a positive for JBI.
Not sure what the investors saw in Mr. Bogolin. Perhaps one of them can respond and provide an explanation, especially after he'd made so many mistakes as the COO.
Now there is a reference to him working for a company called Influence LLC - No CEO/CFO/COO experience but looks like he picked some valuable experience working for a company that went bankrupt.
So from 2001 to 2005 Mr. Bogolin (so far it looks like his longest period of employment) appears to have been a Manager of some sort. Not sure why he left there - but no CEO/COO/CFO experience.