is... a buy and hold investor of dividend US and Canadian stocks
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agreed... but as a practical matter it usually ends up being outdoors because of the cost factors, don't you agree? O/H, etc? Indoors is not the norm. What JBI has is a science experiment at this point.
Wouldn't you agree that for expansion they need something that can be outdoors and survive?
You are right about weather being a problem, but usually that is just a matter of ordering equipment that can survive the environment. The system will regulate, and find it's own temperature.
exactly...
where is the contradiction?
What JBI has is a prototype. It proves the concept. But deployment? They have not thought of it. the plan to build 3 units inside that facility in NY has failed because of the permitting issue. And the sprawling nature of that concept just increases O/H costs.
To be deployed it has to be compact, configured (finalized), and constructable (fully document with engineering drawings).
No my argument does not fail miserably. Have you ever worked in a maintenance environment? Take a drive through an industrial area and look for yourself. Maintenance is not obvious. Facilities are painted once when they are built and then no one cares. that is why they look like hell all the time. Rusty. But, they work. What is maintained is the valving and all of the systems. Immaculately. That is why the High Plains Drifter treatment of the blending is so suspect. Disposing of the SW on the veranda is more useful than a paint job.
And being indoors is not a requirement, at least for industry in general. If it is for JBII, that is a huge drawback to the system.
And what pictures show the complete scale, I have not seen any?
With regards to mobility, the Envion unit looks mobile as well, with some dis assembly, assembly. That is called "modular" construction. I worked on a job with 16 modules. They were assembled somewhere else, and then droped into place for final assembly.
Both units are equal in terms of mobility.
well I guess your opinion is as valid as mine. I think it is sleek. I have about 5 years recent experience in construction. The fact that it is as big as a building is not a problem. These things are not meant to be inside anyway.... JBIs is inside because it is a prototype. It should be built UP and a building is impractical. Plus maintenance is easier if it is outside.
And how do we know what the JBI unit looks like? I mean the whole unit, the gas compression, the shredder, etc... not just the processor. Right now it is inside a building, and we do not have complete pictures. From what I have seen it is sprawling with no thought to construct-ability or compactness.
"My understanding is a BUD precludes the need for a SW".
You and others are still playing with words. They do or do not need a SW permit. If they are managing SW they need a SW permit.
A BUD is a variance or exception because their process (JIT?) or specifics of their feedstock do not present a hazard. The point of the SW Permit/ BUD process is there are no hazards to the environment or public because of the activity. If they have a pile of garbage like what we saw JB sitting on in that paid advertisement called an article, they would need a SW permit.
We may as well talk about the feedstock, and the process, rather than the specifics of permitting. Statements like the above ore just confusing to everyone.
The "if" depends on what is coming in IMO. It has to be defined.
thanks Brig. I thought it was 8 M. My post was BASED on the picture I saw, posted by Rawnoc. SLEEK!!!!
we have no comparable pics of the jBII unit to compare with. All we have is some shots of a prototype, built with no regard for construct-ability or compactness.
Excellent post Righty!!! I have extracted the critical areas.
Water.
(1) Solid waste must not be deposited in, and must be prevented from, entering surface waters or groundwaters.
(2) Leachate. All solid waste management facilities must be constructed, operated and closed in a manner that minimizes the generation of leachate that must be disposed of and prevent the migration of leachate into surface and groundwaters.
Exactly. They need a concrete foundation, and make sure they use the right kind of concrete.
Control of access.
Access to and use of the facility must be strictly and continuously controlled by fencing, gates, signs, natural barriers or other suitable means.
Right. They have that now. I know from personal experience.
Control program for unauthorized waste.
(1) The facility owner or operator must institute a control program (including measures such as signs at all maintained access points indicating hours of operation and the types of solid waste accepted and not accepted,
monitoring, alternate collection programs, passage of local laws, etc.) to assure that only solid waste authorized by the department to be treated, disposed of or transferred at the facility is being treated, disposed of or transferred at that facility. The facility owner or operator must develop and implement a program to teach the facility's staff to recognize, remove and report receipt of solid waste not authorized by the department to be treated, disposed of or transferred at the facility.
*********** This is a kicker. Exactly what I just said. The DEC needs to know WHAT THE WASTE IS ***********
thanks Righty.
Solid waste not authorized by the department to be treated, disposed of or transferred at the facility that is segregated must be adequately secured and contained to prevent leakage or contamination of the environment.
Confinement of solid waste.
Blowing litter must be confined to solid waste holding and operating areas by fencing or other suitable means. Solid waste must be confined to an area that can be effectively maintained, operated and controlled. Solid waste must not be accepted at a solid waste management facility unless the waste is adequately covered or confined in the vehicle transporting the waste to prevent dust, and blowing litter.
They need a building.
(k) Dust control.
Dust must be effectively controlled so that it does not constitute a nuisance or hazard to health, safety, or property. The facility owner or operator must undertake any and all measures as required by the department to maintain and control dust at and emanating from the facility.
They need an HVAC system. They need to circulate the air in the building so many times per hour/ day, etc.
What is a "vector">.??
THANKS RIGHTY. EXACTLY WHAT I THOUGHT.
I must disagree with you. i myself was amazed at the extent that industry goes to protect our waterways and environment. Your statement is false.
As an example, I worked on a project in Water Treatment. All it was was the runoff from rainwater falling on a mine. The surface of the mine of course has lots of residual contamination from workers boots, the operations, etc. There was a river nearby (thee always is). We had to design a system for Water Treatment to manage the runoff into the river. I could not believe the low levels of tolerance for pollution until I was involved in it. So no, I must disagree with you. The only way that JB sitting on top of a pile of garbage could be viewed as positive would be in a paid advertisement for JBI.
With regards to my brief employment, how do you know what you are looking at is accurate? What if it is not, and you start making assumptions about people? What if someone's family happens across the wrong information? Think about that. Finally, what is your point?
Due to the wonders of modern technology, I can throw a few more things in here.
Yes, plants are built UP and gravity is a key design consideration. All you have to do is look at any industrial setting, like a refinery, a water tower, or a nuclear plant. It is built UP. Anything like a P2O unit is relatively small and should have a small footprint. The reason is to minimize cost (overhead attraction is based on square footage of floor space), and because most places are cramped. A small footprint is a good selling point. Working on equipment is no problem, all you have to do is use a zoom-boom or build scaffolding.
The Envion unit is well-designed. Sleek. Compact. Probably accompanied by an engineering package that allows for easy build-out by any contractor.Now it is true I don't know if Envion is commercially successful. What does it matter? JBI is nothing more than a prototype with no commercial success as of yet. And JBI is a sprawling unit built INDOORS... ROFL. At least with Envion, when they say a capital cost of 8M, I know it is a real number. 200k??? ROFLMAO.
Lastly, industrial processes are messy. I know that. But it stays IN THE PLANT. If you notice in looking at your comments, you are always talking about INPUTS to the process or the process itself. The nuclear industry is based on CONTAINMENT. The contamination is contained and no one gets hurt. That is why they come up with air-filled air-conditioned bubble suits that make guys look like spacemen whilst working in the reactor. They can get contaminated tritium splashed directly on them. The point is, the suit is discarded, treated or disposed of... and it all stays IN THE PLANT. No on cares what is in the input stream to a refinery. It gets burned, incinerated, flared... it is all controlled.
The start point to any discussion is the realization that JBI is receiving PLASTIC INDUSTRIAL WASTE that may be contaminated with various chemicals. Until we understand what exactly that is, there is not much point in talking, and I am sure the DEC has the same approach.
I will answer your last question.
It has to do with how JBI handles the plastic feedstock. The fact that it is industrial waste is the biggest issue facing them as an operator and something they should have seen at the very beginning of this endeavor.
The reason I included the bit about the roles of the operator, transporter, and waste disposal entities is that they each have their own permitting responsibilities, and those responsibilities end when the property line is crossed. In the nuclear industry, some of this stuff can be used to make dirty bombs, so it is very serious business. At the place where I worked there is an armed force, complete with machine guns, protecting this waste. It has the same level of security as an airport.
So, JBI is responsible for the waste when it crosses their property line. That is the reason why most of these plants are built on landfill sites (they already have a SW permit).
IMO they need a concrete pad, a building erected on it for inventory (and a big one at that, seeing as 5 days of inventory is 100T.. that is alot of plastic), and an HVAC system to control odors/ fumes. Capital cost anywhere from 200k to 500k. There are lots of vendors around who have prefab building like this.
I was simply making reference to what the term "waste" might mean in the nuclear industry.
In the nuclear industry the concept of "zones" is used or "areas" with defined protocols and potential contamination levels. When a worker crosses into another area, they doff their personal clothing and don the prescribed PPE for the work they are doing. It is all color-coded by size so nothing can go wrong, just like the piping. Once they cross they cannot go back without monitoring ans maybe showering. Personal clothign stays on the other side.
After they complete their work they return via the same path and discard the PPE. That clothing is then regarded as Waste. If there is any likelihood of contamination, it is treated as contaminated and decontaminated for $500/bag. It does not matter if it was worn for 5 minutes on a walk0-around. Terms like "no known to be completely clean" are used to ensure no contamination is allowed into "clean" areas where ingestion (eating lunches) may occur.
I used the term embedded because it was the best I could think of. in nuclear we talk about "Fixed" and "Loose" contamination. Fixed contamination cannot be washed off. The most common form of contamination in nuclear is Tritium. It is an emitter and a by-product of heavy water and radiation. It is like water and can get anywhere.
And the analogy to clothing is not far off. If you remember that show on CNBC about plastics, there was a company profiled that bought clean plastic at .50/???. No one has ever told me what the unit of measure was. All you have to do is play back the video. They turned this product (shredded bottles) into sweaters. Polyester?? So, hypothetically, JBI could turn polyester clothing into fuel...
The nuclear business is an order of magnitude more careful about contamination than Oil&Gas, let;s say. I was in a refinery and observed the plant manager telling people that he could not be bothered with sniffers in the plant. Basically he said that if anyone keeled over from fumes or felt nauseous, they should come down from the scaffolding and call for help. The Union freaked out. The chemical there they are primarily worried about is benzene.
So, as far as I know JBI is going to be receiving 20T/day of unwashed plastic. If it is industrial waste it will have all kinds of chemicals in it. All I am saying is that the DEC is going to have to KNOW what chemicals may be in it and how JBI is going to control those hazards if they want to be able to hold inventory. In other words, if they want a Solid Waste permit or a BUD or whatever you want to call it. It is a process/ operational issue, but really they have to define and control the hazard.
It will not to to make generalizations like "most industrial plastic is clean" or observing when you go to the grocery store to buy meat that the containers it comes in are really clean therefore the clippings from them must be clean. Everybody saw that garbage pile that JB was sitting on, and that thing must be controlled. If the DEC does not KNOW what chemicals may be contained in the 20T/day and how they will be controlled they will not allow them to operate.
IMO they need to build a structure on a concrete bed (to prevent "plumes") with an HVAC system. These are available prefabricated and the whole thing could cost anywhere from 200k to 500k.
you are right that there are standards in place for what goes into landfills.
not ludicrous.
I think that you guys are missing the point.
All I said was that JBI needs a SW permit because it is handling Solid Waste. The solution, be it a BUD or whatever, requires that JBI proves it will not pollute.
TO me that requires that JBI define the plastic sources and what kinds of contamination and hazards it represents and propose their management of those hazards.
Maybe there is not a hazard, I really don't know. The point is that I think they have to define their sources.
So you are implying that most plastic goes to a "regular" landfill. It is not contaminated. Great...
I would guess they need a building and an hVAC system like I said.
i know that nuclear waste is the responsibility of the site until it hits the property line, then the responsibility of the transport company, then the responsibility of the waste disposal contractor. That is what i know about nuclear waste. And every truckload of said nuclear waste is documented thoroughly.
you can't assume that... what is the process that makes those trimmings? you don't know...
well, all you need to do is go for a tour in any number of industrial plants. I am not going to go on a goose chase on an issue as obvious as that. But if jBII thinks they can just say "industrial waste plastic" and get a permit they are nuts.
Now you are talking about things that are sold at Home Hardware?
Um... those items are NEW z. Brand New. a known quantity.
All I meant by embedded was that it cannot be easily removed. It may be washed or unwashed plastic, but it really does not matter. In industry there is zero tolerance for anything that may be contaminated, even it is a piece of clothing worn once for 5 minutes that may have picked up a speck of whatever.
Zardiw:
you are making an assumption that I am talking about nuclear waste. I am not. I am just talking about plastic industrial waste.
It all depends on what has been defined as the input stream for JBII. If you are talking about industrial waste, and you are going to leave it at that, than I can only assume that you are talking about industrial waste which may have any number of chemicals on it.
So waste does not have to be radioactive for it to be dangerous. Really, an industrial process can result in all kinds of harmful substances left on the plastic... that is pretty obvious.
Or, JBI uses clean plastic, but that would cost money, and i am sure that what is being touted here is free plastic.
So, the DEC would require to know what kind of chemicals are present to give them a permit. Common sense.
I think that as long as it is overnight it would not matter the term or the amount, they would need a SW permit. Storage during a shift might work.... under constant surveillance... that might get them a BUD.
This is really an operational question... having been in Waste Management the amount of paperwork required never ceases to amaze me....
JJ, comparing missing schedule dates to an industrial practice like JIT is hardly fair. That is a cheap shot.
JIT means that there is never any inventory. It would require that the plastic waste be taken directly from a rail car or other container and directly input to the process.
Frankly, I do not think this is possible, just because it is process, not discrete, manufacturing. But, I don't know. It might be. It would mean they could not have any inventory overnight.
Correct, but there are parallels. The place I was at had alot of wooden buildings, military-like. Tinderboxes. In the middle of a forest, filled with all kinds of radioactive contamination.
Waste is waste, however. It presents hazards. We are talking about industrial plastic here, and there are parallels with the nuclear world.
When we decommission (demolish) a building, we first must "characterize" the nuclear waste, which means taking samples and identifying what is there, where it is, and what hazards it represents. Then there has to be alot of planning documentation written to describe the approach and solution before anything is done. In case you are wondering, prior to that it is in a defined state where it is being observed, so it is under control at all times.
The way I see it this Board has never seen any conclusive description of the nature of the plastic waste that is going to be input to the process. I think that the DEC would have to know exactly what chemicals MAY be present in the waste. So, I think that JBI would have to have defined contracts and suppliers as a start point, so that they could describe exactly the waste chemicals that may be present to the DEC.
Once knowing that, you could identify the hazards, which would be airborne and odors. There may be potential for combustion.
In terms of storing it (for inventory purposes), I think it would take a dedicated building with HVAC to eliminate odors and airborne hazards. Plus, they would have to specify PPE to be worn to protect the workers in the building. The building would have to have a fire protection plan.
Now it is not a huge deal. Buildings can be purchased for this purpose and hVAC as well...
Just another thing that jBI did not consider....
But, I DO believe that this requires predefined contracts and sources of supply... and firm contracts.
This is more important than the stack test and simple air permit and is something that JBI should have realized early on in their consultations with the DEC, which obviously they did not have, unlike the many other P2O companies that "Failed".
i am way ahead of you. That was the first thing I thought of.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56105310&txt2find=JIT
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56105201&txt2find=JIT
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56105020&txt2find=JIT
You are correct. If I was them I would attempt a totally JIT strategy. Not sure it would fly... they may need to get a little piggy for a supervisor on that one.... or maybe they need to "piggyback" on their neighbor's process... or... maybe it just won't FLY... ROFL....
I would think that the Solid (Plastic) Waste would have to be stored in some kind of dedicated structure that would have to conform to Fire Code... and Solid Waste Fire protection codes.
I was jsut working in a nuclear decommissioning environment. Fire Protection very important.
agreed. that is the DD conundrum.
I thought it was because the purpose was alternative energy??? anyway, the purpose of the DEC is to not pollute the environment.. whatever the legislation words might read. It doe snot make sense to allow an exemption to stockpile as inventory plastic with any kind of industrial waste embedded in it.
By the way, I would think that passage you are referring to does not apply to discarded industrial waste, rather virgin material.
Is that not reasonable?
makes intuitive sense to me. They have to stockpile industrial plastic ===============> Solid Waste.
Can you reveal your sources Scion?
Hi guys. New to the Board. what is up?
Upon further reflection... I said something that is not warranted.
"Also, they screwed up the timing of the press releases... they may have been able to build it up higher. "
no, that is my suspicious subconscious talking. In planning to release the PRs every 6 hours over multiple days/ weeks... I would assume that JB was simply trying to follow common sense rules. No problem with it. Likewise his taking a vacation... and the timing of PRs before during... creates less likelihood/ suspicion of wrongdoing..
I have no problems with timing of stock issue/ PRs...
Then Envion's machine would fit indoors too, inside an 8-story building. Besides which, it is not only height, but footprint that matters. It needs to have minimum footprint if they expect to sell lots of units. Whether on a landfill or not, it should occupy minimum space.
The Envion machine has a minimum footprint... and is about 6 stories high.
And that warehouse in Buffalo is about 3 stories high... but that machine may have a huge footprint.
Footprint is important. what ever we did had to have minimum footprint as to not get in the way of existing operations and minimize cost.. the Envion plant is built UP and are most production plants.
and minimum footprint/ building UP makes most effective use of GRAVITY... simple but incredibly important.
Also, the Envion plant look sturdy.. doesn't it? Ready to take all sorts of abuse. It is a prepackaged unit, likely completely documented and can be built by any contractor...
just noticing things...
and it is intended to be outdoors. on a landfill site.
Not sure exactly why you posted that, but I really have no problem with the timing of the press releases and the direction about not selling stock over 3 weeks from Jan 31. I also stand by my previous posts. That is more about underlying principles.
Here is the JBII chart for the time frame in question:
From the beginning of January to Jan 31, the stock fell, the "massacre". This email is Jan 31. I see what I would suspect to be insider trading between Jan 31 and Feb 12. After Feb 12, the stock subsided. I would say that is similar to earnings speculation, when the result does not meet the expectation and the stock subsides after reality hits. Also, they screwed up the timing of the press releases... they may have been able to build it up higher.
However, in your text below, JB says.. "do not trade the stock over the next 3 weeks" bravo... no problem with that. He is directing people not to do what might be construed as insider trading. That is my take on it. On second thought, it reads like he just does not want them to get caught... but that is unclear.
Other than that, he is "maximizing shareholder value" by being a bit of a hatchetman. Not nice, but that is life...
Am I missing something?
Excellent post and I express likewise wishes for yourself.
what pictures do we have of the JBI machine other than what zardiw posts? seems about the same size.
No it does no please me. I am just telling people who may not know the way it is. when someone talks about how much something "costs" they are talking about the whole thing, all necessary labor, equipment, hours, etc.
You have got to compare apples to apples. If I understand it correctly, the processor is the most important component of the JBI system. it is the apple core... LOL. There are also shredders, the gas compression system, the hopper, the control system... which will result in a total of 300-400k for equipment. The rest follows and is easily verifiable by looking at the financial statements.
No one else but supporters of JBI on SMB have ever stated the "cost" as being 200k and compared it to other systems at 4M. I think even JBI is more accurate.
My logic is quite correct, this type of estimating is known as parametric estimating.
You are not a company and the hot tub is not a Capital Project, although you should treat it as such.
You are correct that all the accoutrements, etc are custom, but that is part of the game in Capital Projects. Every one is different. That is why we do an Estimate preceding. I am sure that when you considered the cost of your hot tub you took into account installation and associated plumbing.
I regularly see comparisons of JBII's P2O processor with the cost of other P2O setups. I see numbers like 4M for others (Envion?). Now in reading those I am almost 100% certain that the 4M is the total Capital Cost. If it is NOT broken down or if that breakdown is unstated, you can bet that that is the total capital cost.
I can only compare to a typical plant at the air separation (industrial gases) company where I worked.
I worked on a 12.5M plant upgrade. Of that:
- 3-4M = equipment. One main piece, a 2M LR Tank. This is similar to the P2O plant, with the processor being central, but there is also analyzers, other equipment. So it is 30% of cost.
- 3-4M = Construction and other contracts. This is the cost to build the P2O plant. We can see it in the financials... along with the above equipment. So construction is another 30% of Cost.
- 500k = Engineering. This is to support the construction and to do custom work per plant. Islechem is equivalent and you can see the numbers in the financials.
- 500k - 1M Commissioning/ Startup. You can see this money being spent as well....
- the remainder is Project management and other costs.
so using the 200k as a benchmark.. I have guessed that the Capital Cost of the P2o plant is 1-1.5M. the 3-processor configuration is likely 1.5-2M. I looked at the financials and they support the above conclusions, although the numbers for cost are all over the place.
Similarly, each air separation plant is different or custom in some way, although we had certain defined pieces of equipment and configurations. There is a balance.
On that basis, to say that the JBI Plant costs a mere 200k while the competition is Millions of dollars is a flat-out lie. It is playing with words.
Hope you are enjoying your hot tub.
Well, I guess I was reading into what you were saying, and perhaps wrongly, but I believe that I was dead right about what I was saying regardless. I have read a number of posts on the lawsuit and the emails and as far as I am concerned they are damning. Here is the key passage(s):
"UBS (VP Investments) and UMB Bank Fund managers and analysts have advised that this might be the next Henry Singleton and UBS is on the market makers because they believe we are the best stock going.
... I have been doing the public market strategy which is working. I will continue to bring the market price up but we'll need earnings behind in the short term to keep the momentum with the market. I can keep us a 1000x multiple with perfect execution of P2O. I need other acquisitions to build a floor on the stock. .."
OK, let's forget about fancy language about "maximizing shareholder value". Leave that to the business schools. It means nothing for JBII anyway. Here is my definition of maximizing shareholder value; laying good people like myself and several others off when a recession hits regardless of the fact that they are people with lives, kids, mortgages, etc. And in an environment where working 110% was viewed as just normal.
And of course the share price affects certain things like ability to obtain financing and debt/equity ratios. It is important. I took Corporate Finance and the only thing I learned for sure is that everything affects everything else, and no one thing is important in and of itself. Therefore the only thing that really matters is the line item entitled (Earnings Per Share (EPS)). I have to have a really good reason to investing any stock that is not breaking even or close.
The passage above pretty much states that:
- he will maintain as high a multiple (1000x) as possible on expectation, not delivery. That is promotion.
- he is using MM to bring the market price up. That is stock price manipulation.
- earnings are viewed as secondary, after the fact. That is poor planning and irresponsibility to investors.
- acquisitions are viewed as simply being accounting entities to give some kind of earnings "floor" to the stock price. That is bad management. I have seen hi-tech companies being bought for their customer lists. That is barely enough reason, certainly not synergy... but to buy a company for it's ... contacts??? JB needs to buy few lunches and hire a sales force.
So, note that I am the one who came out and criticized Janice Shell for referring to JB as a "stock promoter". That is because I view stock promoters as people who work in boiler rooms manning telephones calling people in their homes attempting to sell a stock, which will only go up ST way beyond it's intrinsic value and net some front-loaded pumper with easy money.
Well, I have changed my mind. Janice was right on the money. All JB cares about is getting that money to fulfill his personal visions, and unfortunately he does not know what he is doing. In putting stock price first in order to raise money by whatever means necessary, he is nothing but a stock promoter.
Remember his words at the AGM presentation? From the video: " we will proceed (sic) with whatever YOU fund". His words were that or close. In other words, all he wants is investor's money. Your money.
What has JB accomplished? First of all, he told a fantastic tale about tapes where he represented that he would have a cash cushion to allow him to make P2O a commercial success. That expectation, plus his "Public Market Strategy", resulted in a PPS which enabled him to generate cash through a PP. He has used that cash to build a prototype in a year and spent 7M, and is currently looking for new funding. That is promotion with no concern for the investor, not execution.
There is no success here. No working plant. Not yet, not without further funds.
So, Johnik, this is not directed to your personal posts and all of your threads... that is my opinion on recently released emails and the lawsuit.
What you are basically saying is.. and this is the crux of the matter... I will attempt to paraphrase..
You purport that JB purposefully raised the share price on the open market via his "Public Market Strategy", with the best intentions of generating interest in another PP at a decent price... in order to use the proceeds to make the company successful, ALL THE WHILE BELIEVING HE WOULD DELIVER AND THE PPS WOULD BE MAINTAINED.
In other words, he was prepared to do whatever he had to do to get the stock price in order to finance success. In your view, that is OK.
AM I CORRECT?
This is bass ackwards to what most observers would think logical, ie., execute, generate earnings to get the stock price up.. THEN do a PP to expand...
However, it has been done before. Frank Dunn cooked the books for Nortel in 2004 in order to get the stock price up, so he could get more favorable debt terms and refinance the company. His predecessor, John Roth, just pumped the stock price up so he could buy all these internet companies for God knows why and feed his huge ego.
also, he bought alot of antique cars, which he happily enjoys in retirement now..
************** Nortel is Bankrupt *****************
Do I more or less have it? The end justifies the means kind of thing?
BECAUSE AT THE END OF THE DAY.. WE HAVE TO ASK OURSELVES.. WHAT THE HECK WILL JB GET OUT OF THIS EXCEPT A JAIL TERM? THEN WHY, WHY, WHY.. I don't know myself.
IS HE A NARCISSIST? (you would have to be..) LOL..
AND WHY, WHY, WHY DID HE DO THAT RESTATEMENT... SIGH..
PP's are usually at a discount to the going Market Price. And the price usually falls immediately to the PP price, both because of trading opportunities and dilution. that is fair ball for a stock that is represented fairly and where the market PPS reflects the intrinsic value... somewhat.
I have no problem with the .80 PIPE, but the 4.00 PIPE? The stock price at the time was a result of JB''s "Public Market Strategy" (that is such a cute phrase, almost like "Lurker"), and the FALSE financials.
Selling a stock on a false premise or when you know you can't deliver the goods is Promotion. Worse, misrepresentation.
actually, now you know the reason why I passed on this stock at 1.20, simply because there was no basis for it to be at 1.20, and much less of a basis for it to be at 7.70. All it is/ was is a bunch of acquisitions (I agree about the catalyst, but that is the ONLY reason for them) and whatever the "Public market strategy" aka, pump and dump/ stock price manipulation scheme is.
Good call, wouldn't you say?
It is obvious that he views earnings as secondary to what ever the "public market strategy" is to get the stock price up, and acquisitions (which were a waste of company money for the most part) in the same way, merely to get the price of the stock up. His priorities are in the wrong place... as history since has shown...
the market has spoken.