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JBI is already in that area working with Waste Management as we have been told on this MB. Why would Waste Management want to put another companies plant in the same area? Doesn't make much sense.
That only works if one of those companies wants JBI fuel. Those companies all NEED fuel but don't seem to be falling over themselves to get the JBI fuel.
Their(sic) is no demand for it! JBI is only going after businesses that can produce plastics and needs fuel.
Agreed. Agilyx should buy JBI.
If Agilyx/other P2F are willing to pay for plastic resources, companies will go with Agilyx/other P2F.
The question is, given a level playing field, who has the best technology and business strategy to secure and control plastic resources going forward. The superior technology has the advantage if it matches up to market adversaries in gaining and maintaining control of the feed stock. Selling the product will be minor compared to taking control of the resource gameboard! agreed?
JBII doesnt NEED a "refinery offtake agreement" because they don't need a refinery.
Then why did they buy one with shareholders money?
Shell seems to have changed their mind in the past year.
Bio Power Sources Are Shell’s Favored Alternative Energy Source for Serious Future Speculations by Lee on July 7, 2011
http://www.teslawiki.net/bio-power-sources-are-shells-favored-alternative-energy-source-for-serious-future-speculations
There was a study done by the American Bar Association that you can search for. "Disclosures_of_SEC_Investigations.pdf"
While the study looks primarily at the impact of disclosing an investigation and Wells Notice, it speaks to the time between a Wells Notice being issued and the final outcome. 9-16 months.
So I agree, we are only in the beginning of this process.
Do you know what current O/S is and what it was at each of the junctures you mention?
Do any of your dates coincide with when shares were coming off restriction?
Class Action Lawsuit. Haven't found anything about a Wells Notice but they aren't required to say anything.
News Release
RockTenn Files Counterclaim in Pending Smurfit-Stone Shareholder Litigation
NORCROSS, Ga., Jul 07, 2011 (BUSINESS WIRE) --
RockTenn (NYSE: RKT) today announced that it filed a counterclaim in the pending Smurfit-Stone shareholder class action lawsuit.
As previously disclosed, there is a class action lawsuit against Rock-Tenn Company, RockTenn CP, LLC (a wholly owned subsidiary of RockTenn that is the successor to Smurfit-Stone Container Corporation), and former directors of Smurfit-Stone pending in the Delaware Court of Chancery (the "Court"), challenging the recently completed acquisition by RockTenn of Smurfit-Stone. The lawsuit includes claims that the proxy statement provided to Smurfit-Stone shareholders in connection with the transaction contained misleading or inadequate disclosures regarding the merger. Plaintiffs sought damages and a preliminary injunction to enjoin the shareholder vote to approve and adopt the merger agreement. On May 20, 2011, the Court denied the plaintiffs' motion for preliminary injunction. On May 27, 2011, Smurfit-Stone's shareholders voted to approve the transaction, and the merger was consummated later that day.
In the counterclaim filed today, RockTenn notified the Court of an error in the proxy statement provided to Smurfit-Stone shareholders in connection with the transaction. The error was the attachment and summary of an outdated version of the Delaware appraisal statute, rather than the current version. RockTenn requested that the Court order that plaintiffs are not entitled to any damages or the imposition of any other remedy with respect to this error.
About RockTenn
RockTenn (NYSE:RKT) is one of North America's leading integrated manufacturers of corrugated and consumer packaging and recycling solutions, with annualized net sales of approximately $10 billion. RockTenn's 26,000 employees are committed to exceeding their customers' expectations - every time. The Company operates locations in the United States, Canada, Mexico, Chile, Argentina and China. For more information, visit www.rocktenn.com.
SOURCE: RockTenn
RockTenn
John Stakel, 678-291-7900
VP-Treasurer
http://phx.corporate-ir.net/phoenix.zhtml?c=91009&p=irol-newsArticle_Print&ID=1583326&highlight=
JBI had to have known the Wells Notice was a possibility during the investigation. How long do these investigations take? Months? A year or more? There was plenty of time for shares to get traded.
The Company produced a large quantity of documents, and cooperated with the Enforcement staff, with regard to the investigation preceding the Wells Notice.
Then there was the other 8K about the increase in activity and the increase in stock price that came out late in April.
JBI, Inc. Comments on Recent Trading Activity and Discloses Potential Transactions
JBI, Inc. (the “Company” or “JBII”) stated today that it was concerned about this month’s significant trading volumes and stock price increase, which appear to be unrelated to any disclosures by the Company.
http://www.sec.gov/Archives/edgar/data/1381105/000121390011002099/f8k042011_jbi.htm
AND then there is the 5th amendment to the 8K regarding the Pakit purchase and the accounting of the acquisitions.
Explanatory Note: This Amendment No.5 on Form 8-K (the “Form 8-K”) originally filed with the Securities and Exchange Commission on October 1, 2009 amends the Form 8-K in order to include as exhibits the Pro Forma Combined Consolidated Statements as presented for our acquisitions of our Javaco and Pak-it subsidiaries. On August 24th, 2009, 310 Holdings (“JBI” or, the “Company”) purchased Javaco, Inc. (“Javaco”), and on September 30th 2009, JBI purchased Pak-It, LLC ("Pak-It).
http://www.sec.gov/Archives/edgar/data/1381105/000121390011003146/f8k082409a5_jbi.htm
Then the Well's Notice filing from JBI.
Item 8.01 Other Events
On July 14, 2011, the staff of the Securities and Exchange Commission’s (SEC) Division of Enforcement issued a “Wells Notice” to JBI, Inc., ( the “Company”) indicating that the staff intended to recommend that the SEC file a civil lawsuit alleging that the Company violated certain provisions of the federal securities laws . Based on communications with the Enforcement staff, the Company believes that the proposed lawsuit relates to the Company’s subsequently restated financial statements for the third quarter of 2009, which were included in its Form 10-Q filed on November 16, 2009 and its financial statements for the year ended December 31, 2009, which were included in its 2009 Form 10-K filed on March 31, 2010. The restatement concerned the Company’s valuation of media credits, accounting for certain acquisitions, and equity issuances. Based on information obtained from the Enforcement staff, the Company believes that the staff may also recommend naming one or more current and former officers of the Company as defendants in the proposed lawsuit.
Under the SEC’s procedures, a Wells Notice indicates that the SEC Enforcement staff has decided to recommend instituting litigation, but the Commission itself has not decided whether or not to approve such a recommendation. The Company has the opportunity to respond to the SEC staff before a decision is made whether to take any adverse action. The Company produced a large quantity of documents, and cooperated with the Enforcement staff, with regard to the investigation preceding the Wells Notice.
The Company cannot predict the outcome of the dispute with the SEC, including whether a lawsuit will be filed or the terms of any settlement that may be reached. The Company has been given an opportunity to respond to the Wells Notice, and will decide how to proceed based on consultation with its litigation counsel.
To the best of the Company’s knowledge, the Enforcement staff’s concerns do not currently encompass matters unrelated to the restatement. The Company took a number of proactive steps in connection with the restatement, including hiring additional accounting staff members, retaining a reputable, top-30 accounting firm (WithumSmith+Brown) to provide relevant expertise, and upgrading its accounting software. Previously, on May 21, 2010, the Company disclosed that its financial statements for the indicated time periods should no longer be relied upon.
The Company is deeply concerned about the recent significant trading activity and stock price decrease, which were unaccompanied by any Company disclosures during the 48 hours prior to receiving the Wells Notice. The Company was unaware of the notice until shortly prior to its receipt, and members of management did not trade in the Company’s stock during this period.
The Company does not anticipate that the notice will negatively impact its business operations.
Entity creation date is 11/15/2010?
Owners are Ron Kurp & Dickler Chemical?
Is Pakit getting ready to split off?
PAKIT Current Name
Fictitious Names - Domestic - Information
Entity Number: 3991975
Status: Active
Entity Creation Date: 11/15/2010
State of Business.: PA
Principal Place of Business: 4201 Torresdale Ave
Philadelphia PA 19124
Mailing Address: No Address
Owner Information
Owner(s) for: PAKIT
Owners
Name: Kurp, Ronald D
Mailing Address: 4201 Torresdale Ave
Philadelphia PA 19124
Name: DICKLER CHEMICAL LABORATORIES, INC.
Mailing Address: 4201 TORRESDALE AVENUE
PHILADELPHIA PA 19124-0
Are you saying the investigations continued after the Well's Notice was issued and then an amended Well's Notice was issued? Why not just go to the Commission at that point?
Look how far JBI has come since this post! A lot of DD in here.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46302894&txt2find=new|jersey
Selling fuel to their one customer?
They had permission from NYDEC to sell fuel and to build the 2nd processor since last December. What's the hold up?
JBII is currently producing and selling fuel directly to their customer....all one need do is read the filing...contracted to produce and deliver and that's just what they are doing....just sayin'
The only thing between where we are and a huge success is consistency of throughput and execution of the business plan.
Therein lies the issue. Execution of the business plan. The management team has an obligation to the shareholders to execute the business plan so that it profits the shareholders. If the management team is not performing, shareholders have the right to question and even remove members of that team. How are each of these people listed contributing to the plan?
Their bios can be found here:
http://www.plastic2oil.com/our-company.aspx
Management Team
John Bordynuik
President and CEO
Dr. Jacob Smith
Chief Operating Officer
Consultant Accounting Team
Chief Financial Officer
Ronald Kurp
Vice President Research & Development
Katie Matkowski
Profit Center Manager
Alan Barnett
Head Research & Development Chemist
Brian Seburn
Chief Technology Officer
Bob Molodynia
Vice President, Business Development
John Colin Robbins
Senior Vice President
52wk Range 4.20 - 0.51
A Well's Notice is "blather"? Restatements are "minor"? Less than 4% of public companies have received Well's Notices in the past 4 years.
How can you be sure the JBI Directors & Officers have insurance? Can you show me a link? Policies are very specific. AAA insurance doesn't cover one if one is driving drunk. D&O insurance doesn't cover one for being ignorant or worse.
When you put everything that is going on in a list, it's pretty grim. Wells, C/A, Laws, Kidd, the changing O/S, Reg SHO, numerous accounting & staff changes, delayed filings, lack of obvious fuel sales, delay in second processor, etc.
Soooo........we'll see about the whoopdy-do when the 10Q comes out and the SEC is done, etc.
A bunch of blather over a minor accounting issue that will result in a fine at worst....as for the lawyers well this is what they do...how they make their money...and either way JBII has insurance....soooo....whoopdy-doo.....sell that fuel baby!! It's the road to profits.....TIC-TOC!!
Reg SHO Threshold list Day 3 http://www.otcmarkets.com/stock/JBII/short-sales
Is this the sting you are referring to?
Seems pretty obvious to me that the SEC has been and is presently being used as a tool by those who are attacking the company.
so now the SEC is at fault for JBII problems?
what will next .. a sting to trap naked shorts
PPS is now 1.55 and falling
My question was how many pipes have been issued since the shell was purchased? Shares issued and the amount JBI has made from the pipes. Does anyone have a list?
Thanks for your response. I didn't find it very informative.
Lawsuit filed by Glancy & Smith on behalf of a shareholder of JBI. That's more than 'investigating' whether a class action suit is warranted.
http://www.glancylaw.com/pdf/JBI.pdf
Is it still considered ambulance chasing when they file the suit?
Does anyone have a list of the different equity financing/Pipes that have occurred since JB bought the 310 shell? Looking for how many equity issuances/shares were issued and how much each pipe made.
Second day on the Reg Sho list for failure to deliver.
http://www.otcmarkets.com/stock/JBII/short-sales
I don't think the SEC allowed anything. Kidd didn't sell a shell(Domark), he sold media credits to JBI. If one reads the filings of Domark, the media credits were on the Domark 10Q at 10 million prior to the sale and just over 1 million on the 10K for the prior year filed just after the sale. Something fishy there. Also Domark paid 3.3 million in shares for the media credits. Accounting rules state they should have been on the books at the lower value or 3.3 max.
That being said, I agree with the post below that if DD had been done by JBI prior to the purchase, they never would have bought the media credits. There were a lot of people involved with both 310/JBI and Domark that facilitated this acquisition by JBI, accountants, attorneys, stock transfer company, etc. that should have known the true value of the media credits. Lack of DD or ignorance is not an excuse for the inflated value that has and continues to affect this company and this stock.
"i still find it
beyond *telling* that the sec allows
the shell to be *sold* by kidd with
media credits not addressed"
The media credits were a separate asset sale. The SEC doesn't tell companies that they can or can't buy stuff, nor do they pass judgment on the value of stuff before it is sold. You wouldn't want the government to comment on the value of an asset prior to its sale, would you?
Once a public company acquires an asset, however, the dollar value at which that company carries that asset on its balance sheet needs to be supported. JBII at some point realized that the asset that they bought was worthless and wrote it off. This stuff happens all the time. One of the main aspects that makes this case unique is it was the LARGEST item on JBII's balance sheet.
Rather than asking why the SEC didn't catch this before hand, you might want to consider asking what kind of due diligence JBII did before they bought a totally useless asset, valued it at $10,000,000 and coughed up a million shares for the privilege.
Why does JBI link to Yahoo finance and JBII.PK from their website?
http://www.plastic2oil.com/investor-relations/stock-quote.aspx
Could JBI take one of their listed subsidiaries and reverse merger into another 'clean' shell?
Javaco, Inc.
JBI (Canada), Inc.
JBI RE #1, Inc.
JBI RE One, Inc.
Pak-It, LLC
Plastic2Oil Land, Inc.
Plastic2Oil Marine, Inc.
Plastic2Oil of NY #1, LLC
http://reports.standardandpoors.com/aidata/maccess/pdf/46611b10.pdf
JBI on REG SHO List.
http://www.nasdaqtrader.com/Trader.aspx?id=RegSHOThreshold
Another group investigating JBI. Can JBI sue for defamation if the Wells Notice goes nowhere?
http://shareholdersfoundation.com/caseinvestigation/jbi-inc-under-investor-investigation-over-potential-violations-securities-laws
Was this the reason the stock dropped so much after the AGM in 2010? This huge decrease in assets & equity?
"The Company has determined that there were errors in the original accounting for the acquisitions of Javaco and Pak-It, the valuation of media credits, and equity issuances, causing the Company to restate previously reported financial results as of and for the year ended December 31, 2009. The effect of this misstatement to the financial statements is a decrease in total assets of approximately $11,507,000, an increase in net loss of approximately $2,178,000 and a decrease in equity o $11,809,000."
( http://sec.gov/Archives/edgar/data/1381105/000121390010002805/f10ka2009_jbi.htm )
How long do you think it will stay down there? Do you think that if the 10Q shows revenue for P2O in Q2 it will pop back up?
I just reviewed the charts, and it appears that this week may be another consolidation period with weakness still being the overall trend.
1.56 is the barrier, and if it holds, then the support will be established. If it fails, then I see a drop to below a dollar for the short term.
GLTY....
NEWS: Former Senior Event and Operations Leader at Walt Disney Company Accepts Position of Chief Operating Officer of Armada Sports
Date : 07/26/2011 @ 12:39PM
Source : Business Wire
Hello Kessek. If you are new to JBI, may I suggest you go the the company website and the SEC filings to do some research. You will find a lot of information here.
Company website:
http://www.plastic2oil.com/
SEC filings:
http://www.sec.gov/cgi-bin/browse-edgar?CIK=0001381105&action=getcompany
Thank you Waikikian. The refinery capacity per this article supports 260,000 gallons or 6190.48 barrels.
The 10Q is out in mid August for the second quarter of 2011. At that time we will be able to see what the revenues are for the P2O segment of the company for that period. Until then, we can't speculate on additional sales, only those sales reported by JBI in PR's and 8K's.
Storage capacity reported includes these tanks on the DEC website:
http://www.dec.ny.gov/cfmx/extapps/derexternal/abs/details.cfm
It's been mentioned they may be using the refinery for storage as well. Does anyone know the capacity there?
It's also been mentioned that they may be using fuel tankers for storage. I don't recall there being any links or documentation regarding the refinery or fuel tanker capacity or usage.
I agree, it can be confusing trying to convert the different measurements. I've done a conversion chart and some math to come up with the following based on a 20T processor. I'm sure there are variables I didn't address, but here are my basics hope this helps.
20T per day = 40,000lbs = 18144kg
1kg feedstock = 1 liter of fuel = .26 gallons
18144kg = 4793 gallons
1 barrel holds approximately 42 gallons
4793 gallons = 114 barrels
$109.00/barrel x 114 barrels = $12426.00 per day
Qty sold to Coco Paving per the 8K.
60000 liter x .26/gal = 15,600 gallons
15,600 gallons / 42 gallons per barrel = 371.43 barrels
371.43 barrels x $109.00/barrel = $40,485.71
If they can run 114 barrels per day then:
371.43 barrels / 114 barrels per day = 3.26 days of processing
None taken. Just thought it was an interesting paper.
The system is rotten and many are profiting of the backs of the little investor and their retirement funds.
JBI is young. I like the concept of waste to fuel. There have been continuous flags though that make me wonder if they are going to make it. The loud cheer leaders don't help the legitimacy either.
Good luck.
Interesting and scary!
I found this paper written while doing some research. You might find it interesting. I was specifically looking at equity issuance
.
It is a collaboration by the following:
Scott Richardson
University of Michigan Business School
701 Tappan St., Ann Arbor, MI 48109-1234
Siew Hong Teoh
Fisher College of Business, Ohio State University
2100 Neil Ave., Columbus, OH 43210
Peter Wysocki
MIT Sloan School of Management, E52-325
50 Memorial Drive, Cambridge, MA 02142-1347
The Walkdown to Beatable Analyst Forecasts:
The Roles of Equity Issuance and Insider Trading Incentives
http://web.mit.edu/wysockip/www/august2001.pdf
Thank you Alan. I understand.
Thanks for clarifying about your conference call with the SEC. I followed your link showing your conversation with the SEC and followed the converstation. I wonder if you still believe in what you posted in post #103 and how it does/does not relate to JBI? Thoughts?
Rawnoc Member Profile Rawnoc Member Level
Share Wednesday, February 11, 2004 10:43:54 PM
Re: TXInvestor post# 103 Post # of 379
"Another type of news to be wary of is any indication of fraud or misstatement of financial reports. Usually the first news release indicating that fraud has been found at the company will give few details and will downplay the significance of the event. Often, the initial indication of fraud is only the tip of the iceberg, and frequently the company will be forced into Chapter 11 to straighten out its problems. In recent years, this has happened to a number of companies that seemed to have fairly strong franchises including Regina (vacuum cleaners), Miniscribe (computer disk drives) and Crazy Eddie (consumer electronics stores). In each of these cases the common stock became virtually worthless."
I totally get that LOL.