says, "Companies that trade on the OTCBB will require Cash/Cheque. "
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Good point about the re-cycle center.
Where will they un-box and aggregate thousands of FedEx boxes of markers now? (Each day)
Gonna need an amended SWP, right? That's a lotta boxes a day.
I wish anybody would visit the blending site or the old headquarters building and find out what the heck is going on there...
Is Dick's Neato-in better than Rauber's Draconian-in turned out to be?
Heddle's financing deal is almost like being the DIP lender.
But without the court administered re-org. Maybe it will come to that.
John is a perfectionist
Yeah, I love how he 'perfected' the Ram feeder, before he 'perfected' the Pre-melt. I love how he 'perfected' the Hot Tap Residue remover, before he 'perfected' the third kiln petcoke accumulator.
I love how he 'perfected' the off gas compression system, before he 'perfected' the removal of the compression system, before he 'perfected' the re-engineered off gas compression system.
I love how he 'perfected' only using free plastic, refusing to pay even a penny for plastic, and let it become a commodity, before he 'perfected' buying optimal plastic for his machines.
I love how he went through half a dozen auditors, before he found the 'perfect' one. He's on his 4th CEO and 3rd CFO in search of the 'perfect' executive office. Headquarters moved from Cambridge to Thorold to 20 Iroquois Ave. I'm sure that's now the 'perfect' place for HQ (or maybe is it in Hamilton, ON?).
He bought the 'perfect' fuel blending site from a relative, brought it up to code with 'perfect' refurbishing, hired another relative as VP of Blending, and then blended exactly -0- fuel there.
I love how he quietly sold off 850,000 shares, trying to get to the 'perfect' holding amount (after 'perfectly' gifting enough shares to get below the 5% trigger point for filers).
I love how the original machine cost $80,000 and took up only 1000 sq ft. Perfect! But not as perfect as the latest incarnation that takes up more than half of a 7200 sq ft building that was claimed to be 'for assembly only, so production won't be stopped'.
43 cents per share...PERFECT!
Did you predict how JBI will be able to answer 4 different complaints in 4 different courts before 4 different judges...
...all while implementing the CAL settlement, and footing the bill for the SEC v. Baldwin action?
Shareholders' Money 2 Settlement Payments
Pacer update 08/20/2013 - Seneca v. JBI Inc. et al - CIVIL DOCKET FOR CASE #: 0:13-cv-61809-RSR
U.S. District Court
Southern District of Florida (Ft Lauderdale)
CIVIL DOCKET FOR CASE #: 0:13-cv-61809-RSR
Seneca v. JBI Inc. et al
Assigned to: Judge Robin S. Rosenbaum
Demand: $1,000,000,000
Cause: 28:1332 Diversity-Contract Dispute
Date Filed: 08/20/2013
Jury Demand: None
Nature of Suit: 190 Contract: Other
Jurisdiction: Diversity
Plaintiff
Stephen Seneca
individually represented by
Michael David Heidt
4000 Hollywood Boulevard
Hollywood, FL 33021-6755
954-966-2501
Fax: 964-2294
Email: mheidt@aol.com
ATTORNEY TO BE NOTICED
V.
Defendant
JBI Inc.
a Nevada Corporation
formerly known as
310 Holdings, Inc.
Defendant
john bordynuik
individually
Date Filed # Docket Text
08/20/2013 2 Judge Assignment to Judge Robin S. Rosenbaum (jc) (Entered: 08/20/2013)
08/20/2013 1 COMPLAINT against All Defendants. Filing fees $ 400.00 receipt number 113C-5989839, filed by Stephen Seneca. (Attachments: # 1 Civil Cover Sheet Civil Cover Sheet, # 2 Exhibit Agreement, # 3 Exhibit Stock Certificates, # 4 Exhibit Form 10-k Part 1, # 5 Exhibit Form 10-k Part 2, # 6 Exhibit Form 10-k Part 3, # 7 Exhibit Instructions for Form 10-k, # 8 Exhibit Form 10-Q Part 1, # 9 Exhibit Form 10-Q Part 2)(Heidt, Michael) (Entered: 08/20/2013)
0:13-cv-61809-RSR Seneca v. JBI Inc. et al
Robin S. Rosenbaum, presiding
Date filed: 08/20/2013
Date of last filing: 08/20/2013
----
That's gotta be a typo right? He's not suing for a Billion, is he?
Remember when Legal Costs were falling off a cliff?
http://dockets.justia.com/search?query=jbi&after=2013-01-01&before=2013-09-05
And that doesn't include the 'yet-to-be-finalized' SEC v. Baldwin action!
Ahh, Good Times!
Prior to closing, Investor shall have the right allocate or assign not more than 2/3 of Investor's purchase of the Notes to Investor's affiliates or close associates, provided such persons meet the requirements herein.
----
Looks like Mr. Heddle may want to spread his risk to some of his buddies.
No, if you truly believe in the MagicCatalyst
You have to believe it can't be analyzed, like every other chemical compound known to man.
It's Magic, don't you know!
So, will he buy 'less optimal' plastic, and pre-process it more?
'Anticipate' is one of those forward looking weasel words that CEOs like to use.
Heddle spent an entire conference call talking about cost reduction
He was talking about reducing overhead, including executive salaries and bonuses.
None of that has anything to do with the cost per barrel for feedstock procurement, shipping, pre-processing and processing.
Or, is Mr. Heddle a magician that will somehow buy 'optimal' plastic for less than market?
The $102.06 cost per barrel from 2Q breaks down as
61.7% or $62.97 to buy the feedstock
23.9% or $24.39 to pre-process the feedstock
7.8% or $7.96 to ship the feedstock to the plant
6.6% or $6.73 to run the P2O machine
per barrel.
Remember when a machine only cost $80,000 and it could make fuel for less than $10.00 per barrel?
Ahhh, Good Times!
2Q2013 Blended average costs and selling prices per gallon
Cost 2.43 Sell 1.50
In barrels, it cost them $102.06 to produce a barrel of fuel that they sold for $63.00 on average.
Yes, that's right. In the second quarter of 2013, JBI lost 93 cents per gallon for every gallon they sold on average.
Good thing they didn't make too many gallons of the juice!
We make ultra clean spec fuel.
If their Naphtha is 'spec', why do they only get 79 cents per gallon for it? (Latest available quarter)
Why did they average only $2.59 per gallon for #2 fuel in the second quarter?
Why is their Fuel Oil #6 only worth $1.85 per gallon?
the DEC permits which specify a max amount of HTF per pound of plastic
If I'm recalling correctly, they can co-feed about 45% used oil by weight.
So, while Bordynuik made a self serving selective disclosure about #3 production, he provided zero in the way of input costs.
What if the 23 days of touted production amount to negative gross margin, like all of the first half of 2013?
JBI will NEVER release that catralyst formula
They don't have to release it. Folks at IsleChem know the formula, as well as folks at the old Pak-it (they were supposed to produce the formula under a previous fantasy business plan).
It has no real worth though, except to catalyze penny stock share sales, IMO.
They were upside down on their current accounts by $900K
They delayed AP to conserve cash. In addition, the $500K we were told was a sure bet never came through on 7/1/2013.
Heddle will end up with the assets here. splat.
Someone check my math
In 2Q2013, JBI made:
165.4 bbls of Fuel Oil #6; they lost $24.36/bbl, gross
294.2 bbls of Fuel Oil #2; they made $6.72/bbl, gross
583.5 bbls of Naphtha; they lost $68.88/bbl, gross
Remember when even one machine cranked out over 200 bbls/day, and they were only making #2, with a little Naphtha? Ahhh, good times!
They made less than 5 processor days of fuel in the entire quarter.
Gross Profit (Loss) for Fuel production in the first 6 months of 2013
(21.2)%
Gross Profit (Loss) for Fuel production for the 3 months ended 6/30
(61.7)%
Plastic2Oil Marine, Inc., one of the Company’s subsidiaries, which is currently not operating, entered into a consulting service contract which includes the minimum future payment is equal to fifty percent of the operating income generated from the operations of two of the most profitable processors and 10% from all the other processors.
Isn't that Dick Heddle's company?
Ahhh, it's good to be the King!
A new off-gas compression system was added to allow for the storage and use of the off-gas from the processors at all times and not just when the processors are operating in steady state. This upgrade required the shutdown of all processors in order to complete the new piping that was needed to fuel the burners on all three processors.
---
Remember when they shut down the processor(s) to *remove* the off-gas compression system they originally had designed and were using?
Ahhh, good times!
As of the date of this filing, the Note had not yet been repaid and the default provisions of the Note had been enacted by the Company. Additionally, the Company has fully reserved for the value of this Note of $500,000, due to the assessment by the Company that it is more likely than not that the Company will be unable to collect the balance of this Note.
Hah! Stiffed on the Pak-it deal.
Yeah, everyone relax
Except for those among you that sold your restricted stock under Rule 144 since 8/9/2013, on the basis of 'current information' being available.
Those guys might want to consult their financial attorneys.
---
Question: When the conditions of Rule 144(c)(1) must be satisfied in selling securities under the Rule 144 safe harbor, may sales continue during the Rule 12b-25 extension period?
Answer: There is a risk in selling under Rule 144 during the 5-day or 15-day period following the filing of the Form 12b-25 because, if the missing report or portion thereof is not filed during that period, the issuer may be deemed not current until it is filed. [Sept. 30, 2008]
They are still subject to 'Accelerated Filer' requirements.
THEY ARE LATE as of 5:30PM EDT today
Bzzzt!
The 10Q filing was due last Friday, August 9th. They filed a 12b-25 to get them 5 more calendar days. That made it due today, by 5:30PM EDT. They didn't file. They are late.
They still fall under 'accelerated filer' status, and will until the 10K for 2013 is due next year.
It's still late. Take it up with the SEC.
Never mind!
It's been pointed out to me that Ingham's contract was amended to remove the share bonuses for filing on time.
He got a nice raise, plus options, plus a performance bonus like Bordynuik and Bogolin have.
Nice! Sit back, Matthew, and relax! No hurry on that 10Q!
They have as long as they want to take to put out the 10Q (until the SEC acts for non-filing, but that's a ways off)
But, the filing is 'late'. Ingham does not get his on time bonus of $25,000.
You have to ask yourself, under what circumstances would CFO Ingham forgo a $25,000 bonus (paid in JBI restricted shares) by not filing on time?
Officially Late
Not that it matters in the long run, but JBI has done it again.
Did we ever get a consensus on what the excuse for 2Q will be?
Weather ruined plastic? Bad plastic from Madison/elsewhere? Road construction near 20 Iroquois Ave? All focus was on completing #3 in another building, and they forgot to run #1 and #2?
But, I'm sure 3Q will be different, right? Or has the excuse machine already shifted focus to 4Q?
JBI and its process, which doesn't produce dioxins
Even if they get a bad load from Madison County containing PVC again, and the processor loses its seal such that oxygen containing air is introduced?
Even then?
Some quick math
If they sell $12M in 3rd and 4th quarter combined at 19% gross margin, they should end up about break-even for the year. No profit/no loss.
Then they have to refinance the $4.6M due to related parties by Jan 2, 2014.
Then they are golden.
Curses! Grampped Again!
http://dockets.justia.com/docket/massachusetts/madce/1:2013cv11906/153579/
Grampp v. Bordynuik et al
Plaintiff: Erwin Grampp
Defendants: John Bordynuik, Ronald C Baldwin and JBI, Inc.
Case Number: 1:2013cv11906
Filed: August 9, 2013
Court: Massachusetts District Court
Office: Boston Office
County: Suffolk
Presiding Judge: Mark L. Wolf
Nature of Suit: Other Statutes - Securities/Commodities/Exchanges
Cause: 28:1332 Diversity-Breach of Fiduciary Duty
Jurisdiction: Federal Question
Jury Demanded By: None
siphon off *cash* from the morons who
created the CA suit
John Bordynuik. aka the 'moron' who created the suit.
I wonder how big Al Sousa's 'divvy' will be...
Another $200K that they don't have plus 3 million shares that they have plenty of.
YeeHaw! That's entertainment!