says, "Companies that trade on the OTCBB will require Cash/Cheque. "
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Fernandina Beach is not the Jacksonville site.
Also, it's a Title V application.
Isn't that the processor that 'blew the F out' after running about 1 year at less than 10% of the old 1 ton/hour rates?
You can see the scrap metal leftovers on a Google Map pic of the site.
I wonder what the defect was?
There is no 'coup'
Even if the Whales acquire the preferred series A, they still must carry out the terms of the letter agreement, which stipulate a Qualified Independent Board being seated, followed by the preferred being redeemed by the company.
17. Each Investor that acquires Preferred Stock in accordance with Section 13 agrees that such Investor shall vote such Preferred Stock in accordance with Sections 4, 5, 6, 7, 8, 9 and 10 and shall otherwise comply with provisions thereof as a holder of any shares of Preferred Stock. The Investors agree that the Company is an intended third-party beneficiary of this Section 17 with the right to enforce its terms directly against the Investors and their successors and permitted assigns, including without limitation, through specific enforcement as provided in Section 21 hereof.
Wait, he's living in his run-down no-tell Motel?
Where has he squirreled away his assets, and, more importantly, why?
Remember when Al Sousa attended an AGM?
Does anyone still have proof that Al's company was bought by Billion Dollar HealthSouth? Links?
Ahh, Good Times.
Remember when legal costs were dropping off a cliff? Good Times.
Remember when the addition of Tony Bogolin from Rock Tenn was a sure sign of impending success for JBI?
Ahh, Good Times!
"JBI Inc. employs in-situ hydrogenation in the pyrolysis reactor to assure that the final fuel products don’t contain any alkenes and are consequently in-spec"
From the college student's paper.
Won't that lead to hydrogen sulfide production in the case where the feedstock contains sulfur (used oil with 1.5% sulfur content)?
What's the boiling point of H2S again?
Also from the college paper:
"In the reactor, the plastic undergoes pyrolysis at an operating temperature between 300 and 500 degrees Celsius."
What's the boiling point of sulfur again?
Let's make a list of all those thrown under the JBI bus
Rauber
Bogolin
Sousa
Seneca
Kaplanis
Vasquez
Laws
Baldwin
Gately
Luskin
Which ones have I missed?
It's a surprise the bus is still moving, with all those speed bumps under there!
catalyst and process engineering removes the sulphur
Neat trick! Where does the sulfur go? Is it transmogrified into gold?
I sense a Nobel Prize in Chemistry or Physics...
ultra-low sulphur diesel fuel.
The ultra-low sulphur claim goes out the window when they start processing Used Oil with up to 1.5% sulfur content.
Mr. Wesson is no longer subject to Section 16 reporting requirements
and the way I read the rules, he could have sold shares as early as 6/22/2013 without filing Form 4.
JBI is running it's business as usual in spite of Bogolin.
You mean CEO, President and Chairman of the (non-independent) Board Tony Bogolin?
What an amusing farce this one has become. I appreciate the daily entertainment!
No, a May 2012 whale does NOT want Bankruptcy (they have no liquidation preference), but a December 2012/January 2013 whale *may* want liquidation, because they DO have liquidation preference.
The failure of the Board to be constituted with at least five Qualified Independent Directors by no later than the eighteenth month of the Closing Date shall constitute a “material default” of this Section 4 for purposes of Section 13.
...
You also agree that if...(d) you materially breach any of Sections 4, 5 or 7 and have not remedied such breach within ten days following written notice of such breach from the Requisite Investors, then you shall offer to sell to the Investors 100% of your Preferred Stock (the “ Callable Preferred Stock ”) in accordance with this Section 13;
===
No need for a shake-out. 18 months from May 15, 2012 is November 15, 2013. For the princely sum of $1,000.00 US, the Whales can purchase 100,000,000 votes worth of JBI.
That is, if JBI is still kicking by then.
JBII has 'sold off' its ability to make critical business decisions to certain PIPE investors.
It's always terribly poignant when a pod of orcas move in on a raft of barking pinnipeds.
Ahh, the circle of OTC shell life.
Are you implying that Bogolin is not qualified to be CEO?
Was he qualified to be COO?
Tony Bogolin was named as CEO despite a qualified CEO having been willing to accept the position.
Bogolin is a turd
But, but, but, didn't the new Phantom board promote him to CEO, President, and COB, AND give him a $50,000 cash award PLUS 100,000 options to buy at the nose bleed level of Fiddy-Five cent?
Maybe it's the new Phantom board that's the problem, eh?
there are many far more effective & able to sell BILLIONS of shares!
Yeah, when you have to sell shares in the triple zeros like most dilution schemes, you need to move billions to make serious cash.
When you're lucky enough to tell/sell a story about $10/bbl oil and unlimited free feed stock, you don't have to sell near as many shares to line your pockets with cash.
Oh, feedstock from ManyManyMany suppliers is a Great Thing.
They got about 900 tons last year, both bought and 'free'.
In total.
Enough to run three machines for about 6 or 7 days.
Feedstock is the problem.
The point you missed is there aren't enough Madisons to add up to the kind of plastic tonnage JBI needs every day.
They have to buy it to get a consistent supply.
find feedstock from many suppliers.
And if you read through their quarterlies, you'll find out JBI decided they have to pay to get 'optimal' plastic for their machines.
Madison County and Crayola to name a few.
How'd that 'free' load from Madison County work out last year? Did you notice on the annual waste report -0- pounds came from Madison County, and yet we know they sent a load.
We also know JBI ran a bad load of plastic, which shut down the machine for cleaning, fouled the output fuel, and JBI had to pay to landfill the rest of the bad load.
Madison, if they can clean up their plastic, was estimating they might send 80 tons/year to JBI. Enough to run one machine for less than 2 days.
P2O#3 is doggone hard to ignore
Oh, please, it's #2 with an extra half kiln. They still face the problem of finding and buying suitable plastic.
Oh, Please, Please, don't settle this one before discovery and depositions!
Please let there be more under-oath depositions! We always get the juiciest details that way...
$75,000 is the minimum for a federal diversity case.
The actual amount they are suing for is higher.
During the second half of 2012 JBI requested and was
granted permission by the Department to conduct a trial
test period to obtain operating and emissions data in
order to determine the capabilities of used oil as a heat
transfer fluid within the P2O Process. Testing was
carried out on Unit #2 on December 19, 2012. Three test
runs were completed, and test results were within
acceptable limits. Based on these results the facility
applied for a modification to allow on-spec used oil to be
co-fed with plastic. This change to the process is
allowed as part of Permit Modification 4.
Now when did Rauber say CFP, and I don't mean maybe!
Kevin Rauber was 'shown the door' by whom?
By Kevin Rauber and Matt Ingham?
'Shown the door' and given lovely parting gifts in cash and options.
Where's that Phantom Board when you need them? <snicker>
Stop by and ask them how much per gallon of in-spec Used Oil, delivered.
Again, how much cash do they have left as of 6/30/2013?
I'll stick with -0-. Your guess?
Operating? or posing for photo-ops?
If it really was operating, someone should notify the NYS DEC. That's a violation of their then existing air permit.
Speaking of cash-gate, put a number on how much cash they have left as of 6/30/2013.
I'll stick with $-0-, but even if it's as much as $500K, that's only a couple of weeks of cash.
We'll find out in August who was closer to the cash reality.
Processor 3 did need a new permit before it could operate, no?
Wasn't that what all the latest permit stuff was about?
None of the stacks have come out of the roof, and no one claimed that.
All the stacks have come out the side of the building, and tracking the permitted stacks has predicted when and where processors can be placed into service.
By the way, how much cash is left in the old checking account at JBI? When do the payroll checks start bouncing?
Need that PIPE, and need it soon! I think that explains this week's PRs and 8Ks.
Let's see how low they have to go. Toxic Limbo Time? Maybe...
He's merely pining for the fjords!
The assets associated with the tape reading business were written down to zero some time ago.
Who exactly claimed that? Link please.
The scaffolding was clear evidence things weren't progressing at a very fast clip, and that turned out to be exactly true.
Got (+)cash flow yet?
Except that the tape reading story was only a story, told to sell stock.
Then they turned to the 'shovel free plastic into a self energized hole, make valuable diesel and gasoline for retail sale' story.
Only $80,000 for the machine, 119 bbls per day. Only need a simple air permit to start the cash flow. Now 3+ years later.
How'd that one work out?
Yet we were also told John's genius had created a fully automated multi drive tape reading system, only needing a low paid tape jockey to swap tapes as they were read.
Supposedly they were sole sourced and had millions of tapes in backlog to read, garnering $22 per tape.
How'd that work out?
When can we expect the group of Qualified Independent Directors that you worked to get to be announced and voted upon?
Except they're only permitted to use Waste Fuel A spec oil, not Waste Oil.
The incoming Used Oil (Waste Fuel A) will be tested for
the constituents listed in 6 NYCRR Subpart 225-1 (Sulfur
Content) and Subpart 225-2 (PCBs, Total Halogens, Sulfur,
Lead and Gross Heat Content).
Used Oil must meet the definition of Waste Fuel A
During the second half of 2012 JBI requested and was
granted permission by the Department to conduct a trial
test period to obtain operating and emissions data in
order to determine the capabilities of used oil as a heat
transfer fluid within the P2O Process. Testing was
carried out on Unit #2 on December 19, 2012. Three test
runs were completed, and test results were within
acceptable limits. Based on these results the facility
applied for a modification to allow on-spec used oil to be
co-fed with plastic. This change to the process is
allowed as part of Permit Modification 4.
---
Notice the actual verbiage used in the NY permit.
If they're adding in waste oil with a maximum sulfur content of 1.5%, why would you think the output fuel would qualify as Ultra Low Sulfur?
ULSD is 15 parts per million, I believe.