Maybe some of the whales have acted and we simply haven't heard about it yet. Bordy would be one target, but there's also the shady deal guy(s) that steered them into this scam.

IMO, one of the whales, Kenneth Friedman, may be the key to understanding what actually happened.

Or, if valued at 100x earnings, the price would be $0.00 ...

Because you can't have a negative share price.

No, this mortgage eliminates Heddle's prior lien on the 20 Iriquois property, but not his claims on other company assets (e.g. the blending facility, vehicles, receivables and inventories, etc.)

Thanks again!

Unfortunately, your bandwidth has been exceeded for the day so I can't d/l the document right now...

OK, thanks.

Is there a link to the entire document?

The granting of a mortgage does not mean the company has lost ownership of the property, or continued use thereof.

As long as the company does not default on the underlying obligations they will still have ownership of the property. To fully understand the implications of this mortgage one must read all of the documents relating to those obligations.

Thanks for finding that.

The mortgage document does not mention subordination, so I wonder if this mortgage has priority over the prior lien(s) held by Heddle. If not, it is potentially worthless except that it establishes priority over any subsequent liens.

There could be a separate subordination agreement but, again, none is referenced.

The PTOI technology is mostly generic, and that which is not generic is irrelevant. The company has proven that their process cannot be run profitably and so it has no apparent commercial value.

Another associate of the Thorold Crime Family???

Dead money.

Don't forget that he also claims to own the WORLD'S LARGEST engineering archive!

Good question... We do know that one of PTOI's longtime CONsultants has recently relocated to the Tampa Bay area, which is one of the USA's penny stock scam hotspots. Just a coincidence?

Heddle may be good at scraping barnacles, but that doesn't mean he's qualified to run a pyrolysis scam. Those two jobs require very different skill sets.

Well, it's 3:50PM and the SP is down 30%...

Hold on at your own peril.

Banerjea, PTOI's CFO du jour, has probably refused to take any shares in the company. Why? Perhaps for the same reason that former CFO Ron Baldwin had in rejecting them as compensation...

Could it be that he doesn't want to own shares in a scam?

Or, for that matter, does the IRS?

Perhaps they'll accept media credits instead...

PTOI - 12/31/14...



Is anybody really surprised?

PS: Happy New Year to all!

Believe it or not, a bidding war is underway for PTOI's flagship processor...

And the current high bidder is: High Bidder

Nah, just your run-of-the-mill Canadian crime family...

And their American associates.

Similar payments of shares to unnamed parties are disclosed in every K and Q in the company's history. Here's an example from the 10-Q for the fourth quarter of 2010:

On March 1, 2011, the Company issued 375,000 shares of common stock to two individuals at an expense of $300,000 as a compensation for services provided. The shares issued have been valued at the closing share price on the respective issue dates and were reported as operating expenses in the statement of operations except $40,000 which is recorded as prepaid expenses.

http://www.sec.gov/Archives/edgar/data/1381105/000121390011002890/f10q0311_jbi.htm

PS: For you sports fans, that issue date was shortly after Super Bowl XLV.

P2O ships were indeed created...

But only in the imaginations of the fraud victims.

He didn't just vouch for Bordynuik, he vouched for himself by claiming he had minored in Ethics in college and by portraying himself as an anti-fraud expert.

Turned out he was just another associate of the Thorold Crime Family.

That pimp is a known associate of the Thorold Crime Family...

You can't believe anything he says.

It's quite simple...

There is a difference between gross and net.

The filing states: “In connection with the Note Financing, the Company and the Purchaser entered into certain agreements described below. Such agreements, with certain exceptions, are substantially identical to the transaction documents executed and delivered in the Company’s sale of like tenor 12% secured promissory notes to Mr. Heddle, personally, in the third quarter of 2013, as reported in the Company’s Current Report on Form 8-K dated August 29, 2013.”
(Note: The referenced 8-K, is actually dated August 30, 2013 - http://ih.advfn.com/p.php?pid=nmona&article=64507631 )

The 10-K for 2013 reveals that the earlier $1M note was issued with a discount of $310,200 (Footnote #9 in the financials). If the terms of the new note are indeed “substantially identical” to those of the earlier one, then the same discount would apply. Hence the net proceeds are $224,800 and not $535,000. http://ih.advfn.com/p.php?pid=nmona&article=62442561

Actually, Heddle did not invest an additional $535,000. It appears that net proceeds of the note issuance amounted to $689,800. Subtracting the $465,000 repayment leaves $224,800 of new money in the company.

Well said, Tyk, and thanks for your honesty.

That post should be added to the stickies.

The "technology" is worthless...

So, yes, at the current price it is grossly overvalued.

Apparently the author doesn't know that the company is insolvent...

The company has said nothing for months...

Because zombies can't talk.

Any judge reading that motion will have to wonder if the person who wrote it is mentally competent to give sworn testimony.

Also...
"He who represents himself has a fool for a client."
- Abraham Lincoln

True, but please note that JBI/PTOI did not just close a facility...

They closed all their facilities including the pilot plant in NF and the recycle operation in Canada, plus the never used blending facility. They appear to be insolvent and are no longer a "going concern".

They can be sold, and I have found a qualified buyer...

Qualified Buyer For P2O Processors

You gotta give Mr Bordynuik some credit for his ability to find accountants and lawyers that are at least as incompetent as he is...

And just as crooked, too.

Speaking of site remediation, has any environmental audit ever been performed on that collection of derelict junk known as the blending facility?

Bordynuik once claimed that the site was clean...

But we all know what a liar john is.

In the reality distortion field that surrounds PTOI/JBII, words have different meanings than they do in the normal world. So some translation is called for.

In this case...

"IPO" means Intentionally Pathetic Obfuscation, and refers to the name change wherein John Bordynuik removed his soiled name from that of the company.

Better still, avoid companies run by guys named John who claim to have secret catalysts with magical properties.

The only existing organizations capability demonstrated thus far by PTOI/JBII management is the ability to make shareholder value disappear.

It is the pyrolysis scam formerly known as JBII. And yes, it is good...

For nothing.

I suspect John is spending most of his time reading tapes. It's the company's only source of income except, perhaps, for scrap metal sales.