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These are conclusions shareholders will have to reach on their own.
With gentleness,
Overcome anger.
With generosity,
Overcome meanness.
With truth,
Overcome delusion.
we'll see if JBI management has no brains in March.
Last quarter, they lost $1m a month and were no where close to profitability.
They allegedly ran their pyrolysis crock pot with paid for plastic, and claim to have broken even on all that activity.
for all these boots on the ground know, those tankers could be hauling fouled product to get it off the site.
"boots on the ground" may see activity. but they have no idea if that activity -- no matter how brisk it may allegedly be -- is producing revenue or profits of any kind.
but if counting activity -- like the number of cigarette butts on the ground outside the plant -- is any indication of JBI profitability, perhaps shareholders should demand a daily count.
speaking of which, where are those promised "run tickets?"
The company is BARELY crawling, not growing at any rate.
False premise.
No reason to expect some dramatic turnaround when they can barely manage to raise enough money to stay in business for three months.
And even that's a stretch. IMO, the last fundraise was a mandatory balance sheet cleanup to wipe out last year's debts. They have already spent most, if not all, of that $4 million.
JBI stock at this moment is overpriced by a factor of (roughly) 10. It's barely worth 7 cents a share.
So, hold on to that 10 bagger or sell it.
By the way, that number declines as the company burns through that million bucks a month, so next month, the stock will be overpriced by a factor of 15...
Good luck!
You're welcome to read all you want about it here on the SEC web site:
Here's the OLD Smurfit company whose shares were deleted
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000919226&type=&dateb=&owner=include&count=100
Here's the new SSSC shares company:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000094610&type=&dateb=&owner=include&count=100
As far as "blaming" RKT, well, they waited for a troubled competitor to emerge from bankruptcy -- after screwing all their creditors and shareholders -- and after all the heavy lifting was done, scooped what was left of the company up.
The people that got rich off that deal were insiders and the folks that bankrolled Smurfit through bankruptcy. Not shareholders.
The suggestion here that RKT will be some white knight paying JBI shareholders a fantasy amount per share is just that -- total fantasy.
Why would they do that when they can allow the company to fail and then take what they want?
Kevin Rauber saw all this happen, up close and personal. Why don't shareholders ask him about it?
A crap flood of spam tweets would fix that wagon
Here's the really crazy thing: JBI has a market cap of $73M at 80 cents a share.
Which is an insane market cap.
That's one of many reasons a 50% haircut is coming.
I should have posted "accumulated deficit" -- here's the KIOR and JBI comparo.
KIOR has burned $200M in shareholder investment aka accumulated deficit.
I think JBI will be out of business before they could reach that $200M high water mark.
But I'm sure the idea of $200M in shareholder cash makes Bordynuik drool. His skim rate on the first $44M was pretty awesome.
More revisionist history? Here are the facts:
Smurfit Stone exited from bankruptcy on July 1, 2010.
All of their long-term shareholders, employees, retirees were WIPED OUT when the COMMON STOCK was DELETED on June 30, 2010:
SECURITY DELETIONS
Dl Date Symbol Company Name Effective Date/Comments
6/30/2010 SSCCQ Smurfit-Stone Container Corporation Common Stock 6/30/2010 Plan of Bankruptcy effective. **
http://www.otcbb.com/asp/dailylist_search.asp?DirectSymbol=SSCCQ&OTCBB=ALL
That’s right. DELETED. WORTHLESS.
Six months later, in January 2011, Rock-Tenn bought out the SSSC NEW shares for $35.
There was an Ad Hoc Shareholders committee that managed to get the company to throw them a bone: 2.25 NEW SSSC shares for every 100 old Smurfit shares they owned.
That's like a 1 for 50 reverse split.
But the management of the NEW Smurfit company made out like bandits. Nice work, for those that can get it.
So, if JBI wants to implement a reverse split for common shareholders and then sell the bones of the company to RKT, that would be awesome, huh?
Be careful what you wish for.
folds like a cheap suit
This was just yesterday.
Posted by: waikikian
Thursday, January 10, 2013 10:01:56 AM
Re: Stock post# 210227 Post # of 210369
...Shares have been issued for services and some people need to sell for whatever reason...
I'm not interested in theories. When it comes to JBI, the facts are this is a loser company, operated by morons who wouldn't even possibly CONSIDER any kind of business arrangement that is beneficial to common shareholders.
The JBI insiders here lie, cheat and steal for their own benefit.
They could care less about common shareholders who are clueless about when to sell their shares.
Any more JBI contractor forced share sales to discuss today?
No, it's true. Smurfit Stone Bankruptcy.
Bankruptcy & corporate reorganization
In early January 2009, The Wall Street Journal announced that Smurfit-Stone had hired lawyers to plan for a potential bankruptcy filing – which caused an 83% collapse of Smurfit-Stone's stock price.[3][4] On January 27, 2009, Smurfit-Stone filed petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court in Wilmington, Delaware.[5]
The company's CEO claims Smurfit-Stone was forced to file bankruptcy because of higher operations costs, burdensome debt levels from prior corporate mergers, and weakened demand for packaging caused by a global economic recession.[5] Pending court approval, the company hopes to obtain debtor-in-possession (DIP) financing to continue ongoing business operations, payment of employee wages and benefits, and payment of existing vendor obligations.[5]
http://en.wikipedia.org/wiki/Smurfit-Stone_Container
Rock-Tenn waited until Smurfit went bankrupt -- and wiped out all their common shareholders -- to buy them out.
So, I would say that a Rock-Tenn buyout of JBI assets falls under the category of "be careful what you wish for." You are wishing for common shareholders to be wiped out?
What is a ham sandwich worth these days anyway?
JBI has negative shareholder equity, so technically, it's worth even less than a ham sandwich.
KIOR has $200 million in shareholder losses. Can't JBI do that, too?
Have no fear. The JBII stock symbol won't display much longer.
Hans provides the JBI/USSE comparison here: Every JBI shareholder should review this post carefully.
#msg-18606535
It mirrors the JBI playbook down to the smallest detail...
12,500 at 78, then 100 shares at 80... same old dumpage immediately followed by odd lot window dressing.
back to the same old stock sale pattern from before.
this is how large JBI positions are liquidated
wash wash wash your cash
prop the price with pips
manipulate, manipulate, manipulate, manipulate
morons fall for this
What? Oh! Happy New Year.
http://www.geekware.ca/macbook-pro-cufflinks-large-delete-keys-p-314.html
That the way pumpadump go.
The iHub XMas gift came today for free users:
Ads in iBoxes. That you can't close.
What will those crafty Brit advert genii think of next?
http://harlotofthearts.org/blog/2010/02/22/1470/
Isn't Mike Alexander dead?
That "screwed by John" list just keeps getting longer, doesn't it?
#msg-72136775
It means a moron filed their SEC forms.
You suggested it. Care to share any details?
People with access to inside information about JBI -- contractors hired by the company -- need money right now and have to sell?
That's interesting.
Who would that be?
And why the rush to get out?
Why would people who took shares for services need to sell shares at the open?
Someone wanted out pretty badly, huh?
Get used to that...
They had everything they needed more than a year ago.
Why hasn't the SEC suspended this crap?
Oh, no. I still see 40 cents ahead. Won't be long now.
Sorry for the buzz kill.
Still not to late too get out of the stock to avoid losses...
Another 50% haircut is directly ahead.