Plastic2Oil Inc (PTOI)

[loanranger]

"Among the requirements was a side letter agreement requiring John Bordynuik to transfer to other investors his 1 million shares of preferred 100 to 1 voting rights stock if he did not comply with certain requirements. Also among the requirements, was a nominating a board of directors comprised of individuals meeting very difficult standards. It was an attempt to gain control of the company."

Obviously the purpose of the side letter was NOT to gain control of the company. If it was, it would have been successful...all the investors would have had to do was hold on to their shares and wait. Instead they did the exact opposite...they swam away as fast as their whaley little fins could carry them.


"The new management team put in place as a requirement of the May 2012 financing have all resigned as of last August 15 after a former director of the company, John Wesson, publicly exposed some of the efforts members of that management team had made to undermine the company."
No "management team (was) put in place as a requirement of the May 2012 financing". John Bordynuik was required to resign as a result of the May 2012 financing.:
Kevin Rauber was hired in May of 2012 to replace John Bordynuik.
Matt Ingham had been hired in December of 2011.
Tony Bogolin was hired in June of 2012.

Kevin Rauber resigned on 5/1/13.
Ingham and Bogolin resigned on 8/15/13.
Director Wesson resigned on 4/19/13. He began posting here on 6/27, initially addressing the issue of the missing run tickets. On 7/19 he said this:
"These candidates were not seated primarily due to the influence of those same investors, or, more precisely, due to the influence of one in particular." http://investorshub.advfn.com/boards/read_msg.aspx?message_id=89751991
In fact, Wesson, who had been charged with finding Directors that met the qualifications that John Bordynuik agreed to, did not succeed in that effort. In spite of that, he blamed that investor, and the influence that that investor had on Rauber, for the failure to get his unqualified candidates appointed. (He initially said "Of those possibilities, I narrowed the field to 9 prospective candidates, 2 of whom met all qualifications", later saying "One who met all criteria was of the slate I created.
The other who met all criteria was from the Investor Advisory Council (specifically the one Investor)."
Mr. Wesson declined to name ANY of the parties involved and retreated to the shadows, his final statement being "My reticence in naming the individual (referring to the candidate proposed by the "uncooperative" investor") is that I feel in may be inappropriate." Investors and candidates alike escaped identification by the good John Wesson.

John Wesson's public comments didn't result in anyone's resignation. To suggest that "John Wesson, publicly exposed some of the efforts members of that management team had made to undermine the company" and that that led to their resignations is folly. His presence MAY have influenced Rauber, who was in an untenable position from day one, given that Wesson's loyalties were clearly found elsewhere. In fact, it could be argued that the failure to find and appoint a qualified board was looked upon favorably by Wesson's mentor. It got the company to where it is today, with John B relatively untethered and unaccountable to any independent governance and a share price that could only make a confused shareholder happy.

In a related false statement it was stated:
"It should also be noted John Bordynuik took no salary until the May financing was in place"
In 2011 he took (excellent choice of terms, btw) $216,506 in salary, a $50,000 bonus and 50,000 shares.
In 2012 he took $261,052 in salary and a $78,350 bonus. In May he received a five year contract in which his annual salary was increased to $275,000, with the stipulation that "Employee’s Base Salary shall never be less than that of any other employee of the Company during the term hereof" and was granted 4,000,000 options convertible to common.

How much does it cost to fabricate a processor? Depends on the paragraph.
"A case can be made the estimated cost for the fabrication each processor is in the area of $1 million. "
That estimate took a bump in the very next paragraph:
"An estimated cost of around $1 million to $1.5 million seems reasonable."
Apparently that hedge was inadequate, because the very next paragraph took the estimate up once again:
"Less than $1.4 to $2.0 million cost per processor looks to be the top end in my opinion."

Then we move on to flights of fancy that would make Lewis Carroll proud.
"a two processor facility capable of handling 6000 to 8000 pounds of feedstock per hour"
"the first financially viable capability that can solve a very large worldwide problem"
"Some plastic waste can simply be shipped to a facility and processed. Crayola is an example." (Some example....Crayola tells us "You may be interested in knowing that our relationship with JBI has ended.")
"Municipal solid waste operations will likely need some modifications." "Think in terms of the impact of the cotton gin, steam engines, electricity, electric lights, automobiles, radio, television, computers, cell phones, and the internet...."


There's more inaccurate speculation to talk about ("A significant development is the company will change its name and the company will obtain both a new cusip number and a new trading symbol. That may require a full accounting of outstanding shares."), but it's probably not necessary.


I am only permitted one post per day on this board, hence, with regret, I cannot respond should someone post a contrary view. I will attempt to address contrary points raised in future posts if they make sense.