Plastic2Oil Inc (PTOI)

[jaxstraw]

fully reporting (why do that?)

Simple reason.

Companies that are not current cannot have restricted shareholders sell shares. Or at least have the ability to do so if they wished.

This company was not only issueing millions of restricted shares in all the financings they raised over the years , they issued them to freinds and family, and paid vendors and others in lieu of cash.

Bordynuik and Heddle have put themselves in a precarious legal position by doing so if they don't stay current.

A restricted shareholder could file suit claiming the company is intentionally keeping them from lifting the restrictions by not staying current as long as they have the ability to do so.

(This has already happened once to a degree...and it did not turn out in the companies favor).

If the company claims it isn't able to pay to stay current they then open themselves up to an entity filing an involuntary bankruptcy petition.

And as was pointed out just recently, if someone outside the company files an involuntary bankruptcy petition all of Heddles notes ( somewhere in the $9mm range now) would be triggered into default.

That would most likely move the company from the involuntary Ch11 to Ch7 liquidation.

It's really not a great mystery.