Plastic2Oil Inc (PTOI)

[Rawnoc]

Total bull, and you know it. That's almost as laughable as Kaplanis claiming he never got the 100K shares as part of his employment agreement yet he filed a Form 144 those same 100K shares in September 2010.

Reality from the 10Q:

"For the quarter year ended March 31, 2010, we generated $3,573,430 in revenues, and incurred a net loss of $3,296,609, of which $2,369,900 was attributable to shares issued to various JBI Inc. employees as stock compensation. These share issues were expensed by the Company even though they did not cause any dilutive impact for existing shareholders due to the return of 21 million shares to treasury from the CEO's personal shares. We had no significant activity during the quarter ended March 31, 2009."

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7363121

Some are trying to call the CEO returning shares to the treasury and paying employees with those shares "paying with personal shares" but that's a materially false claim. Hence the suit claims he was "offered" personal shares. Yes he was. John's personal shares that were returned to the treasury. 100K of the 21 million. Then Kaplanis claims he never got the 100K shares even though on 9/29/10 he filed a Form 144 to sell 100K shares that he claims he never got. I guess he "forgot" to tell his lawyer about the Form 144.


Then the other false claim made against John is that John said he figured out a way for the executives to later get paid from the treasury shares in the form of options. Well, duh, that's part of John's very public compensation agreement:

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7271197

(b) Stock Options. Subject to the terms and conditions provided in this Agreement, the Company agrees to grant the Executive stock options to purchase a maximum of 250,000 shares of the common stock of the Company in the following manner.


1. The first tranche of 100,000 options at an exercisable at a price of $4.89 and become fully vested on the Effective Date.


2. The second tranche of 75,000 options carrying an exercise price of $4.89, and vesting upon the completion of 5 fully operational Plastic 2 Oil (“P2O”) processors.


3. The third tranche of 75,000 options carrying an exercise price of $4.89, and vesting when the Company’s market capitalization exceeds $500,000,000 as determined by the Company’s independent accounting firm.