Plastic2Oil Inc (PTOI)

[Johnik]

SuperSquirrel:

Notice how that post and the one that preceded it in the thread do not explain where the $4.8 million came from, but rely instead on suggestion, as well as a registration statement for the tape business that was subsequently withdrawn.

Pursuant to Rule 477 promulgated under the Securities Act of 1933, as amended, (the “Securities Act”), John Bordynuik, Inc. (the “Company”) hereby requests that the Securities and Exchange Commission consent to the withdrawal of its Registration Statement on Form S-1 (File No. 333-158437), together with all exhibits thereto. The Company has determined not to proceed with the registration and sale of its common stock at this time and to refocus its corporate strategy on other aspects of its business. No shares of the Company’s common stock have been sold pursuant to the Registration Statement. The Company may undertake a subsequent private offering of securities in reliance on Rule 155(c) of the Securities Act.

Accordingly, the Company respectfully request that the Commission grant an order for the withdrawal of the Registration Statement and declare the withdrawal effective as soon as possible.

(emphasis added)

http://www.sec.gov/Archives/edgar/data/1415602/000121390009001572/rw_jbi.htm

Even if the registration had been completed, and all of the stock sold through the registration (an event that directly conflicts with the filing), only 300,000 of the 9,697,375 shares scheduled for registration were owned by John Bordynuik. At the scheduled $0.50 per share, that would have yielded Mr. Bordynuik $150,000, IF he had actually registered the stock, and IF he had actually sold all of the stock he registered. The rest of the stock that was to be registered was owned by a list of shareholders who are identified in the (withdrawn) registration statement. You can view the list under Item 7, which begins on page 5 of the filing (note that this is the same filing specified in the thread you directed us to):

http://www.sec.gov/Archives/edgar/data/1415602/000121390009000789/fs1_jbi.htm

As the registration statement explains, it was filed as part of an effort to get the tape business trading publicly on the OTC.

From page 12:

The selling security holders may sell some or all of their shares at a fixed price of $0.50 per share until our shares are quoted on the OTC Bulletin Board and thereafter at prevailing market prices or privately negotiated prices. Prior to being quoted on the OTCBB, shareholders may sell their shares in private transactions to other individuals. Although our common stock is not listed on a public exchange, we will be filing to obtain a listing on the Over the Counter Bulletin Board (OTCBB) concurrently with the filing of this prospectus. In order to be quoted on the Bulletin Board, a market maker must file an application on our behalf in order to make a market for our common stock. There can be no assurance that a market maker will agree to file the necessary documents with FINRA, which operates the OTC Electronic Bulletin Board, nor can there be any assurance that such an application for quotation will be approved. There can be no assurance that a market maker will agree to file the necessary documents with FINRA, which operates the OTC Electronic Bulletin Board, nor can there be any assurance that such an application for quotation will be approved. However, sales by selling security holder must be made at the fixed price of $0.50 until a market develops for the stock.

And from page 17:

There is presently no public market for our shares of common stock. We anticipate applying for trading of our common stock on the Over the Counter Bulletin Board upon the effectiveness of the registration statement of which this prospectus forms apart. However, we can provide no assurance that our shares of common stock will be traded on the Bulletin Board or, if traded, that a public market will materialize.

It appears that, at some point, the decision was made to merge the tape business into the TRTN shell (now JBII), which Mr. Bordynuik purchased shortly after he filed the above registration statement for the tape business. Under the terms of the asset purchase agreement, JBII issued 809,593 shares of JBII stock (then-trading as TRTN) in exchange for the assets of the tape business.

Under the terms of the Agreement, the Company will issue 809,593 shares of common stock, par value $0.001 per share (the “Common Stock”) in consideration for the assets of JBI [i.e., the tape business]. The closing of the Agreement is expected to occur on or about July 15, 2009.

http://www.sec.gov/Archives/edgar/data/1381105/000121390009001582/f8k062509_310holdings.htm

Note that on the same date that JBII entered into the asset purchase agreement with the tape business (June 25, 2009), the tape business filed the above withdrawal of the registration statement with the SEC.

So where is the $4.8 million? It does not appear to have ever existed. All Mr. Bordynuik could have gained through the transfer of assets from the tape business to JBII is a proportionate share of the 809,593 JBII shares issued in exchange for those assets.