Plastic2Oil Inc (PTOI)

[Johnik]

To note the JBI-DE public company filed an S-1 [registration statement] for approximately 270 people/entities to sell shares and then seemingly abruptly withdrew it and went "dark."

The withdrawal of the registration statement was not so "abrupt" I don't think. The withdrawal of the securities registration for stock in the tape business occurred at the same time that TRTN (now JBII) entered into an asset purchase agreement with the tape business. Of course, merging the tape business into a publicly traded entity obviates the need to register the securities of the tape business for sale in the public market (i.e., the OTC).


Tape business registration withdrawal: http://www.sec.gov/Archives/edgar/data/1415602/000121390009001572/rw_jbi.htm

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

According to available filings/info, there are still assets there and I continue to be of the opinion that that entity is a source for John to receive income and still truthfully pronounce a $1 salary through JBI-NV.

That statement seems to conflict with the filings to me. Here is an excerpt from the amended 10K (emphasis added):

[T]he Company issued shares of common stock to acquire assets from John Bordynuik, Inc. (“Data”), a company owned partially by the Company’s President and CEO, valued at $342,563. Many of the contracts associated with providing tape reading services are still held in the name of Data, though it is their intent to transfer these contracts during the 2nd quarter of 2010. As such, Data bills customers for the tape reading services, collects the money and remits the funds to the Company.

http://www.sec.gov/Archives/edgar/data/1381105/000121390010005258/f10k2009a2_jbi.htm

Am I missing something? Is there a filing that suggests the tape business is operating independently of JBII?

As for tracking the cash flow of the tape business prior to the acquisition by JBII, I'm not sure how one would accomplish this, and I'm not sure why this would matter to a JBII shareholder who was not also a shareholder of the tape business independently of JBII. It would be an exercise in futility to do so, in my opinion.