Plastic2Oil Inc (PTOI)

[Johnik]

Looks to me like we have avoided a DEC public hearing on the permits.

The DEC, not surprisingly, issued a "negative" SEQR declaration, which means that "the Lead Agency [i.e., the DEC] has determined that the project will not have a significant impact on the environment."

http://www.dec.ny.gov/cfmx/extapps/envapps/index.cfm?view=detail&applid=770377
(click on the question mark next to "SEQR Determination")

Following the DEC's SEQR guidance chart, that determination should permit JBI to avoid DEC consideration of a public hearing (bypassing "step 9").

http://www.dec.ny.gov/permits/32521.html

Not having to go through a public hearing, in turn, would shorten the timeframe in which we should expect to see the air and solid waste permits.

http://www.dec.ny.gov/permits/6226.html

Thus, it appears that we have started the 90-day countdown in which the DEC will issue its decision, commencing on 5/19/11. That 90-day timeframe, of course, represents the outer limit of the DEC's final decision, not the expected arrival date.

For now, we see the comment period is open until 06/09/11, so we can anticipate that no final decision shall be rendered prior to that date. Once we pass June 9, however, I don't see anything further standing in the way of JBI's permits. Given the location of the plant, it is doubtful that an abutter would raise any objections. So I certainly would not be surprised to see June 10 mark the long-anticipated arrival of JBI's permitting.

Cheers!