Plastic2Oil Inc (PTOI)

[the big guy]

There is an important inconsistency in the claim. I just read the whole thing in it's entirety. In my opinion this is poor wording, but it is important.

Summary para 1:

"Specifically, the Defendants misrepresented and overstated the actual value of JBI’s assets and, hence, of the company itself by almost 1,000%."

para 3-4:

"Specifically, in its financials JBI listed media credits purchased by the company for $1,000,000 in common stock as having a value of $9,997,134, which made the media credits the single largest asset on JBI’s balance sheet.
3. The almost 1,000 % overvaluation of the media credits substantially misrepresented the actual value of JBI’s assets and, hence, of the company itself."

A different statement.

IMO this does make the suit any less threatening, but it is initially misleading. If the companies assets were indeed overvalued by 1000% that would be a problem indeed.

THe claim is very wordy and does capitalize on the media credits issue. It relies on it. However, there are various other claims made or hinted at which are more serious, but more difficult to prove:
- there is a hint at misrepresentation of the tape business' revenues.
- there is hint (use of the word "purportedly") that the claim of a secret catalyst is fraudulent.
- there is language about the use of the "mails". This could be referring to several things. use of pamphlets? Use of the internet?
- there is a hint that there was impropriety in the creation of JBI Inc. from 310 Holdings, that it was not arms-length.

In my view this suit could be expanded into all of these areas. It focuses on the financials because it is proveable. nPotentially it is much bigger.

I personally don't know how important the Media Credits were in the valuation of the company's assets. If someone points me to a financial statement I will look at it. I think it would impact the size of the settlement, Fraud is Fraud, lying is lying and it goes into great detail on the accouinting issues. If they went into the above, it would be a book.