Nuttin but the juicy truth!
1. He should have stopped earlier. He had me at John Bordynuik: Revolutionary Company Revolutionary Company Or Can Of Worms? Is a legitimate question, and one that every potential shareholder needs to ask before purchasing shares.
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2. Notice he doesn't focus on JBII....he focuses on his hate for JB. Negative, He's just keeping it real, and coloring it with known facts. In his own words on why he wrote the article:
"I posted that article for a couple of reasons. The first was big and I suspect it caused the bulk of the drop today and that was that most of the public didn't have any direct link to the SEC complaint...only to Mr. Bordynuik's press release downplaying it to "legacy accounting issues that have since been corrected." The SEC has significant credibility and having that complaint easily available for people to access and read certainly sheds light on Mr. Bordynuik.
The second reason is that Mr. Bordynuik's background with JBI isn't easily available either. Most people don't see time just slip by and that article summarized what happened so far. I spent way too much of my time trying to warn people about this stock and that article hits some new people. I understand that most will still relish the chance to lose their money but maybe a few people didn't know what they were getting into and will be better off for knowing. I'll probably post a lot less from now on--I feel now most people at least had the chance to think about what's going on and that's all I ever asked."
3. It's not a 'crude oil equivalent'. It's SPEC FUEL. i.e. Diesel, Gasoline, and Heating Oil.: plastic2oil.com/site/fuel-specs
This has been VERIFIED to the nth Degree by I forget how many independent agencies.
Your taking it out of context, as usual. What he said exactly was:[i]"A little background; JBI is a development stage company which claims to have found the recipe for an inexpensive catalyst which, when used in the process of heating waste plastic to high temperatures in the absence of oxygen, a process commonly known as pyrolysis, can purportedly produce a crude oil equivalent for a total cost of under $10 per barrel."
Investors who believe in Bordynuik should wonder if there is any rational basis for Bordynuik saying that he could produce a crude oil equivalent for under $10/bbl. If the problem is that he's just too optimistic to the point of being quixotic, maybe he was too optimistic when he said he could make crude oil (and at times even diesel) for a total cost of under $10/bbl ($0.25/gallon). Maybe you can provide a link to the proof of this 10 per barrel claim?
4. Refineries aren't purchasing it because it needs no refining. Sales contracts are in place to buy all JBII can produce. And it's being sold at $109/barrel, not $102.
[color=red]Another undeniable fact, straight out of juicy John's mouth.
[[[/color]i]b]"This wouldn't be the first time Bordynuik was deceptive. In April 2010, Bordynuik told shareholders that he had an offer from Somerset Refinery to purchase oil from his P2O process for the price of West Texas Intermediate crude oil minus $3 per barrel. The problem—Somerset Refinery had already been shut down for two months when he said it. Did he really get an offer but then didn't realize they were defunct and therefore this was just another 'honest' mistake? There's no way to verify since Somerset is shut down and its employees scattered to the wind. It's an odd coincidence that the only refinery ever mentioned by Bordynuik as having made an offer for JBI's oil just happened to go out of business. When Mr. Bordynuik previously said “refineries” (plural) that also should have indicated that there was more than one. No other refinery offering to buy Bordynuik's oil has surfaced since then."
5. He lists a 2+year old processor cost. The processor has CHANGED in 2 years. The processor has IMPROVED, and costs not $80K, but closer to $600K (depending on the fuel output they're made for).
As per CEO Mr. Bordynuik's public communication in 2009, each processor will cost around $80,000, will be able to produce 109 barrels of this crude oil equivalent per day and can be constructed so quickly that Mr. Bordynuik said the company's “plan is to launch 2,500 sites over the next few years Straight out of Honest John's mouth, so who's the real liar?
6. It's not 109 barrels a day. Latest stack test showed it running at a level that would produce 281 barrels a day.
Pure fiction, it only showed increased input rates, it's undetermined how much if any the output increased.
7. The plan was and still IS to make 2500+ of them...but not in a 'few years'. I believe the number was 12-20 years.....I forget exactly.
Negative, straight out of juicy John's pie hole.
And that's all from paragraph ONE.
Here's a few more:
8. There is no, and never was any stock promotion. Just a bunch of excited and loyal shareholders.
Right, just "Super excited" share holders....lol
9. WHAT? ' reluctant to provide any evidence whatsoever of commercial viability,'..........How about the fuel sales that have been, currently are, and will increase dramatically in the near future??
Saying it's viable doesn't make it viable, just like saying it's "audit proof" doesn't make it so.
10. I'm gettin tired .....almost every sentence contains inaccuracies and an obvious hate agenda.....so I'll end with this one: You left out so many undisputed facts, here's a few of my favorites.
Fact: "The publicly-traded stock of Nevada-incorporated John Bordynuik, Inc. (JBII.PK), also known as JBI, was cut in half after the Securities Exchange Commission filed suit last week alleging its founder, CEO and controlling shareholder, John Bordynuik, had committed securities fraud."
Facts: "Mr. Bordynuik acquired a company named Javaco to allow for rapid expansion even beyond U.S. borders and into Mexico and South America. Also in late 2009, Mr. Bordynuik wrote agreements and contracts to build 45 of his P2O sites in cooperation with a major developer in Florida, to build shipboard processors which would clean up the Pacific garbage patch as well as process plastic waste generated on islands, and to set up three joint ventures with other parties to build P2O sites in Ohio and Florida."
Fact: "on February 12, Bordynuik put out nineteen press releases in a single day"
Facts: "Under the least conservative method, United States generally accepted accounting principles (US GAAP) accounting would require those media credit assets be booked at cost, which in JBI's case would have been the value of the one million shares given in exchange, or $1,000,000. Even if Mr. Bordynuik didn't understand GAAP accounting, he would at least have understood that if the company paid $1,000,000 for an asset in an arm's length transaction, that the market value of that asset probably wasn't really $10 million. Mr. Bordynuik made it appear that JBI was given $9 million in extra value free of charge. In doing so, he made the entire company appear much more valuable--those media credits made up the vast bulk of the company's book value. The day prior to acquiring the media credits the company had no assets of which to speak. It's unlikely that Bordynuik would have been confused by this accounting and if he was, he could have sought council, especially in light of the large amount involved."
Facts:[/b] "The SEC's investigation further into the matter showed that Bordynuik understood very well that he was improperly booking the media credits. When Bordynuk's business consultant, a CPA, told Bordynuik the media credits should be booked at cost and voiced concern about booking them at the inflated $10 million face value, Bordynuik responded by saying it was “audit proof,” a clear indication that Bordynuik understood it was wrong to book the media credits at $10 million but felt it wouldn't be caught. To another business consultant who was preparing JBI's financials, Mr. Bordynuik said, “please get the pro formas as juicy as you can so I can acquire a chemical company for less,” an indication that Mr. Bordynuik wanted to inflate the perception of the company's size"
Facts: "For auditing the financial statements, Bordynuik settled on Gately and Associates, an audit firm which made the Public Company Accounting Oversight Board's (PCAOB) short list of 'naughty' accounting firms. When the PCAOB notified Gately and Associates of Gately and Associates' unsatisfactory controls and demanded corrective action, it appears Gately and Associates simply ignored the PCAOB, leading to their inclusion on that list. Further, when Bordynuik learned that the auditor was arrested for violating his probation, Felony DUI and possession of marijuana, Bordynuik wanted to keep him for the audits anyway, even paying for the auditor's criminal trial. It certainly looks as though Bordynuik may have been opinion shopping. Either way it worked and both Gately and Associates and Bordynuik signed off on the 2009 10K annual report with the egregious over-valuation of the media credits."
Facts: "In other deception, in 2009, Bordynuik put out a press release saying the company “Files Patent Application for Plastic2Oil Technology.” A year later in the SEC filings, Bordynuik admitted that no patent protection was ever sought. If the purpose of that deceptive press release wasn't merely to pump the stock, what was it? What prompted that press release if nothing related to patents was actually happening?"
Facts:"The unexplained delays are also continuous. In April 2010, Bordynuik announced that the first P2O processor was ready for production. That was already almost a year after he ordered the off-the-shelf processor from a Chinese company named Donghe in mid 2009 which merely had to be assembled. That April, Bordynuik made it clear to shareholders that the only step left to commercial operations was getting a simple permit from the New York Department of Environmental Conservation (NYDEC) to allow him to burn the off-gasses produced as a byproduct of the P2O pyrolysis process. In June, 2010, during the conference call in response to a question, he reiterated, “As soon as we obtain the air permit we will begin running the processor in full commercial production.” Nine months later (no explanation for the lengthy time needed) he finally filled out the ten-page permit application and the NYDEC approved it less than three weeks later. Bordynuik then put out a press release announcing that commercial operations had commenced."
'The response from Mr. Stakel (of RockTenn RKD:NYSE) said he didn't know any John Bordynuik.'
Fact:"For some reason, IHub's posters seem to be focusing on my e-mail with Mr. Stakel. I've e-mailed Mr. Stakel a few times now but, unfortunately, he hasn't been especially helpful. If Mr. Stakel was confused, it wasn't my intent--I genuinely tried to be as clear and succinct as possible. When I got the e-mail from him saying he didn't know Mr. Bordynuik, I immediately sent an e-mail back, but his answer five days later didn't shed any more light.
The conclusion I drew and published in the article was from the e-mail exchange but anyone is free to read whatever into the exchange. Order reversed to be chronological and headings partially removed: "
Sent: Wednesday, December 21, 2011 7:40 PM
To: John Stakel
Subject: JBI's plastic2oil plant at RockTenn
Mr. Stakel,
Can you tell me whether or not Mr. Bordynuik of John Bordynuik, Inc. has broken ground at a RockTenn facility to start building one of his Plastic2Oil plants?
Thank you.
- Kurt
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Subject: RE: JBI's plastic2oil plant at RockTenn
Date: Thu, 22 Dec 2011 12:18:03 +0000
Mr. Feierabend,
As I do not know Mr. Bordynuik or his firm, you will have to ask him.
John Stakel
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Sent: Thursday, December 22, 2011 11:26 AM
To: John Stakel
Subject: RE: JBI's plastic2oil plant at RockTen
Thanks.
John Bordynuik, Inc, (JBI) was the company which, five months ago, signed a ten-year revenue sharing agreement with RockTenn to process RockTenn's waste plastic. You were the one who signed that agreement with Mr. Bordynuik so I thought Mr. Bordynuik might have kept you in the loop.
- Kurt
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John Stakel 12/27/11
To Kurt Feierabend
Per my original email, please check with him for any updated information.
