Plastic2Oil Inc (PTOI)

[loanranger]

I thought that you would understand this (of course it's a sentence...it was missing a comma):
On 8/24/09, whatever due diligence that his fiduciary duty as CEO required prior to signing the agreement letter was woefully inadequate, irresponsible and incompetent in that it should have resulted in his awareness that the "media credits had no value" and failed to do so.

But I'll make it simple for you:
The CEO has a fiduciary duty to shareholders to perform a measure of due diligence prior to entering into any material agreement on behalf of the company. On 10/20/10 the legal firm representing the company acknowledged in a letter to the SEC that "the media credits had no value and should be written off".

Did John Bordynuik have the obligation to ascertain the value of the media credits, later acknowledged by him to have no value, prior to signing the letter agreement on 8/24/09?

You asked:
"Why would the CEO exchange on(sic) million shares of stock for an asset that he thought had no value? That doesn't make any sense."
I believe that he felt the value of the shares exchanged, worth $1,000,000 if they could have been sold all at once in the marketplace at the time, was insignificant relative to the perceived value of the appearance of a $9,997,134 Asset on the JBI Balance Sheet. The actual value had no meaning at all. If there is something there that doesn't make sense, it is the idea that a genius felt that he could acquire something with a purported value of $9,997,134 for something with a known market value of $1,000,000.

I've answered your question. Please answer mine.