Plastic2Oil Inc (PTOI)

[scion]

DEFENDANTS’ ASSENTED-TO MOTION FOR EXTENSION OF TIME TO RESPOND TO COMPLAINT

Defendants JBI, Inc. (“JBI”), John W. Bordynuik, and Ronald Baldwin, Jr., with the assent of Plaintiff Securities and Exchange Commission (“SEC”), respectfully request that the Court extend the deadline for JBI and Baldwin to answer, move, or otherwise respond to the Complaint until April 5, 2012. In support of this Motion, Defendants state as follows:

1. On January 4, 2012, the SEC filed the Complaint in this action.

2. On January 5, 2012, the SEC sent Defendants requests for waivers of service pursuant to Fed. R. Civ. P. 4(d). All Defendants agreed to waive service of process.

3. Pursuant to Fed. R. Civ. P. 12(a)(1)(A)(ii), JBI’s and Baldwin’s responsive pleading is due on March 5, 2012, “60 days after the request for waiver is sent.” Because Bordynuik resides in Canada, the deadline for him to file a responsive pleading is April 5, 2012.

4. So that the Defendants may continue to engage in settlement discussions with the SEC (which began before the commencement of this litigation), and so that the pleading dates Case 1:12-cv-10012-MLW Document 6 Filed 02/01/12 for all Defendants remain on the same schedule, JBI and Baldwin request that the Court extend the time for them to file a responsive pleading until April 5, 2012.

5. The SEC assents to this Motion.

WHEREFORE, the Court should allow Defendants’ request for an extension of time until April 5, 2012 for JBI and Baldwin to answer, move, or otherwise respond to the Amended Complaint.


Dated: February 1, 2012 Respectfully Submitted,

JBI, INC., JOHN W. BORDYNUIK, and
RONALD BALDWIN, JR.,

By their attorneys:
/s/ Juan Marcel Marcelino
Juan Marcel Marcelino, BBO# 318810
GREENBERG TRAURIG, LLP
One International Place
Boston, Massachusetts 02110
Tel: [phone]
Fax: [phone]
[e-mail]

Doc 6 PDF file
https://viewer.zoho.com/docs/jg2de

The Company regrets that its attempts to negotiate settlement of this dispute failed, and, in consultation with its litigation counsel and Board of Directors, looks forward to vigorously defending itself in court, where the Company believes it will prevail on the merits.

JBI, Inc. Responds to SEC Lawsuit

THOROLD, Ontario, Jan. 4, 2012 (GLOBE NEWSWIRE) -- JBI, Inc. (the "Company") (OTCQX:JBII) is profoundly disappointed by the erroneous allegations of fraud contained in the civil lawsuit filed by the Securities Exchange Commission ("SEC") earlier today. The Company regrets that its attempts to negotiate settlement of this dispute failed, and, in consultation with its litigation counsel and Board of Directors, looks forward to vigorously defending itself in court, where the Company believes it will prevail on the merits.

The allegations in the complaint concern legacy accounting issues that have since been corrected. Among other things, since restating its financial statements, the Company has hired a new chief financial officer and engaged additional experienced accounting staff as well as a reputable independent audit firm.

Contrary to the allegations made by the SEC, the Company believes that its officers acted in good faith in valuing the media credits discussed in the complaint, based on the information available at the time. The Company further maintains that after learning of potential problems relating to these credits, it took appropriate steps in compliance with its obligations to shareholders and the public markets at large.

JBI, Inc. is acutely aware of its responsibility to its shareholders and values the trust shareholders put in the Company. The defense of this lawsuit will further demonstrate the Company's commitment to transparency and ethical business practices.

The Company is proud of its recent successes and will continue to focus on building out its business growth plan with its corporate partners.

http://www.globenewswire.com/newsroom/news.html?d=241985