Plastic2Oil Inc (PTOI)

[Rawnoc]

Dead wrong. Not only was the stock trading at $1.00 just before the financing (and therefore while it was being arranged), but there were millions of shares owned by whales BEFORE the private placement.

Take Michael B. Dorrell from NYSE: BX for example -- he already owned close to 3 million shares then bought 125,000 more in the private placement:

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8642956

Then there was the Glikbarg Revocable Trust. They bought 250,000 shares in the private placement then proceeded to hit the open market.

Glikbarg Revocable Trust
5/22/2012 4,500 — $ 1.32 Open market purchase
Glikbarg Revocable Trust
5/22/2012 300 — $ 1.37 Open market purchase
Glikbarg Revocable Trust
5/22/2012 2,400 — $ 1.39 Open market purchase
Glikbarg Revocable Trust
5/22/2012 1,100 — $ 1.35 Open market purchase
Glikbarg Revocable Trust
5/22/2012 68,700 — $ 1.269 Open market purchase

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8642956

Quote:
Whales weren't dumb enough to buy JBII at retail prices.

They paid $0.80 when JBI was trading at $1.40.