Plastic2Oil Inc (PTOI)

[steelyeye]

If Mr. Bordynuik "controlled the company" then Mr. Wesson's BOD would be seated by now, IMO.
If Mr. Bordynuik "controlled the company" then we would not have had to put up with Rauber and Bogolin.

I also think it's also foolish to assume that John no longer controls the company

What do you base this on?
Foolish, you say, but no response to the following argument?

Have you read the "letter agreement" from last year?
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The problem is that Johny boy is holding the majority of the votes.

Read it and take a look at section #5. Once a BOD is seated Mr. Bordynuik returns his preferred shares to the company treasury. It then becomes a level playing field... no more super voting rights for anyone. Anybody wanting to control the company must pay up for common shares. And you might recall that Mr. Bordynuik structured the preferreds that way from the beginning as a deterrent to a hostile takeover.

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There's plenty of circumstantial evidence to conclude Johny's primary interest is looting the company at shareholder's expense.


This is speculation and 180 degrees from the truth. He's returned millions of his own common shares to avoid diluting existing shareholders, making the share structure today exceptionally low for a start-up at this stage of development. Go back and look at what the man has accomplished. Start here and read this carefully: Bordynuik's ASME paper
I've been studying the history of this company and its founder for a few months now. Mr. Bordynuik has fought hard for shareholders all along, and he retains a large local community of supporters. He did not get paid for years in the beginning. Without him this technology does not exist. Without him working 80 hours/wk. none of the technology would have come this far. Without him this company would have died long ago. His having the stamina to overcome every darn obstacle thrown at him while developing the technology is nothing short of amazing. Now they are on the cusp of P3.

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it's pretty clear that Johny will stonewall, foot drag, and fight tooth and nail to prevent the kind of oversight an independent board would impose.

Also very wrong, and again by 180 degrees. Mr. Wesson, the first and last independent BOD member apparently worked hard this last year to recruit candidates. He and Bordynuik had a good relationship. Those candidates have not been seated... WHY NOT? Because John has no power to pull the trigger and appoint them. Only TB and MI have that power because they are management-- they are CEO and CFO. They are also insider BOD members. WHY ARE THEY STALLING?? I believe Mr. Bordynuik would have liked to see the new BOD seated YESTERDAY, but he no longer calls the shots.

My guess is that certain members of the investor group with money muscle are calling the shots behind the curtain. There could be an internal war among them for control. No way to really know.

Please get your facts straight. Years from now people will look back and owe Mr. Bordynuik a huge debt of gratitude for bringing this important technology to fruition.