Plastic2Oil Inc (PTOI)

[korogi]

My view is a bit different but consistent with yours overall.

We know that prospective independent directors are still required to have board experience with other public companies, and those who are undergoing DD with JBI may also be sitting on other company boards currently. If such candidates are of high caliber, they would likely want to wait until JBI shows further financial stability and viability before putting their reputations on the line.

With Processor 3 running 1500-2700 lbs./hr.as of the AGM, and the company cutting costs to run very lean (according to the CEO and CFO), JBI is clearly striving to accomplish CFP sometime in the next six months, while negotiating their first machine sales.

Thus, the last item of the following 3 factors/events will show the company to be stable financially, while the first two items will demonstrate solid viability. If any ONE of these three are executed, I would expect the seating of a BOD to occur shortly thereafter.

1) Filings indicating a clear trajectory of higher fuel sales and lower overhead signaling CFP.

2) The Sale/JV of processors 4 & 5

3) Financing to bridge operations until CFP is accomplished.

Anyone speculating about JBI being a "shady operation" would expect to see them immediately insert ANY minimally qualified independents, perhaps incentivized by large stock compensation packages. The fact that this has not happened and is not likely to happen, bodes well, imo.

Been a while, but perhaps I can help with this. First off, to state the obvious, directors need to be compensated for their work. The higher caliber of director you desire, the more you will need to compensate. Directors, like shareholders, also need to do their due diligence. This requires not only the time of the director, but also the time and expense of the company. A director candidate is going to want to meet with management, view the processor, etc. There are also ancillary costs involved. D&O insurance is an obvious one. Anytime someone raises a complaint of whatever nature against a public corporation, fingers start to be pointed toward the directors (JBI has seen this, even in the case of a director who was on the board for about a month). That means more named insureds, more risk for the insurer, and (of course) more to pay in premiums, not to mention more exposure to the company itself by virtue of required indemnification of the directors, even for events that may fall outside D&O coverage.

Directors do not just waltz into a corporation and work for free, carrying all the risk exposure on their owns heads. There are many costs involved, particularly if you want qualified directors. Time + cost = need for money to cover.