Replies to post #301232 on Plastic2Oil Inc (PTOI)

[gandalf48ct]

How come Heddle isn't at the conference with the other four outfits? Beats me, I hope one of the new BOD is giving him a Brain beating.

Hmmm..maybe so...but I wonder if the patent pending might become an issue at something like that. I mean JB might not be granted patent approval...which may certainly impact PTOI's agreements..but being this close to a decision...one way or the other...may be in play here. Thinking out loud..

[jaxstraw]

How come Heddle isn't at the conference with the other four outfits?

Good grief.
It's as simple as six words at the top of the page....

Organized by the American Chemistry Council

All the four panelists and their companies are part of the American Chemistry Council.

Heddle and P2O are not.

[jaxstraw]

fully reporting (why do that?)

Simple reason.

Companies that are not current cannot have restricted shareholders sell shares. Or at least have the ability to do so if they wished.

This company was not only issueing millions of restricted shares in all the financings they raised over the years , they issued them to freinds and family, and paid vendors and others in lieu of cash.

Bordynuik and Heddle have put themselves in a precarious legal position by doing so if they don't stay current.

A restricted shareholder could file suit claiming the company is intentionally keeping them from lifting the restrictions by not staying current as long as they have the ability to do so.

(This has already happened once to a degree...and it did not turn out in the companies favor).

If the company claims it isn't able to pay to stay current they then open themselves up to an entity filing an involuntary bankruptcy petition.

And as was pointed out just recently, if someone outside the company files an involuntary bankruptcy petition all of Heddles notes ( somewhere in the $9mm range now) would be triggered into default.

That would most likely move the company from the involuntary Ch11 to Ch7 liquidation.

It's really not a great mystery.