Replies to post #234239 on Plastic2Oil Inc (PTOI)

[flptrnkng]

There is no 'coup'

Even if the Whales acquire the preferred series A, they still must carry out the terms of the letter agreement, which stipulate a Qualified Independent Board being seated, followed by the preferred being redeemed by the company.

17. Each Investor that acquires Preferred Stock in accordance with Section 13 agrees that such Investor shall vote such Preferred Stock in accordance with Sections 4, 5, 6, 7, 8, 9 and 10 and shall otherwise comply with provisions thereof as a holder of any shares of Preferred Stock. The Investors agree that the Company is an intended third-party beneficiary of this Section 17 with the right to enforce its terms directly against the Investors and their successors and permitted assigns, including without limitation, through specific enforcement as provided in Section 21 hereof.

[steelyeye]

The poster you are responding to meant John W. did not know why, not John B.
Wess resigned with "assurance" that a board would be seated pronto. They were not. JB surely knows what is happening but no longer has say over managerial decisions.
Lytnups posts are solid and accurate in their assumptions and reasoning.
I, too, applaud Wess for having the courage to disclose what has been happening behind the scene.