Replies to post #236199 on Plastic2Oil Inc (PTOI)

[Commando911]

Not difficult to construct a conspiracy theory. Just take the events that have or have not occurred, carefully review all filings bynthedompany and the May investors, take Mr Wessons revelations and the "conspiracy theory" is quite easy to put together.

Fact is, if NOT for the determination of JB and his dedicated crew in NF, this whole damn thing would already be in the dumpster.

JB has stayed focused and determined not because of current management but INSPITE of them.

[P2OBleavR]

Let's all work together and get a qualified BOD and compay top management to continue the success JBI has proven.

[capra1]

Quote

1) Simple: bankrupt the company and liquidate the assets. Bring in their own engineers to try and reverse engineer the processors. Spend money to do what Mr. Bordynuik is doing now,

Believe that has been looked at by some , Engineers reply "TOO MANY UNKNOWNS" to assure any results

[stocker11]

Excellent post - it must be reiterated that the group of board candidates found by Mr. Wesson was not allowed to attend the plant to do their DD. One of the areas they would have assessed was management. I wonder what they would have thought of KR TB and MI?

Your analysis attempts to calm and soothe common shareholders, but I am NOT buying 99% of it. Instead, I would say "Conspiracy Theory Deepens"

Quote:CONSPIRACY THEORY SOLVED!...


Let us examine a few of your items.

Quote:The one "potential" benefit for those remaining as signatories of the Side Letter possess is the right to acquire voting control if the company has not seated a Qualified Board after 18 months.


This is rightfully a major concern of common shareholders. There are many ways to bankrupt a company. If the letter agreement is not amended or rescinded before mid-November and the investor group (or some within it) want control over the fate of the company, they can capture Mr. Bordynuik's series A preferred voting rights. Without an independent BOD in place, the investor group can make "bad decisions" that result in chapter 7, with the result that the company would be liquidated.

Quote: ...if this technology is worth so much money, then some other entity will pay off the liquidation preference of the convertible preferred shareholder, eight million dollars, then all the residual value goes to us, the common shareholders.


That's not comforting at all, as the value of JBI resides in P2 and P3 (then #4...#5...etc.) with HTF, actively producing ultra-low sulphur from waste plastic. We are not interested in liquidation value, are you?

Quote:Who has the unilateral right to seat a Qualified Board? Pursuant to Section 4. of the Side Letter, John Bordynuik, no other individual, may now unilaterally seat Qualified board members.


Mr. Wesson had more than one "qualified board member" ready to be seated, and several that had stellar resumes and were close to the stipulated criteria of the side letter, but Rauber, Bogolin and Ingham continued to stall Wesson and denied the seating... do you have any idea why?

Quote: With over 2300 publicly traded companies with a market cap in excess of $700 million, that creates a potential pool of board members that may number between 15,000-20,000 prospective candidates. This number may be somewhat reduced by the requirement of also sitting on another board, in the past, with a market cap of at least $700 million. John could certainly source a number of board members from this large universe.


This argument is false and misleading. The universe may be large, but Mr. Wesson has publicly stated that after working with the NACD, the CDG and the Boston Club for many months to procure candidates for the Board: "Most were Master Professional Director qualified. Many had been CEO's in their own right and/or CFO's. Some had recognition of Director Organizations...The candidates themselves were impressed by the prospective slate." (see sticky note at the top)

Quote:Not one post has explained how they (the whales) could benefit themselves to the exclusion of the other common shareholders.


1) Simple: bankrupt the company and liquidate the assets. Bring in their own engineers to try and reverse engineer the processors. Spend money to do what Mr. Bordynuik is doing now, and then when ready, come out with a road show and IPO and clean up. Sound good? NO, not for common shareholders it does not!

Regarding the second nefarious group of "Killer Whales"

Quote:Why would they have invested $8 million in the company, when they could have merely not invested the capital seven months ago, and have the company go into Chapter 11 without such investment?



Perhaps to let Mr. Bordynuik bring the technology along to a finished product, but not be "inclined" to provide a final bridge of cash until production revenues take over?

Quote:Furthermore, who has "exclusivity" during the initial stages of the Chapter 11 process to file a plan of reorganization? We do! The common shareholders have the exclusive right to construct a plan of reorganization for a period of time, not the convertible preferred shareholders.


But unfortunately, not true for Chapter 7, n'cest pas?

Quote: Furthermore, even if the company were to go into Chapter 7 So the convertible shareholders merely break even on their investment. Not much of an incentive for them to see the company fail, versus seeing the company thrive and having the value of the underlying common be high.


I agree with you, unless the investor group also captures the company's intellectual property at the same time.

Quote:Lastly, and importantly, there is predominantly one key variable that trumps all of the issues, the uptime performance of the processors. Only one person controls that. John Bordynuik.


He doesn't "control it" but I happen to know he has been working his butt of to make it happen, in spite of many different kinds of challenges along the way. I am hearing he is on the brink of success, are you?

Quote:John Bordynuik controls the processors and therefore, the cash flow generation of this company.


Only if Tony has procured enough feedstock, and so far Tony has been a disaster, commuting a couple days/week and screwing things up when he is present at the plant. Any idea why this would be so??

Quote:Let's hope he gets the processors to operate at significant uptimes expeditiously, so all of us common shareholders will benefit.


This is my sole agreement with you.

[loanranger]

Good grief......

[Sherlock123]

CONSPIRACY THEORY SOLVED-PART 2

Your analysis attempts to calm and soothe common shareholders, but I am NOT buying 99% of it. Instead, I would say "Conspiracy Theory Deepens"


I ENCOURAGE YOU TO REVIEW THE ENTIREY OF MY FIRST POST WITH OBJECTIVITY AND LUCIDITY, NOT TAINTED BY THE OBFUSCATION OF ROSE TINTED IRRELEVANT CONSPIRACY GLASSES. I AM A LONG COMMON SHAREHOLDER AS YOU PRESUMABLY ARE, HOWEVER, I VIEW THE PROMULGATION OF THESE LUDICROUS CONSPIRACY THEORIES AS ILLOGICAL, NOT BASED UPON FACTS, AND IGNORANT OF SECURITIES LAWS, AND BANKRUPTCY LAWS. YOU ALSO FEED THE NEGATIVITY ASSOCIATED WITH THIS COMPANY, ENCOURAGE LONGS TO SELL, DISCOURAGE NEW INVESTMENTS AND NEW INVESTORS. YOU SHOULD BE FOCUSED ON POSITIVE ACTIONS TO ASSIST THIS COMPANY'S STRATEGIC GOALS. WARREN BUFFET COULD BE SITTING ON THIS BOARD, BUT IT IS ACADEMIC UNLESS JOHN CAN GET THE PROCESSORS' UPTIME TO ADEQUATE LEVELS OF PERFORMANCE. NOTHING ELSE IS REMOTELY AS IMPORTANT. AND YOU AND OTHERS REPEATEDLY ASSERT THAT JOHN HAS TOTAL CONTROL OVER THE TECHNOLOGY AND THE PROCESSORS. NOT TONY, MATT, FORMERLY KEVIN, AND OTHER POWERLESS INDIVIDUALS. I WILL ADDRESS YOUR COMMENTS BELOW, BUT IF YOU READ MY FIRST POST WITH OBJECTIVITY AND USE CRITICAL THINKING, ALL OF THE ANSWERS ARE ALREDY DELINEATED THERE.

Quote:
CONSPIRACY THEORY SOLVED!...

Let us examine a few of your items.
Quote:
The one "potential" benefit for those remaining as signatories of the Side Letter possess is the right to acquire voting control if the company has not seated a Qualified Board after 18 months.

This is rightfully a major concern of common shareholders. There are many ways to bankrupt a company. If the letter agreement is not amended or rescinded before mid-November and the investor group (or some within it) want control over the fate of the company, they can capture Mr. Bordynuik's series A preferred voting rights. Without an independent BOD in place, the investor group can make "bad decisions" that result in chapter 7, with the result that the company would be liquidated.

AGAIN, JOHN CAN UNILATERALLY SEAT A BOARD NOW. HE, ALONE, CAN COMPLETELY ASSUAGE YOUR CONCERNS AND OTHERS, ABOUT HAVING THIS COMPANY "CONTROLLED" BY THESE PURPORTEDLY NEFARIOUS REMAINING SIDE LETTER INVESTORS, WHO ABSOLUTELY HAVE NO CONTROL OVER THE COMPANY TODAY AT ALL. FURTHERMORE, THEY ARE COMMON SHAREHOLDERS JUST LIKE YOU AND I. THEIR INTERESTS ARE SYNCHRONIZED. WHY WOULD THEY WANT TO BK THE COMPANY? THEY ARE IN A PARI PASUS POSITION TO OTHER COMMON SHAREHOLDERS. IF THE COMPANY GOES INTO A CHAPTER 7, THEY HAVE ABSOLUTELY NO ADVANTAGE OVER ANY OTHER INVESTORS IN THE ENTIRE WORLD TO CAPTURE THIS TECHNOLOGY. DO YOU UNDERSTAND THIS POINT?! YOU NEED TO EDUCATE YOURSELF, OR HIRE AN EXPERT, ON BANKRUPTCY LAW.

Quote:
...if this technology is worth so much money, then some other entity will pay off the liquidation preference of the convertible preferred shareholder, eight million dollars, then all the residual value goes to us, the common shareholders.

That's not comforting at all, as the value of JBI resides in P2 and P3 (then #4...#5...etc.) with HTF, actively producing ultra-low sulphur from waste plastic. We are not interested in liquidation value, are you?

AS I STATED, I AM A COMMON SHAREHOLDER HOPEFUL THAT JOHN CAN EXPEDITIOUSLY GET THESE MACHINES TO A SIGNIFICANT UPTIME. NO INTEREST IN A LIQUIDATION SCENARIO. BUT YOU MISSED THE POINT. THE PUPORTEDLY "NEFARIOUS" CONVERTIBLE PREFERRED DO NOT HAVE THIS INTEREST EITHER AS THEIR UPSIDE IS CAPPED TO THE VALUE OF THEIR INVESTMENT. NOT A VERY LOGICAL INCENTIVE. THEY MAKE MORE THROUGH SUCCESS OF THE PROCESSORS AND THE COMPANY. THEY WOULD ONLY RECEIVE THEIR PRIORITY IN LIQUIDATION MERELY THROUGH SOMEONE BIDDING MORE THAN THE VALUE OF THE UNSECURED CREDITORS PLUS THE EIGHT MILLION DOLLARS. HIGHLY LIKELY IF THE TECH IS SO VALUABLE.

Quote:
Who has the unilateral right to seat a Qualified Board? Pursuant to Section 4. of the Side Letter, John Bordynuik, no other individual, may now unilaterally seat Qualified board members.

Mr. Wesson had more than one "qualified board member" ready to be seated, and several that had stellar resumes and were close to the stipulated criteria of the side letter, but Rauber, Bogolin and Ingham continued to stall Wesson and denied the seating... do you have any idea why?

YOU MISS THE POINT AGAIN. JOHN CAN UNILATERALLY SEAT A BOARD NOW, WITHOUT MATT AND TONY. THE ONLY REQUIREMENT IS THEY MEET THE QUALIFIED BOARD STANDARD, OF WHICH I STATED THERE ARE POTENTIALLY 15,000-20,000 PROSPECTIVE BOARD MEMBERS. CLOSE TO THE CRITERIA IS IRRLEVANT. HAVE JOHN SEAT THOSE THAT WERE QUALIFIED NOW. IF THEY ARE NOT WILLING, FIND A FEW THAT MEET THE CRITERIA AND ARE WILLING TO SERVE.SUBMIT THEM TO JOHN ASAP.

Quote:
With over 2300 publicly traded companies with a market cap in excess of $700 million, that creates a potential pool of board members that may number between 15,000-20,000 prospective candidates. This number may be somewhat reduced by the requirement of also sitting on another board, in the past, with a market cap of at least $700 million. John could certainly source a number of board members from this large universe.

This argument is false and misleading. The universe may be large, but Mr. Wesson has publicly stated that after working with the NACD, the CDG and the Boston Club for many months to procure candidates for the Board: "Most were Master Professional Director qualified. Many had been CEO's in their own right and/or CFO's. Some had recognition of Director Organizations...The candidates themselves were impressed by the prospective slate." (see sticky note at the top)

SEE MY COMMENTS ABOVE.

Quote:
Not one post has explained how they (the whales) could benefit themselves to the exclusion of the other common shareholders.

1) Simple: bankrupt the company and liquidate the assets. Bring in their own engineers to try and reverse engineer the processors. Spend money to do what Mr. Bordynuik is doing now, and then when ready, come out with a road show and IPO and clean up. Sound good? NO, not for common shareholders it does not!

ALREADY ADDRESSED THIS POINT ABOVE. THE COMMON SHAREHOLDERS WILL HAVE "EXCLUSIVITY" TO CONSTRUCT A PLAN OF REORGANIZATION. YOU ALSO CONFUSE AND BLEND THE MAY 2012 INVESTORS, WITH THE DEC 2012 AND JAN 2013 INVESTORS. COMPLETELY DIFFERENT RIGHTS, PRIVILEGES, COMPOSITION OF INVESTORS, AND RELATIVE PROPORTIONS OF INVESTORS. DO YOUR DUE DILIGENCE. I ALSO THOUGHT YOU SAID JOHN IS IMPERATIVE TO THE TECHNOLOGY. YOUR COMMENT ABOVE IS DISMISSIVE OF HIS IMPORTANCE IF IT CAN BE REVERSE ENGINEERED SO EASILY. THAT WOULD CONCERN ME. AGAIN, YOU AND OTHERS COULD COMPILE A GROUP OF INVESTORS AND PURCHASE THE TECHNOLOGY IN A CHAPTER 7. IN A CHAPTER 7, NO EXCLUSIVITY FOR ANY INVESTORS EXIST. THE WORLD UNIVERSE OF INVESTORS CAN BID. PRETTY FOOLISH STRATEGY FOR THE LAST TWO TRANCHES OF INVESTORS TO DESTROY THE COMPANY (AND I HAVE NO IDEA HOW THEY DO THAT IF JOHN CONTROLS THE TECHNOLOGY) AND THEN LOSE THEIR INVESTMENT CAPITAL.

Regarding the second nefarious group of "Killer Whales"
Quote:
Why would they have invested $8 million in the company, when they could have merely not invested the capital seven months ago, and have the company go into Chapter 11 without such investment?


Perhaps to let Mr. Bordynuik bring the technology along to a finished product, but not be "inclined" to provide a final bridge of cash until production revenues take over?

HUH? DON'T YOU THINK THAT CAPITAL WAS INVESTED WITH AN EXPECTATION OF THE COMPANY SUCCEEDING AND BEING CASH FLOW POSITIVE? THIS IS NON SENSICAL. ALREADY EXPLAINED TO YOU THE COMMON SHAREHOLDERS WOULD HAVE EXCLUSIVITY IN A CHAPTER 11.

Quote:
Furthermore, who has "exclusivity" during the initial stages of the Chapter 11 process to file a plan of reorganization? We do! The common shareholders have the exclusive right to construct a plan of reorganization for a period of time, not the convertible preferred shareholders.

But unfortunately, not true for Chapter 7, n'cest pas?

CORRECT. THEN AS STATED ABOVE, YOU COULD BID, OTHERS ON INVESTORS HUB COULD BID, ANYONE WITH CAPITAL COULD BID. ARE YOU ASSERTING THAT ONLY THE EXISTING WHALES COULD BID?? JUST NOT TRUE OR REALITY. THINK CRITICALLY.

Quote:
Furthermore, even if the company were to go into Chapter 7 So the convertible shareholders merely break even on their investment. Not much of an incentive for them to see the company fail, versus seeing the company thrive and having the value of the underlying common be high.

I agree with you, unless the investor group also captures the company's intellectual property at the same time.

SEE ABOVE.

Quote:
Lastly, and importantly, there is predominantly one key variable that trumps all of the issues, the uptime performance of the processors. Only one person controls that. John Bordynuik.

He doesn't "control it" but I happen to know he has been working his butt of to make it happen, in spite of many different kinds of challenges along the way. I am hearing he is on the brink of success, are you?

YOU AND OTHERS HAVE STATED REPEATEDLY HE DOES CONTROL IT. IF HE DOESN'T WHO DOES?
I HOPE HE IS ON THE BRINK OF SUCCESS. GOOD FOR ALL COMMON SHAREHOLDERS, AND THE CONVERTIBLE PREFERRED SHAREHOLDERS.

Quote:
John Bordynuik controls the processors and therefore, the cash flow generation of this company.

Only if Tony has procured enough feedstock, and so far Tony has been a disaster, commuting a couple days/week and screwing things up when he is present at the plant. Any idea why this would be so??

I DO NOT KNOW THE BASIS AND FACTS ASSOCIATED WITH THESE COMMENTS. PLEASE PROVE TO ME THEY DO NOT CURRENTLY HAVE ADEQUATE FEEDSTOCK. I HAVE ZERO EVIDENCE OF THAT. DO YOU?

Quote:
Let's hope he gets the processors to operate at significant uptimes expeditiously, so all of us common shareholders will benefit.

This is my sole agreement with you.
AMEN