Replies to post #251403 on Plastic2Oil Inc (PTOI)

[loanranger]

Doh! Forgot all about 'em. Thanks.

"Keep watching NV SOS I'd say."

It's my understanding that the increase in authorized shares would have to be approved by a majority shareholder vote, amending the company's Articles, prior to filing with Nevada...I think there's a 20 day delay between the notice of SEC approval (DEF14C filing) and the Nevada filing.

The documents for the last increase can be seen here:
http://www.sec.gov/Archives/edgar/data/1381105/000121390009003338/0001213900-09-003338-index.htm
http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=3ehvtf8TzM8t26NosIqfZw%253d%253d&CorpName=JBI%2c+INC.

So I think we need to keep watching Edgar first.

BUT, in order to secure a majority without soliciting all shareholders for a vote, it would require the voting of the preferred...as they were able to do with the previous increase (see the 14C...basically Bordynuik alone authorized it by voting his preferred to do so).

If we knew what terms of the letter agreement remained intact this would be a lot clearer. The letter agreement specifically precluded the Flounder from voting his shares to do just this sort of thing.