For Auld Lang Syne [for (the sake of) old times], here's a sequence of events in the form of SEC filings that took a week to unfold which is hard to beat for entertainment value.
Filing date...5/14/10
"we dismissed Gately & Associates, LLC (“Gately”) as our independent registered public accounting firm."
The Gately firm signed the most famous 10-K in Company history.
Filing date...5/20/10
"JBI, Inc. (the “Company”) announced that the Company has entered into an employment agreement (the Agreement”) with John Bordynuik the Company’s President and Chief Executive Officer. The Agreement was approved by the Company’s compensation committee."
Filing date...5/21/10
"John Bordynuik, President and Chief Executive Officer and Director of JBI, Inc., (the “Company”), concluded that the Company’s previously issued audited financial statements for the year ended December 31, 2009, filed on Form 10-K with the Securities & Exchange Commission (“SEC”) on March 31, 2010 and the interim financial statements for the period ended September 30, 2009, filed on Form 10-Q with the SEC on November 16, 2009, should no longer be relied upon due to questions regarding: 1) the accounting treatment and related disclosures of two acquisitions which were completed during 2009 and 2) the valuation of media credits acquired by the Company during 2009 through the issuance of common stock.
Filing date....5/21/10
"On May 20, 2010, JBI, Inc., (the “Company”) consummated a confidential private placement (the “Private Offering”) with certain accredited investors for the issuance and sale of 488,779 shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”) at per share price of $4.00 for aggregate offering proceeds of $1,955,116."
In the "truth is stranger than fiction" category.
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