|JBII haunting questions...|
Can you trust "Honest John" after reading JB's emails in the Kaplanis lawsuit...
Now it appears that JBI Global cannot start mass production until the redesigned is tweaked to perfection, tested, & specked out (then they still need to raise 2.5 billion dollars to fund the land rush)? Problem is that's another 180 degree "shift" in direction because JB previously stated that the process was simple and he was not "reinventing the wheel" (just like they previously PR'ed that they were applying for a patent on the catalyst and then suddenly changed direction). JB also stated he could work in parallel with progress on many fronts (except apparently on the tape business that some had calculated to make enough money to fund the Plastic2oil development).
When asked these direct questions on Facebook (FB) John B responded without any forward looking statements :
FB - John Bordynuik:
As always, no heads up - shareholders win - traders lose. (when the stock was over $4.5)
- Posted from Facebook on January 24 ,2010
FB - "Will permits and licenses be ready to go when P2O is?"
For the state of NY" YES. For other states we will seek the assistance of URS.
- Posted from Facebook on Friday, April 9, 2010
FB - If the permit took a few more months, would you still be able to produce and store fuel at the blending site?
Yes it can, but a FEW MORE MONTHS???!?!?!?? It will not take a few more months. We have a lot of support and the data is good.
- Posted from Facebook on Friday, May 7, 2010
FB - After the stack permit is obtained, will you need any thing else before you can produce and sell the fuel from p2o?
Nothing. A simple air permit is all that is required. Other usual permits: sewer, river water (if applicable) are additional on some some sites but not relevant to ours. If we had large 20,000 gallon fuel tanks bolted to the floor of our site then we would require a fuel storage permit. We do not require those as tankers will do. If our processor was running on river water then we would require a river water permit (we are not using river water), and we have no discharge to a sewer although our site already has a sewer permit.
- Posted from Facebook on Wednesday, May 19, 2010
FB - John Bordynuik: Hi Vartan, it isn't always the "right decisions" as much as what you can afford. If the company had engaged a top auditor in the beginning we would not have P2O now.
- Posted from Facebook on May 22, 2010
Continual changes in accounting firms and several restatements which showed grossly over inflated value in the original filings plus changing directors, partners and top personal (people who were PR'ed when they came on board but left without any statement from the company) have also raised the suspicious flags (who would leave the "opportunity of a lifetime"?)
It appears that timing last year was very important for JBI to catch up to the competition and with all the delays it now looks like they are again trying to copy the German Alphakat system (as it is modular and has a catalyst that works quickly and produces high quality diesel that can be poured into a diesel vehicle). AlphaKat has patents and a finished production KDV unit that has been operational in testing at the Covanta plant in Massachusetts since June 2010 (Covanta PR'ed up front that it would take 6 months to a year for testing the KDV system - why did JBI omit any estimates on the amount of time it will take for Waste Management to do an "audit" of P20?).
Why does nobody seem to be concerned that "cousin" Colin operated the same blending site until it went bankrupt and the only excuse I have seen is that they could not collect on the fuel that they sold? If this is true, what makes them think they can collect on the pyrolysis fuel that they intend to sell?
Was JB trying to mislead when he stated at the 2010 AGM JB that he could process a ton of plastic in 5 minutes? After all the money and time spent tweaking the system why does the JBI website now say that it can only process 1800 lb of plastic in under one hour? What other "semantics gymnastics" from last year need to be properly re-interpreted?
Is it true that JB claims to have "found the catalyst" on a military archive tape (Niagara Mag article) and yet he hired a chemist as a full time employee before the discovery was made?
Is it true that JBII is mostly a holding company cloaked with many "subsidies" and that the DE incorporated JBI subsidy had funds that are not audited or accounted for and while JB was only getting $1 as CEO was he getting any payments from any of his other roles (reading tapes)?
For those who still believe that the "secret" catalyst is so superior that it will make the company "billions" as long as you are an investor and hold for the long term, then you may want to consider this (aka, do you really think any big company would actually consider buying out any company whose major asset is a "secret" catalyst?):
Has JB ever sold any shares? Is he currently out of pocket any personal funds or is he already money ahead?
Investor roulette - how about a new contest - guess what day Kidd's 1.4 million JBII shares will hit the market?