Posted On: 05/11/2014 12:34:23 AM
Post# of 43065
"John was optimistic in his statements. This was a time when he was raising money. Everyone on Wall Street does that."
There's a night and day difference between being optimistic...and lying to investors.
Mr. Bordynuik clearly said he could make a product for under $10/bbl for which he said he had offers in hand for WTI-$3/bbl. WTI was around $70 at the time. That isn't optimism--that's fraud. Even in the years since then, he never retracted those statements, despite obviously having evidence to the contrary.
If Mr. Bordynuik had said he *hoped* to make a product for under $10/bbl and said he *hoped* that Somerset refinery and other refineries would pay in WTI-$3, I wouldn't have had any misgivings. If that were the case, any investors who believed in his optimism would have lost their money fair and square in my opinion.
However Mr. Bordynuik stated those as facts and that was backed up by testing of the 1kg and 1ton processors. This wasn't merely optimisim, it was Mr. Bordynuik lying to investors with baseless statements to get funding. That's where he crossed the line.
And even there, I'm being more lenient than the PSLRA which says companies issuing penny stock can be sued for publicly stating expectations which never come to pass.
There's a night and day difference between being optimistic...and lying to investors.
Mr. Bordynuik clearly said he could make a product for under $10/bbl for which he said he had offers in hand for WTI-$3/bbl. WTI was around $70 at the time. That isn't optimism--that's fraud. Even in the years since then, he never retracted those statements, despite obviously having evidence to the contrary.
If Mr. Bordynuik had said he *hoped* to make a product for under $10/bbl and said he *hoped* that Somerset refinery and other refineries would pay in WTI-$3, I wouldn't have had any misgivings. If that were the case, any investors who believed in his optimism would have lost their money fair and square in my opinion.
However Mr. Bordynuik stated those as facts and that was backed up by testing of the 1kg and 1ton processors. This wasn't merely optimisim, it was Mr. Bordynuik lying to investors with baseless statements to get funding. That's where he crossed the line.
And even there, I'm being more lenient than the PSLRA which says companies issuing penny stock can be sued for publicly stating expectations which never come to pass.
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Yes, I understand your penny stock also is the real deal, created with the inventiveness of Edison and destined to be the next Microsoft. Yes, I understand that the delays are also only because your company is making their product and/or technology even more revolutionary.
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