Heddle's involvement always seemed confusing and suspicious to me for several reasons.
He has a history of being a party in one of JBI's vanishing JV's, the "Principal Definitive Contract for P2O Ship Development" in 2010 that vanished without a trace, where not a word was ever provided to explain what happened by either him or JBI:
http://globenewswire.com/news-release/2010/02...t-SDA.html
Whereas the other parties in various phony JV's with JBI ended up suing JBI, Heddle not only seemed to ignore it, but even made a $3M loan to the company. These JV's clearly had one purpose - to pump the stock with false information. Heddle was around and involved enough at the time to be aware of the string of phony PRs. This can't help but raise suspicions both about what Heddles role really was in the phony JV, and where the $3M really came from.
Then Heddle was also an investor in previous PIPEs, the most recent one of which was the 05/15/2012 PIPE in which he would have bought shares for $0.80. Of all the many PIPE investors in JBI's history, all of whom have been seriously burned, he seems to be the only one that we know of who still bothers to have anything to do with Bordynuik and JBI.
Also is the fact that Heddle's primary responsibility is to his own baby, Heddle Marine Inc., in Hamilton ON, which claims to employ about 70 people. There is no doubt that the demands on his time and concentration required to run and build his self-made business are all-consuming. Why would such a person sign on as the CEO of a publicly trading penny stock that had a track record of failure and fraud, where there is nothing much for him to gain and plenty to lose (including his reputation, which could affect his real business)? Especially since he has absolutely no knowledge or experience in the pyrolysis field or running publicly traded companies, essential skills needed to legitimately run JBI with any competency.
This last fact should also raise a number suspicions. Did Heddle have some understanding with Bordynuik that he would just loan his name as a stand-in while JB really ran the show? Is it really just that Heddle has very poor judgement, biting off more than he could chew when stepping up to run two completely different types of companies in different cities, something even a person with the appropriate knowledge and skills couldn't handle? Was he really so naive as to be fooled into thinking that JBI's $60,000,000.00 loss, the SEC allegations of fraud, and JB's claims about $10/bbl were all irrelevant, and this was really a super great opportunity?
He has a history of being a party in one of JBI's vanishing JV's, the "Principal Definitive Contract for P2O Ship Development" in 2010 that vanished without a trace, where not a word was ever provided to explain what happened by either him or JBI:
http://globenewswire.com/news-release/2010/02...t-SDA.html
Whereas the other parties in various phony JV's with JBI ended up suing JBI, Heddle not only seemed to ignore it, but even made a $3M loan to the company. These JV's clearly had one purpose - to pump the stock with false information. Heddle was around and involved enough at the time to be aware of the string of phony PRs. This can't help but raise suspicions both about what Heddles role really was in the phony JV, and where the $3M really came from.
Then Heddle was also an investor in previous PIPEs, the most recent one of which was the 05/15/2012 PIPE in which he would have bought shares for $0.80. Of all the many PIPE investors in JBI's history, all of whom have been seriously burned, he seems to be the only one that we know of who still bothers to have anything to do with Bordynuik and JBI.
Also is the fact that Heddle's primary responsibility is to his own baby, Heddle Marine Inc., in Hamilton ON, which claims to employ about 70 people. There is no doubt that the demands on his time and concentration required to run and build his self-made business are all-consuming. Why would such a person sign on as the CEO of a publicly trading penny stock that had a track record of failure and fraud, where there is nothing much for him to gain and plenty to lose (including his reputation, which could affect his real business)? Especially since he has absolutely no knowledge or experience in the pyrolysis field or running publicly traded companies, essential skills needed to legitimately run JBI with any competency.
This last fact should also raise a number suspicions. Did Heddle have some understanding with Bordynuik that he would just loan his name as a stand-in while JB really ran the show? Is it really just that Heddle has very poor judgement, biting off more than he could chew when stepping up to run two completely different types of companies in different cities, something even a person with the appropriate knowledge and skills couldn't handle? Was he really so naive as to be fooled into thinking that JBI's $60,000,000.00 loss, the SEC allegations of fraud, and JB's claims about $10/bbl were all irrelevant, and this was really a super great opportunity?
