$215k mortgage in default and $20k equipment lease
Post# of 43064
Posted On: 08/23/2016 11:10:44 AM
$215k mortgage in default and $20k equipment lease in default?? What exactly has Mr. Heddle been doing with all of the money he loaned to the company...paying his own salary while keeping PTOI responsible for his debt?!
"Mortgage in the amount of $280,000 Canadian dollars, bears simple interest at 7% per annum, secured by the land and building, and matured on June 15, 2015. Principal and interest were due, in their entirety, at maturity. In consideration for 10,000 shares, the maturity was extended from June 15, 2015 to December 15, 2015 and subsequently to June 15, 2016 by the Mortgage holder. The Company is in discussion with Mortgage holder in extending to December 15, 2016, but nothing has been formalized, and the mortgage is currently in default."
That property undoubtedly has the bulk of PTOI's supposed $3.4M worth of property, plant and equipment...but Mr. Heddle won't even re-finance the $215k?? At least the lender was willing to take $200 worth of shares in exchange for extending the maturity six months.
"Equipment capital lease bears interest at 3.9% per annum, secured by the equipment and matures on May 10, 2016, Principal and interest were due, in their entirety, at maturity. The maturity was extended from May 10, 2015 to May 10, 2016 by the Lessor. The Company is in discussion with Lessor in extending to May 10, 2017, but nothing has been formalized, and the capital lease in currently in default."
...does anyone know if that $20k is still the lease on Mr. Bordynuik's company car? The filings referenced something to that effect before and $20k/3.9% interest certainly smacks of being a leased car.
Some investors are hanging their hats on Mr. Heddle's willingness to keep loaning money to PTOI as a testament to Mr. Heddle's unflagging faith in PTOI...but nobody knows where exactly that money is going.
"Mortgage in the amount of $280,000 Canadian dollars, bears simple interest at 7% per annum, secured by the land and building, and matured on June 15, 2015. Principal and interest were due, in their entirety, at maturity. In consideration for 10,000 shares, the maturity was extended from June 15, 2015 to December 15, 2015 and subsequently to June 15, 2016 by the Mortgage holder. The Company is in discussion with Mortgage holder in extending to December 15, 2016, but nothing has been formalized, and the mortgage is currently in default."
That property undoubtedly has the bulk of PTOI's supposed $3.4M worth of property, plant and equipment...but Mr. Heddle won't even re-finance the $215k?? At least the lender was willing to take $200 worth of shares in exchange for extending the maturity six months.
"Equipment capital lease bears interest at 3.9% per annum, secured by the equipment and matures on May 10, 2016, Principal and interest were due, in their entirety, at maturity. The maturity was extended from May 10, 2015 to May 10, 2016 by the Lessor. The Company is in discussion with Lessor in extending to May 10, 2017, but nothing has been formalized, and the capital lease in currently in default."
...does anyone know if that $20k is still the lease on Mr. Bordynuik's company car? The filings referenced something to that effect before and $20k/3.9% interest certainly smacks of being a leased car.
Some investors are hanging their hats on Mr. Heddle's willingness to keep loaning money to PTOI as a testament to Mr. Heddle's unflagging faith in PTOI...but nobody knows where exactly that money is going.
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