"The Board Have Spoken & Must Be Sold." Interes
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Posted On: 11/29/2018 1:52:47 PM
"The Board Have Spoken & Must Be Sold."
Interesting. The price was reduced to C$795,000. There's certainly still a long way to drop since PTOI purchased the facility from Mr. Bordynuik's uncle for C$130,000 in 2010 and I'm guessing Mr. Bordynuik favored his uncle for preferential treatment over investors. At a minimum, his uncle wouldn't have sold the property to PTOI for less than it was worth.
Since the blending facility wasn't operating when PTOI acquired the it, the reason was likely that it wasn't profitable...so how much is a business worth which can't provide a return?? The answer is: scrap value...basically the land plus anything of value on the land minus the clean up cost.
Then Mr. Heddle paid to ship PTOI's oil to the blending facility to age instead of selling it--which is an odd move if you believe PTOI's oil is valuable but not an odd move if you believe that he couldn't sell the oil any any price and decided to store it rather than paying to dispose of it as hazardous waste. My personal guess is that the disposal costs will ultimately be more than the land is worth.
Then a few months ago, PTOI borrowed money from PTOI director, Mr. Brain, with the blending facility being used to secure the loan. It would have been a win-win for Mr. Brain and Mr. Heddle since Mr. Brain undoubtedly still believes the oil in the tanks is highly valuable while Mr. Heddle undoubtedly knows the oil in the tanks is a liability.
It will be interesting to see what happens with the blending facility. Mr. Brain has already been fleeced of his money but I'm sure he won't believe it even if told to his face. He's going to have to slowly come to the realization over the next five to ten years...unless Mr. Heddle decides that Mr. Brain should be CEO then Mr. Brain has a chance of recovering his money at the expense of any new unwary investors he finds during his tenure.
Interesting. The price was reduced to C$795,000. There's certainly still a long way to drop since PTOI purchased the facility from Mr. Bordynuik's uncle for C$130,000 in 2010 and I'm guessing Mr. Bordynuik favored his uncle for preferential treatment over investors. At a minimum, his uncle wouldn't have sold the property to PTOI for less than it was worth.
Since the blending facility wasn't operating when PTOI acquired the it, the reason was likely that it wasn't profitable...so how much is a business worth which can't provide a return?? The answer is: scrap value...basically the land plus anything of value on the land minus the clean up cost.
Then Mr. Heddle paid to ship PTOI's oil to the blending facility to age instead of selling it--which is an odd move if you believe PTOI's oil is valuable but not an odd move if you believe that he couldn't sell the oil any any price and decided to store it rather than paying to dispose of it as hazardous waste. My personal guess is that the disposal costs will ultimately be more than the land is worth.
Then a few months ago, PTOI borrowed money from PTOI director, Mr. Brain, with the blending facility being used to secure the loan. It would have been a win-win for Mr. Brain and Mr. Heddle since Mr. Brain undoubtedly still believes the oil in the tanks is highly valuable while Mr. Heddle undoubtedly knows the oil in the tanks is a liability.
It will be interesting to see what happens with the blending facility. Mr. Brain has already been fleeced of his money but I'm sure he won't believe it even if told to his face. He's going to have to slowly come to the realization over the next five to ten years...unless Mr. Heddle decides that Mr. Brain should be CEO then Mr. Brain has a chance of recovering his money at the expense of any new unwary investors he finds during his tenure.
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(0)Plastic2Oil, Inc. (PTOI) Stock Research Links
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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