Someone pointed out the asking price of the blendi
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Posted On: 01/21/2019 4:27:51 PM
Someone pointed out the asking price of the blending unit was dropped another $100k to $700k. That's also the property which secures Mr. Brain's loans to PTOI.
About $250k worth of loans are listed as being secured by the blending facility. I'm assuming that's all Mr. Brain's...unless Mr. Aspin loaned money to PTOI and Mr. Brain let that loan also be secured by the blending facility. That's certainly possible.
That blending facility was purchased from PTOI's founder's uncle years ago and even at $130k, I'm sure Mr. Bordynuik gave his uncle a good price of more than it was worth. "In June 2010, we acquired a fuel-blending site from a minority shareholder for $129,883."
Not to mention that Mr. Heddle moved 'fuel' over to the site a few years ago. Mr. Heddle isn't so stupid that he would send valuable fuel to sit idle rather than selling it so the reason he sent it there is because the fuel isn't worth anything...and a flammable oil which has no use must be disposed as hazardous waste which almost certainly will cost more than the property at 1776 Allenport would be worth even without the worthless fuel in the tank.
So that leaves an interesting problem. Certainly like the U.S., Canada also has laws where the seller must disclose such a liability. If Mr. Heddle is stupid, he'll find a buyer to buy the property for a song and hope that buyer doesn't figure out he was taken or at least Mr. Heddle will hope any lawsuit stops at PTOI's doorstep. However Mr. Heddle should be wary of the previous fraud suit where PTOI founder Mr. Bordynuik hoped PTOI would shield him from the fallout his own fraud...but where he was directly fined anyway.
If Mr. Heddle is smarter...he'll have Mr. Brain sign off on the ultimate sale of the blending facility. That will additionally shield Mr. Heddle from legal issues and Mr. Brain can claim ignorance of the fuel liability.
I'm sure both Mr. Heddle and Mr. Brain read these boards...Mr. Heddle will ultimately vanish but maybe Mr. Brain can eventually come back here and tell us his story after he figures out he was taken for a ride by PTOI. Although I'm guessing Mr. Brain will find his way into legal hot water before all of this is finished and might also decide to vanish.
About $250k worth of loans are listed as being secured by the blending facility. I'm assuming that's all Mr. Brain's...unless Mr. Aspin loaned money to PTOI and Mr. Brain let that loan also be secured by the blending facility. That's certainly possible.
That blending facility was purchased from PTOI's founder's uncle years ago and even at $130k, I'm sure Mr. Bordynuik gave his uncle a good price of more than it was worth. "In June 2010, we acquired a fuel-blending site from a minority shareholder for $129,883."
Not to mention that Mr. Heddle moved 'fuel' over to the site a few years ago. Mr. Heddle isn't so stupid that he would send valuable fuel to sit idle rather than selling it so the reason he sent it there is because the fuel isn't worth anything...and a flammable oil which has no use must be disposed as hazardous waste which almost certainly will cost more than the property at 1776 Allenport would be worth even without the worthless fuel in the tank.
So that leaves an interesting problem. Certainly like the U.S., Canada also has laws where the seller must disclose such a liability. If Mr. Heddle is stupid, he'll find a buyer to buy the property for a song and hope that buyer doesn't figure out he was taken or at least Mr. Heddle will hope any lawsuit stops at PTOI's doorstep. However Mr. Heddle should be wary of the previous fraud suit where PTOI founder Mr. Bordynuik hoped PTOI would shield him from the fallout his own fraud...but where he was directly fined anyway.
If Mr. Heddle is smarter...he'll have Mr. Brain sign off on the ultimate sale of the blending facility. That will additionally shield Mr. Heddle from legal issues and Mr. Brain can claim ignorance of the fuel liability.
I'm sure both Mr. Heddle and Mr. Brain read these boards...Mr. Heddle will ultimately vanish but maybe Mr. Brain can eventually come back here and tell us his story after he figures out he was taken for a ride by PTOI. Although I'm guessing Mr. Brain will find his way into legal hot water before all of this is finished and might also decide to vanish.
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