15. Baldwin admits that on or about April 24, 2009, Bordynuik acquired a majority interest in and became the CEO of 310 Holdings, Inc. (“310 Holdings”), a development stage company incorporated in Nevada on April 20, 2006 that had SEC reporting obligations.
Baldwin further admits that 310 Holdings was a shell company as defined by Rule 12b-2 of the Securities Exchange Act of 1934.
Baldwin otherwise denies the allegations contained in the first sentence of paragraph 15.
Regarding the second sentence of this paragraph, Baldwin admits that 310 Holdings purchased certain assets of John Bordynuik, Inc. on July 15, 2009, but denies that this transaction was “purportedly an ‘arms length transaction,’” and states that to the contrary, JBI’s Form 10-K for the period ended December 31, 2009 described the acquisition of the assets of John Bordynuik, Inc. as a related party transaction.
Baldwin lacks knowledge or information sufficient to form a belief regarding the allegation in the third sentence of this paragraph and therefore denies the same.
Baldwin denies the allegations in the fourth sentences of paragraph 15.
Ronald Baldwin, Jr.'s ANSWER to 1 Complaint
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SEC COMPLAINT
First sentence:
15. On or about April 24, 2009, Bordynuik acquired a majority interest in and became the CEO and CFO of an existing reporting shell company known as 310 Holdings, Inc. (“310 Holdings”), a development stage company incorporated in Nevada on April 20, 2006.
Second sentence:
On July 15, 2009 in a purportedly arms length transaction, 310 Holdings purchased the assets of John Bordynuik, Inc.
Third sentence:
The company’s assets in 2009 consisted mainly of the hardware associated with the data recovery business.
Fourth sentence:
In multiple public filings dating back to at least late 2009, however, the company claimed to have developed a commercial process capable of converting plastic waste into oil, known as “Plastic2Oil.”
Doc 1 PDF file SEC COMPLAINT
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