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Pastimes : Plastics to Oil - Pyrolysis and Secret Catalysts and Alterna
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To: old 'n cranky who wrote (53298)5/8/2019 9:00:27 PM
From: PaperProphetRead Replies (1) of 53574
 
I think it's highly unlikely. I do remember one example of where it did happen...EarthFirst. After years of swindling investors, John Stanton of EarthFirst somehow was able to trick a bunch of creditors into loaning him more money and then filed for the bankruptcy of a subsidiary. EarthFirst was a money-losing pyrolysis company which had a money-losing electronics segment and the company was able to confuse investors into thinking the revenues from the electronic side were actually from pyrolysis which gave the scheme credibility. That electronics side apparently had some assets which ultimately Mr. Stanton effectively 'sold' to creditors.

I don't immediately remember any other cases where penny stock scams filed for bankruptcy. Usually banks and creditors want to see some ability to service debt so it's unlikely anyone in the lending business would loan these scams any money. Shareholders and the occasional naïve shareholders-turned-creditors are generally the only financing options. Usually the scams just fade away while the ticker lives on. I'm definitely not saying bankruptcy is impossible for PTOI, just highly unlikely in my opinion.
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