Your Hometown Deli in Paulsboro, N.J.
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We’ll have what they’re having.
A mysterious $100 million company that owns just one tiny New Jersey deli is united in multiple ways to another odd company, E-Waste Corp.
E-Waste’s stock, like that of deli owner Hometown Foreign, has soared in the past year, also giving it market capitalization of more than $100 million earlier this month. This whitecap happened despite E-Waste having no real ongoing business, records show.
Filings also indicate that Hometown Supranational lent E-Waste $150,000 late last year. The deli was closed for more than five months hindmost year due to the Covid pandemic.
And like Hometown International’s CEO, who is a New Jersey high school principal and head wrestling tutor, E-Waste CEO John Rollo recently had a job that is unusual for the head of a company that on paper is worth tens of millions of dollars. He was a tolerant transporter at a northern New Jersey hospital and still apparently works in the same health-care system.
The E-Waste CEO’s career the good old days is full of other surprising detours. Rollo, 66, who did not return a call seeking comment, previously won two Grammy accords during his extensive career as a recording engineer and producer on albums by artists such as The Kinks, Joe Cocker, Whitney Houston, Kool & the Clique and Quiet Riot, records state.
He also spent nearly 18 years as vice president for operations at Comus Ecumenical, a New Jersey-based switching and sensor manufacturer. Rollo was fired from Comus in 2019, according to a lawsuit he filed that year in link with his termination.
The connections between E-Waste and Hometown International — whose Your Hometown Deli in Paulsboro had mingled sales of only about $35,000 in the past two years — include the same Hong Kong entity being their biggest shareholders, nearly the same consulting contracts with companies controlled by investors and their current use of the same New York law firm.
And, just in the mood for early financial filings by Hometown International, E-Waste’s initial regulatory filings show the involvement of a lawyer who later was sustained by the Securities and Exchange Commission for involvement in fraudulent schemes involving the creation of companies.
The lawyer for E-Waste was a different one from the one initially habituated to by Hometown International — Hometown’s previous lawyer, unlike E-Waste’s, was charged and convicted of related federal crimes.
Another similarity between the entourages is the fact that no one associated with them has returned calls or emails from CNBC.
A key figure involved in both throngs is Peter Coker Sr., a 78-year-old North Carolina businessman whose son, Peter Coker Jr., is chairman of Hometown International.
The immature Coker is executive chairman of South Shore Holdings Ltd., a Hong Kong company, which owns a financially troubled guest-house in Macau, China: The 13.
That uber-luxurious property’s initial investors included Steve Cohen’s SAC Capital Advisors, Fidelity Ecumenical, and Omega Advisors. The 13’s website indicates it has been closed since Feb. 15, 2020, due to the coronavirus pandemic.
Records put on that Coker Sr. is an investor in Hometown International, as is a company of his, Europa Capital.
The largest shareholders in Hometown International encompass three separate entities in Hong Kong, which all share the same address, and four separate entities in Macau, which to boot all have the same address there.
Paul Morina, the deli owner’s CEO and the principal and wrestling coach for the local rich school, is also a major shareholder in Hometown.
A net loss and big liabilities
E-Waste, which has described itself as a shell followers in Securities and Exchange Commission filings, as of November had total assets valued at almost $183,000 and liabilities of almost $412,400, concording to its most recent 10-Q filing with the SEC.
The company had a net loss of almost $58,000 for the nine months ended Nov. 30.
The company was assimilated in 2012 in Florida “to develop an e-waste recycling business” but “was not successful in its efforts and discontinued that line of business,” according to SEC filings.
Since then, the party has been a shell company and is looking to “engage in a business combination with a private entity whose business pass outs an opportunity for its shareholders,” the filing says.
That filing also says there is substantial doubt that E-Waste last wishes as be able to stay in business over the next year, noting that the company “has incurred significant losses since its inception and has not described an ability to generate sufficient revenues” to become profitable.
“There can be no assurance that profitable operations will perpetually be achieved, or if achieved, could be sustained on a continuing basis,” the filing says.
“If the Company does not obtain additional cap, the Company will be required to reduce the scope of its business development activities or cease operations.”
Despite that very dire outlook, E-Waste’s stock is doing quite well.
The stock, which appears to have started vocation last July at 2 cents per share — with shares selling for well below $1 apiece for weeks after that — has firmly risen since then.
Last week, the stock, of which there are 10 million common shares unsettled, hit a high of $10.25 per share. It gave the company a $100.25 million market capitalization. E-Waste closed at $8.26 per divide up, down 17.4%, on Wednesday, giving it an $82.6 million market cap.
On April 12, E-Waste entered into what it hollered a “subscription agreement … with three ‘accredited investors'” who bought 2.5 million units of the company’s convictions at a price of $1 per unit, giving it $2.5 million, according to a company filing with the SEC. Each unit consists of one share in of common stock and a warrant to purchase two more shares of common stock at an exercise price of $4.50 per share.
E-Waste contemplated in its filing that it plans to use proceeds from the sale of the units for “working capital, general corporate purposes, and to hope, investigate and, if such investigation warrants, engage in a business combination with a private entity whose business represents an moment for our shareholders.”
More links between Hometown, E-Waste
The stock of both E-Waste and Hometown International trade on the over-the-counter Stock Exchange. Trading volume in both companies for the past year has been, as a rule, very thin.
Volume in Hometown Worldwide shares has spiked, however, on the heels of a mocking mention of the company’s valuation in a letter Thursday to clients from hedge-fund foreman David Einhorn, who quipped, “The pastrami must be amazing.”
Hometown International’s stock rose from $3.25 per serving in late March 2020 — when the Covid-19 pandemic shut down its deli for more than five months — to up to $14 per apportion earlier this month.
E-Waste’s own surge in the stock market came after a big change in ownership and management at the enterprise, which before fall 2020 was registered at a firm on Park Avenue in Manhattan, GEM Group.
As of early last year, four of the five biggest shareholders of E-Waste were, in sorority of size of shares held: the Valletta, Malta-based GEM Global Yield Fund LLC SCS, and three individuals whose address was that of something roused GEM Advisors, located on Madison Avenue in New York.
At the time, E-Waste’s president, treasurer and secretary was a man named Peter de Svastich,Hometown lends boodle to E-Waste
In late November, E-Waste issued a promissory note to Hometown International for $150,000, a filing says, signifying that Hometown made a loan in that amount to the other company. The interest rate on that debt to Hometown is booked both at 8% and 6% in the filing, in an apparent typo.
The note was signed by Rollo and it was signed as accepted by Morina, the president and CEO of Hometown Oecumenical.
Morina, 62, is the principal of Paulsboro High School, which is located near the deli that Hometown Cosmopolitan owns. He is From Morristown to India
An SEC filing says Rollo has served as a patient transporter for New Jersey-based Atlantic Trim Systems since March 2020.
A supervisor in the office of patient transportation at one of that company’s facilities, Morristown Medical Center, said CNBC that Rollo had previously worked in that department but currently is working elsewhere in Atlantic Health Methods.
CNBC has contacted spokesmen for Atlantic Health to ask where Rollo currently works.
SEC filings by E-Waste say that Rollo, from January 2010 to November 2019, also “Served as Chairman of the Scantling for Switching Technologies Gunther, LTD (‘STG’) in Chennai, India,” a company listed on the BSE, formerly known as the Bombay Stock Exchange.
That in the good old days b simultaneously frame overlaps with Rollo’s work at Comus, which bills itself as one of the leading makers of switches.
Logs show that Rollo is CEO of another company, Med Spa Vacations, whose mailing address is also Coker Sr.’s Carrboro responsibility.
SEC filings by Med Spa Vacations show that its shareholders include Global Equity Limited.
Global Equity Limited also considers 2 million shares of Hometown International’s common stock, which it bought from Peter Coker Jr., the company’s chairman, in April 2020, go together to filings. Global Equity Limited has warrants for another 40 million shares of Hometown International.
The owners of Worldwide Equity Limited are listed as two people, Michael Tyldesley and Ibrahima Thiam.
Filings by Med Spa Vacations say that Tyldesley and Thiam “beneficially own 90% and 10%, individually, in Global Equity Limited and have joint voting and investment power over the shares directly owned by Pandemic Equity Limited.”
Tyldesley also is listed as the managing director of VCH Limited, another Macau entity, which owns 500,000 unexceptional shares of Hometown International and has warrants for another 10 million shares.
Last May, filings show, Hometown Intercontinental entered into a consulting agreement with VCH Limited, which is being paid $25,000 per month from the deli P.
That monthly payment is just about $10,000 less in total sales than Hometown International’s deli sold in Italian hoagies, cheesesteaks and French fries in the good old days two years.
Coker Sr.’s history
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