Your hometown deli in Paulsboro, NJ
Hometown International – that weird, publicly traded company with a market capitalization of over $ 100 million despite owning only a small New Jersey Daily – has announced plans to merge with Makamar, a private bioplastic start-up firm.
The merger with the Los Angeles-based Makamar that resulted in the company-owned Hometown International-owned Palsboro, NJ losing your hometown deli. It is unknown at this time what he will do after leaving the post.
Hedge fund manager David Einhorn announced the tie-up of McMahor and Hometown International almost a year after a client’s letter noted the bizarre discrepancy between Deli’s extremely modest sales, which was $ 25,004 for 2021, and Hometown’s skyscraper stock market valuation.
“Pastrami must be amazing,” Einhorn quipped in the most quoted line of that April 2021 letter.
Based on that letter, CNBC details the complex business relationships and controversial history of many people associated with Hometown International, whose CEO at the time was Paul Morina, principal and head wrestling coach at Poulsborough High School.
Morena is still listed as the owner of 31.5 million shares of Hometown International.
In its annual report submitted to the Securities and Exchange Commission on March 18, Hometown International revealed that “the company has identified a potential target company and is currently engaged in discussions on a possible business coordination.”
Makamar’s CEO spoke to CNBC
Makamar chief Alex Mond told CNBC in an interview on Friday that he expects the merger with Hometown International, which was published in the SEC filing on the eve of April Fool’s Day, to be completed “in a few weeks.”
Afterwards, Mond said he plans to transfer the bioplastics company’s new stock trading symbol to Nasda from the over-the-counter market soon.
Mond said Los Angeles-based Makamar considers Hometown an attractive consolidation candidate, even after the headline about the owner of the deli because it ranks as a publicly traded company.
“We have investors who have pushed us to go public,” he said.
Mond said going public would make it easier for Makamar to get the money he needed to grow a business he started more than three years ago by issuing loans.
Monda said Makamar is in talks with major companies interested in selling our products, which are designed to replace petroleum-based plastics and reduce the amount of plastic pollution in the world’s oceans and lands.
“We are expecting a purchase order,” Mond said.
“We use 45 different blends, mainly flax,” said Mond about the farm’s bioplastics.
“Flax is the best replacement for plastics,” he said, noting that “it uses the least amount of energy, and it’s easy to grow,” and “cleans the soil of renewables and contaminants.”
The stock price hit শেয়ার 14 a share
The SEC filing announcing the purposeful merger created by Makamar Holdings under the new name Hometown International did not disclose how Hometown International and Makamar are being valued in the merger, or how to create 60 or more shareholders of Hometown International. In agreement
HWIN, the current symbol of Hometown International, trades at very low volumes, if not, on OTC Markets’ Pink platform, an over-the-counter listing service.
In April 2021, OTC Markets listed HWIN from its OTCQB platform, transferred stocks to the less prestigious Pink Market, and issued a “Buyer Warning” warning to the owner of the deli for “not following the rules of the OTC Market”.
As of Friday, Hometown International had a stock price of $ 14 per share, giving it a market capitalization of $ 109.2 million, based solely on outstanding shares.
The last recorded transaction was for 100 shares on March 8th. Earlier, on December 31, the stock recorded its last recorded transaction for the same number of shares.
‘More details to follow soon’
Peter Cocker Jr., a Hong Kong-based investor who is the CEO of Hometown International, said in response to an email when asked about the merger, “Everything available for discussion is disclosed in SEC Form 8K.”
“More details will follow soon,” wrote Coker Jr.
Manoj Jain, founder of Maso Capital in Hong Kong, a major investor in Hometown International, declined to comment through a spokesman.
For more than a year, Masso Capital has been a vehicle for merging and doing business publicly with Hometown International and another publicly traded shell company, formerly known as E-West.
E-West entered into a reverse merger last year with EzRider Global Inc., a privately held electric vehicle corporation. Prior to the merger, E-West had a market capitalization of $ 110 million, despite having no business activities.
Both firms, in a highly unusual filing with the SEC, have rejected the publicly quoted stock process, saying they have no basis to support their company’s high market capitalization, based on CNBC reports about Hometown International and e-West.
Other major investors in Hometown International include two U.S. university investment funds, the Duke and Vanderbilt, whose mailing addresses are in the same building as Masso Capital.
The largest shareholders of Daily Owners are Macau, a group of opaque entities in China, whose mailing addresses are located on the same floor of the same office building.
Concerns about management
Mond, in an interview, said he and his current management in Makamer would be in charge of the consolidating company, although people involved with Hometown played a management role in the company when the consolidation talks began last year.
“They weren’t right with it, but it was our condition,” Mond said. “It was all my management, or I’m not taking the deal.”
Mond said he knew about the legal and regulatory debates surrounding the people involved in Hometown before he had two “Wall Street people” whom he knew who suggested merger talks.
“I was worried,” Mond said of the controversy. “So I made sure that our management would take over and not the old management.”
Mond said he only spoke “very briefly” with Cocker Jr., president of Hometown International, when discussing the merger.
“Maybe three or four minutes,” Mond said, referring to the length of his conversation with Cocker Jr. over the phone.
Mond said the main subject of his contacts in the discussion was with Hometown International lawyers and “James Patten.”
CNBC reported last year that Patten was working as a financial analyst at Troy Capital Ventures, a North Carolina investment company owned by Peter Cocker Sr., the father of Cocker Jr. at the time.
Patten wrestled with Marina at the high school, the main Hometown International shareholder and its former CEO. He is listed on his LinkedIn profile as the manager of the Mantua Creek Group, a partnership where Morina is a member and who rents space at the Polesboro Daily.
FINRA, the broker-dealer regulator, has also banned Patten from acting as a stock broker or associating with broker-dealers, according to the regulator’s database.
He has previously been the subject of repeated disciplinary action by FINRA, including breach of securities law, unauthorized trading and refusal to accept arbitration rewards of more than $ 753,000 for clearing a client’s account.
Cocker Jr.’s father, Peter Cocker Sr., is listed as the owner of 1.3 million shares in Hometown International. Coker Sr. And Peter Reichard, his business partner at Tryon Capital, controls another entity, Europa Capital Investments, which is listed as the owner of about 2 million shares in the Daily.
Coker Sr. Earlier, there were allegations of money laundering from lenders and business-related fraud. He denies wrongdoing in cases that have been settled out of court in North Carolina in recent years.
Peter Lee Cocker’s face photo from Raleigh / Wake City-County Bureau of Identification (CCBI).
Source: Raleigh / Wake City-County Bureau of Identification
In August 1992, the then-49-year-old Cocker Sr. was arrested in Allentown, PA, and charged with “prostitution and other offenses in front of three underage girls while driving around Central School,” The Morning reported at the time. Details of the outcome of that case are not publicly available
Cocker Sr. was arrested in 2010 in North Carolina on charges of soliciting a prostitute.
In 2011, Richard filed a lawsuit in a criminal case convicting a Democrat, Bev Perdue, of plotting to illegally contribute thousands of dollars to North Carolina’s successful 2008 campaign.
The scheme involved the use of a bogus consultancy agreement between Trian Capital Ventures and a fast-food franchise who wanted to support Purdue. Cocker Sr. was not charged in the case.
CNBC reported last year that Trent Capital was being paid thousands of dollars a month for consulting both Hometown International and the related shell company, E-West. Both of these firms have rescinded those consulting agreements in the heels of that reporting.