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GlyEco, Inc. Message Board

  • rps_999 rps_999 Jul 6, 2013 8:06 AM Flag

    From Lehman to Boys Toys/glyEco LMFAO

    From Lehman to Boys Toys/GlyEco - #$%$ F now meshed in the scammy penny world. LMFAO. No surprise here.

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    • Fuld has retreated to a place that is comfortable with long shots and where his name still carries totemic power: the world of lightly regulated over-the-counter stocks. He and his wife are major investors in a Phoenix-based chemical company, GlyEco (GLYE), that recycles ethylene glycol, a chemical compound used in antifreeze and polyester fibers.#$%$ and his wife are shareholders, and his business, Matrix Advisors, has done work for us,” confirms Janet Lorenz, a spokeswoman and the wife of GlyEco President John Lorenz. She wasn’t sure how Fuld had come to be involved but praised his connections. “The man obviously has vast experience in the business community and really a lot of insight in developing companies into large international entities. That’s really what his role has been with us.”As of now, GlyEco is tiny, with first-quarter sales of $1.2 million and $2.2 million in cash on hand. It’s recently run into trouble. In April its auditors raised “substantial doubts” about its ability to remain a “going concern.” On July 24, GlyEco notified the Securities and Exchange Commission that it had dismissed the auditor and hired a new one.GlyEco’s lineage shows that its founders’ original ambition was not chemical recycling. It grew out of a holding company for a San Francisco strip club called Boys Toys, which traded under the ticker symbol GRLZ. The owner, Ralph Amato, had sought to build an adult Internet-and-club empire but went bankrupt. This came after a hostile takeover attempt from a rival strip club magnate, whom Amato once called “the Howard Hughes of porn.” In late 2008, GRLZ changed its symbol, eventually settling on the more presentable GLYE. Amato, who didn’t respond to interview requests, is GlyEco’s largest shareholder and remains a consultant for the company, filings show.Nonetheless, there was Fuld on May 30, in a dark suit and crisp shirt, front and center at the Marcum MicroCap Conference at the Grand Hyatt Hotel in Manhattan, where GlyEco.........

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