New Jersey deli owner Hometown International to do Makamer merger
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Your local Deli located in Paulsboro N.J.
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Hometown International — that odd, publicly traded company with a market capitalization of more than $100 million despite owning just one small New Jersey deli — has announced plans to merge with Makamer HoldingsA private start-up company in bioplastics.
Hometown International will no longer operate the financially troubled Your Hometown Deli, located in Paulsboro (N.J.), which will be closed by Makamer, a Los Angeles-based company. There is no way to know if the deli will shut down or continue serving sandwiches, chips, and soda.
Makamer and Hometown International announced their tie-up almost one year after David Einhorn (hedge fund manager) pointed out the remarkable disparity in sales figures for the deli, which was $25,004 during 2021 and Hometown International’s astonishing stock market valuation.
“The pastrami must be amazing,” Einhorn made the most famous quote from that April 2021 letter.
CNBC reported the courtroom dramas and scandalous past of Hometown International’s CEO, Paul Morina. Morina is the Paulsboro high school principal.
Morina’s ownership of 31.5 Million shares of Hometown International is still shown.
Hometown International filed its annual report with the Securities and Exchange Commission (March 18). It stated that Hometown International had “identified a potential target Company” and is now engaged in negotiations regarding possible business combinations.
CNBC interview with Makamer, CEO
CNBC’s Alex Mond spoke to CNBC Friday, saying that the Makamer merger with Hometown International will be complete “in a couple of weeks”.
Mond indicated that Mond plans to transfer to Nasdaq the symbol for bioplastics companies’ stock trading to the over-the–counter markets.
Mond stated that Makamer, Los Angeles-based Makamer thought Hometown was an attractive candidate for merger despite the news headlines surrounding the deli owner. This is due to Makamer’s status as a publicly traded corporation.
He said, “We have investors that pushed us into going public.”
Mond claimed that Makamer can go public and get the money it needs to continue growing its company, which was established more than three-years ago through issuing credit.
Mond stated that Makamer has been in talks with major companies to sell its product. The plastic is made from petroleum-based materials and is intended to be a replacement for plastics found in oil.
Mond stated, “We anticipate purchase orders.”
Mond spoke about bioplastics and said that they use “45 different blends,” mainly hemp.
He stated that hemp was the most effective replacement for plastics. He also noted that hemp uses “the least energy” and can be grown easily. He added, “also, it cleans up soil and pollutants.”
Stock price at $14/share
Makamer Holdings was the SEC’s filing that announced the proposed merger. The document did not detail how Makamer and Hometown International would be valued, nor how Hometown International’s 60 shareholders will benefit from the transaction.
HWIN, which is currently the symbol of Hometown International trades very rarely, if ever, on OTC Markets Pink, an over the counter listing service.
OTC Markets delisted HWIN on its OTCQB platform in April 2021, moved the stock to the Pink market and issued a warning “buyer beware”, warning the owner of the deli “for failing to comply with OTC Markets’ rules.”
Hometown International’s share price as of Friday was $14 per share. This gives the company a market capization of $109.2million, only based on its outstanding shares.
Last trades were made for 100 shares of stock on March 8. The stock was traded for 100 shares the previous day, but the trades that were made before then were recorded on December 31st.
“More detail will be available shortly”
Peter Coker Jr. from Hong Kong, who was asked questions about the merger, replied by email that “everything is available for discussion has been Disclosed under the SEC form 8K.”
Coker Jr. said, “More information will follow soon.”
Manoj Jain is the founder of Maso Capital, a large investor in Hometown International. He declined to speak through a spokesperson.
Maso Capital, for more than one year, had placed Hometown International (formerly E-Waste) and another publicly traded shell firm as vehicle for private companies that wanted to merge or become publically traded.
E-Waste last year entered into a reverse merger with EZRaider Global IncA privately owned electric vehicle company. E-Waste, which had no business operations but had a $110 million market capitalization before the merger, was still a publicly traded company.
CNBC reported that Hometown International was being investigated by E-Waste. Both firms filed very unusually with the SEC to discredit their publicly-quoted stock process. They claimed they knew nothing of any basis for their high market capitalizations.
Hometown International also has major investors such as the Investment Funds of two U.S. universities, Duke and VanderbiltThese funds will have their mailing addresses at Maso Capital.
A group of companies in Macao that are not easily identifiable are the biggest shareholders. They are all located on the exact same floor, in the same building.
Be concerned about the management
Mond said in interview that both he and Makamer’s current management will take over the merger company, in spite of Hometown’s initial wish to be involved in management when the discussions began last year.
Mond explained that although they weren’t happy with the deal, it was their condition. Mond stated, “It was all management. Or I don’t take the deal.”
Mond claimed that he knew about the regulatory and legal controversies surrounding Hometown’s residents, before Mond was approached by “Wall Street” guys who knew Mond. They suggested merging discussions.
Mond stated that he was worried about these controversies. “That’s why, I made sure our management overtook the old management.”
Mond claimed that Coker Jr., the president of Hometown International, was only briefly with him during merger negotiations.
Mond stated that it took him three to four minutes to talk with Coker Jr. over the telephone.
Mond stated that Hometown International lawyers were his primary point of contact for negotiations, as well “also James Patten.”
CNBC reported last year that Patten was a financial analyst for Tryon Capital Ventures in North Carolina, owned by Peter Coker Sr.
Patten was also a wrestler in high school alongside Morina (major shareholder at Hometown International, and former CEO).
According to the database, FINRA has barred Patten from being a broker-dealer or acting as a stockbroker.
He was previously the victim of repeated disciplinary action by FINRA. These included failing to comply with an arbitration award exceeding $753,000 for violations of securities laws, unauthorized trade and churning a customer’s account.
Peter Coker Sr. Coker Jr. owns 1.3 Million shares of Hometown International. Peter Reichard, his business partner in Tryon Capital and Coker Sr. own 1.3 million shares of Hometown International. Europa Capital Investments is another entity listed that has nearly 2 million shares.
Coker Sr. has previously been sued allegedly hiding money from creditors alleged business-related fraud. He denies wrongdoing, and one case was resolved out of court in North Carolina.
Peter Lee Coker mugshot taken by the Raleigh/Wake City County Bureau of Identification (CCBI).
Source: Raleigh/Wake City County Bureau of Identification
Coker Sr. (49 years old) was charged with prostitution and related offenses in Allentown. He was accused of exposing himself to three minor girls, while driving through Central School. The Morning Call reported at the time.The outcome of this case is not publically available.
Coker Sr., a man accused of soliciting the services of a prostitute was taken into custody in North Carolina in 2010.
Reichard in 2011 entered a plea in a criminal case that led to his conviction for a schemeIllegally contributed thousands of dollars to Bev Perdue’s 2008 successful campaign to become North Carolina Governor.
It involved the creation of a fake consulting agreement between Tryon Capital Ventures, and a franchisee that wanted to help Perdue. Coker Sr. wasn’t charged.
CNBC last yearIt was revealed that Tryon Capital received thousands of dollars per monthly for its consulting services by Hometown International as well as the shell company E-Waste. Following that report, both companies ended their consulting contracts.
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