The stocks of both companies, which trade on the low-tier Pink over-the-counter market, in the past year have risen to stunning levels as ties have been formed between them. Since Einhorn's letter, CNBC has reported other eyebrow-raising details about Hometown International and revealed its connections to E-Waste. Morina also is involved in an entity that leases the deli space to Hometown International.Į-Waste's filing said that Rollo resigned as president on May 7, a day after CNBC reported on the opaque nature of the Macao group of investors.ĬNBC did not immediately receive replies to requests for comment from Morina, Lindenmuth, Rollo, Mermel and Hometown International's lawyer.Ī spokesman for Maso Capital and its founder Manoj Jain - who controls the investments for the Hong Kong entities invested in Hometown International - declined to comment. At least 5.5 million of Hometown International's common shares are controlled by the Hong Kong and Macao investors.īoth Morina and Lindenmuth remain principals in the deli itself, according to the SEC filing.
The deli owner's filing gave no reason why shareholders who control 6 million shares of common stock - which represents about 77% of the company's voting power - voted out Morina and the 46-year-old Lindenmuth. The changes in executive leadership at both Hometown International and E-Waste were disclosed in 8-K filings with the SEC. The current president of Med Spa Vacations is former E-Waste president Rollo, who took that job in February, according to filings. SEC filings show that Benzions in March signed another consulting agreement with a second shell company, Med Spa Vacations, connected to Peter Coker Sr., which likewise pays Mermel's firm $4,000 per month. That agreement was terminated as part of his taking over management of E-Waste, according to a Securities and Exchange Commission filing on Thursday. Mermel, a Colby University graduate, has another company, Benzions LLC, that had been collecting $4,000 each month since December under a consulting agreement with E-Waste. Mermel also founded a biotech company and an artificial intelligence company, and was a business development consultant to a fertilizer company, according to a financial filing. On Saturday, the Boston Globe reported that Pierce will be inducted into the Basketball Hall of Fame as part of its 2021 class. Pierce, who won an NBA title with the Celtics, last month was fired as an analyst by ESPN for a racy Instagram Live poss that showed him in a room with exotic dancers. Mermel's colorful business background includes founding a company that raised crickets as human food, and a partnership in a cannabis-related business with Paul Pierce, the former Boston Celtics superstar basketball player. Rollo, also a New Jersey resident, was replaced as E-Waste's president by 31-year-old Elliot Mermel, a California resident who is getting paid $8,000 per month in that role. Rollo, a Grammy-winning recording engineer, until recently was working as patient transporter at a New Jersey hospital. The related shell company E-Waste replaced its own president, John Rollo, 66, after similar questions were raised by CNBC about him, that company and its similarly preposterous sky-high market capitalization despite a total lack of ongoing business. , himself is a major investor in the company. Morina was replaced as chief executive officer by Peter Coker Jr., who is Hometown International's chairman.Ĭoker Jr., who is based in Hong Kong, is aligned with the investment entities there that have major stakes in the deli owner.Ĭoker Jr.'s father, North Carolina businessman Peter Coker Sr. According to financial filings, he owns 1.5 million common shares of the deli owner, making him, on paper at least, worth more than $18 million. Morina, 62, held a slew of other titles at Hometown International before he was removed.
Such a transaction would financially benefit existing shareholders.Ī person familiar with the situation confirmed to CNBC later Saturday that the moves to replace the executives are part of ongoing housecleaning effort at both companies. The moves at Hometown International and E-Waste appear - like other recent ones by each of the money-losing companies - to be an attempt to eliminate controversial issues that could harm their joint goal of merging with other firms in a transaction that would exploit their status as publicly traded companies on U.S.
Securities and Exchange Commission filings show that the shareholders that voted to remove Morina and Lindenmuth almost certainly included all or some members of two different groups of investment entities, one based in Hong Kong, the other based in Macao, a special administrative region in China. Their ousters came a week after a previously unreported resignation of the president of a shell company, E-Waste, which has multiple connections to Hometown International.
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