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1. Petitioner's Purchase of the Sentinel EPE Recycler
Shortly after the organizational meeting, petitioner viewed
a prototype Sentinel EPE recycler. At the time, none of the
plastics-related companies in which petitioner was actively
involved generated expanded polyethylene scrap.
Bambara told petitioner that Sentinel EPE recyclers were
unique because no other machine could recycle expanded
polyethylene. Petitioner allegedly contacted manufacturers of
plastics-processing equipment and inquired whether such
manufacturers possessed equipment that could successfully recycle
expanded polyethylene. According to petitioner, the
manufacturers "had all sorts of reservations and no * * * firm
assertions." Also, petitioner allegedly "looked around the
industry [and] didn't see any machine" successfully recycling
expanded polyethylene.
At Miller's direction, petitioner retained Stanley Ulanoff
(Ulanoff) and Samuel Burstein (Burstein) to issue marketing and
technical opinions, respectively, regarding the Sentinel EPE
recycler. Petitioner did not think that he needed Ulanoff's and
Burstein's opinions in order to make an informed decision
regarding the Sentinel EPE recycler. In this regard, petitioner
testified:
I hired * * * [Ulanoff and Burstein] because I was told
to hire them. I really didn't need them to tell me
what the machine could do and the what -- the profit I
could make. * * * Elliot Miller told me this is the
way you do it. I did it.
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Last modified: May 25, 2011