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Before his investment in the Partnerships, petitioner had no
education in plastics recycling or plastics material, nor any
work experience in that area. From 1948 to 1958, petitioner was
a principal in a packaging supply company that had a plastics
material and plastics machinery division.
Sometime in 1981, petitioner became an evaluator of the
Plastics Recycling transactions. Petitioner prepared a marketing
opinion report for both the EPE and the EPS recyclers.
Petitioner's report, along with that of Dr. Samuel Z. Burstein
(Burstein), a mathematics professor and a partner in another
recycling partnership that leased Sentinel EPS recyclers, were
appended to the offering memoranda used in conjunction with the
plastic recycling transactions.
In his marketing opinion regarding the Sentinel EPE
recycler, petitioner opined as follows:
It is important to note that there are a number of
machines on the market for processing rigid and other
forms of plastic. However, to the best of my
knowledge, the only machine that will process expanded
polyethylene (foam), reduce its bulk, increase its
density from 1 pound per cubic foot to 22 pounds per
cubic foot while maintaining polymer molecular weight
and weight distribution with a minimal increase in melt
index, purify it, and vent off gases as well as
residual steam and transient foreign particulate, is
the Sentinel Recycler Recovery System.
From a marketing perspective, I see [partnership
name]'s project as a very feasible and timely one,
considering the capability of the Recycler to
effectively reprocess waste into a viable and
marketable raw material at a greatly reduced cost.
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