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West Philly could receive Invest in America funds for road fixes — WHYY

West Philly could receive Invest in America funds for road fixes — WHYY
whyy.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from whyy.org Daily Mail and Mail on Sunday newspapers.

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$100 Million Deli Antagonizes Customer Base By Firing Local Hero/School Principal/CEO

$100 Million Deli Antagonizes Customer Base By Firing Local Hero/School Principal/CEO
All of Paulsboro may boycott its sandwiches, but Hometown International probably doesnât care.
Author:
All of Paulsboro may boycott its sandwiches, but Hometown International probably doesnât care.
Paul Morina is a local legend in Paulsboro, N.J. He’s coached the high school wrestling team for 36 years, winning an astonishing 93.7% of the time. He’s also the high school principal. And to top it all off, he’s president of what is probably Paulsboro’s most famous institution, and certainly it’s most numerically valuable, the $2 billion Hometown Deli on Mantua Avenue, just a few blocks away from the high school. ....

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Parent firm of Hometown Deli notes loss increased in latest quarter

That compared to expenses of $172,000 for consulting fees, professional fees and administrative costs.
The firm, which raised $2.5 million through a private stock sale in April 2020, ended the quarter with cash of $1.1 million.
Hometown, a publicly held firm, repeated its intention to engage in a business combination with a private entity whose business presents an opportunity for our shareholders.
Hometown said it has no particular business combination in mind and has not entered into any negotiations regarding such a combination.
The report also noted Hometown, with first-quarter sales of about $5,300, has recently ended two consulting agreements that had cost $40,000 per month. ....

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Paul Morina is out as president and CEO of Paulsboro deli's parent firm

It said Morina s positions have been assumed by Hometown s chairman, Paul Coker Jr.
That came days after Hometown terminated a $15,000-a-month consulting contract with a firm led by Coker s father, Hometown cited negative publicity in making that move.
Hometown drew widespread attention last month after a hedge fund operator noted the company s thinly traded stock was implausibly valued at about $100 million on the over-the-counter market, even though deli revenues were only about $14,000 last year.
The SEC in September 2020 asked Hometown why it should not be considered a shell company, or a publicly held firm with no or nominal operations.
Shell companies can be used by private businesses that want to become publicly held enterprises with few or no regulatory hurdles. ....

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Hometown International Inc. "aware of no basis" for its stock price

In its SEC filing Friday, Hometown said it disavows the price of its publicly quoted stock on the over-the-counter markets.
Paul Morina, Hometown s president and CEO, could not be reached for comment on the SEC filing. He is also Paulsboro High School s principal and the coach of its wrestling team.
The value of the company s stock has ranged from $5.75 to $15.75 per share over the past 52 weeks. It had a range of about $13.37 to $13.43 per share Monday.
In its filing, Hometown noted its Mantua Avenue deli does not generate significant revenues. The hoagie shop had sales of about $14,000 in 2020, when revenues were reduced by COVID-19 restrictions. ....

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