On a broader front, the release of various depositions (even though heavily excerpted) allows the reconstruction of the process by which JM Products occurred, and some interesting sidelights.
Primary depositions can be found at
https://drive.google.com/drive/folders/ ... TF6c2NtZkk
Exhibit 194-08 - Deposition of JM Products via Andrea Rossi
Exhibit 207-37 - Deposition of Henry Johnosn
Timeline -
14 June 2014 - Henry Johnson forms the Platinum American Trust, with himself as trustee and Francesco DiGiovanni, an Italian national, as beneficiary.
DiGiovanni is accompanied by Andrea Rossi. The reason for creating the trust is to hide ("The concept was to keep the ultimate beneficial ownership private.") the ownership of JM Chemical Products. During the next 2+ years, until ca November 2016, Johnson, the trustee of PAT, had no communication of any kind with DiGiovanni.
27 June 2014 Henry Johnson incorporates JM Chemical Products, Inc, with himself as director, president,, treasurer and secretary. At no time was there such as position as CEO of JMP. At no time was there a board of directors. Less than two months later, at the direction of Andrea Rossi, he changes the name to JM Products, Inc.
Johnson claims almost perfect ignorance of the company which he heads. He describes his role as
" I was not involved in what J.M. Products was doing. I was involved in keeping the corporation straight and, again, the creation of the trust, that sort of thing. I wasn't involved in day-to-day operations."
For this hands-off function, he was presumably remunerated, but the section concerning this has been excepted from his deposition.
Andrea Rossi referred to himself as the director (small d) of JMP, and made all decisions. He also controlled all financial dealings, both of JMP and of Leonardo Corp concerning the Doral operation.
At this time, JM Chemical Products has no physical plant and no employees.
ca 1- 2 July 2014 Rossi introduces the idea of performing the GPT in coordination with JMP, selling steam for their "product".
3 July 2014 Darden comments in email,
I want to do all I can to help Andrea get the plant running and to have a good test, clearly, but am very torn about the test being in FL. It is far away from the rest of the country , and it isn't a credible venue generally (Miami). I doubt we will have unrestricted access to the plant all the time, which could be problematic. And, we don't care about the money they will pay us, generally speaking.
OTOH, it will be convenient for Andrea, and our goal is to help him any way we can. And the company sounds pretty credible. So, broadly,we are confused about what to do. I think there is little if any gain in credibility from having the test in an independent factory compared to having it in the factory next door to us (which used to be owned by my wife's uncle, but he sold it years ago). Having it in a factory near Andrea probably harms credibility as much as or more than having it near us. But obviously Andrea disagrees.
5 July 2014 Rossi writes to Darden
In the incoming meeting we will have next week, please allow me to encourage you to take a
decision regarding where to put at work our 1 MW plant. I really and strongly hope you will
consider the solution I found, to rent it to JM, in its factory in Florida where they will use it to
process their chemical products. Please think carefully before losing them. They are positive to us,
but in September must start and they must know asap if they have to use our plant or provide
otherwise.
Note that there is no JMP plant and no employees.
30 July 2014 - Rossi emails Darden
I am sure that after 3-4 month they will put another CEO if the plant go well, and that they will disclose themselves. Now NOT. There have been no way to obtain this.
Note that Rossi is speaking of himself in the third person plural, and that JMP has no CEO.
You will be allowed to say to your investors that Johnson Matthey is the main supplier of JMC and the same buys from JMC all the product not bought by other customers.
Here Rossi speaks entirely the truth in an entire lie. There is nothing Rossi (JMP) can do if IH decides to lie to their investors. And, since Rossi may have actually bought platinum sponge from Johnson Matthey (although this is unproven at this time), Johnson Matthey may well be considered the "main supplier" of JMP. However, there is no evidence at this time that Johnson Matthey would have bought "product" from JMP, even if such product existed. Rossi, of course, has refused to identify the "product" of JMP, claiming industrial secret.
7 August 2014 In a Certification of OFAC to IH, Johnson asserts that
JMP is owned by an entity formed in the United Kingdom
despite having formed PAT one month earlier. In deposition, Johnson claims that a UK trust had been intended, but the cost was too high.
15 August 2014 - IH, Rossi and Johnson sign the Term Sheet (Exhibit 207-45).
1 September 2014 - Rossi (as Leonardo Corp) takes over the Doral plant, and sublets a portion to JMP. Leonardo promises to pay 1000 dollars per day per MW of steam. No rent is charged to JMP. Instead, Rossi claims in deposition that
But that was on the base of a contract that -- of an agreement that there was between J.M. and Leonardo Corporation and this agreement foresaw that Leonardo Corporation was going to pay all the bills and expenses for the day by day activity of J.M. as a compensation for products that Leonardo Corporation was going to buy from J.M.
Note the careful choice of words, There was apparently no contract between JMP and Leonardo. Rather than a contract, there was an "agreement", which was probably negotiated by Rossi looking in a mirror and bargaining with himself. With no written contract, it will be necessary to take Rossi's word on the matter.
February 2015 The GPT begins. Despite Rossi's claim to Darden that a September start was critical, it has taken Rossi 5 months to get the test running.
February 2016 The GPT concludes.
5 April 2016 Rossi sues IH/IPH.