A decorated high school wrestling coach and school principal owns a local sandwich shop that is the sole property of a mysterious publicly traded company worth just over $100 million.
Hometown International went public in 2015, it only owns Hometown Deli in New Jersey, and it‘s trading at levels which give the company a market capitalization of $101.5 million.
The president, CEO, CFO, treasurer, and director of this enterprise is Paul Morina, principal and wrestling coach of Paulsboro High School, who has a 550-34-4 career coaching record.
Is this a sandwich shop with a vision and leadership unparalleled among lunch spots in Paulsboro, N.J., or a scam? You decide:
- A lawyer, Gregg Jaclin, who was involved in Hometown International’s SEC filings in 2015 and 2016, has since been disbarred and pled guilty to federal crimes related to shell company scams.
- The deli only booked $14,000 in 2020 revenue, but had $320,000 in consulting costs.
- Chairman Peter Coker’s father owns 50% of a consulting company that has a $15,000/month contract with Hometown International. The only other named company officer is Christine Lindenmuth, a math teacher at Paulsboro High School.
The company’s SEC filings describe the business as pioneering the “Hometown Deli” concept, which feature “‘home-style’ sandwiches, food items, and groceries in a casual and friendly atmosphere.”