The three men - two of whom have been arrested - are charged with artificially inflating the value of a New Jersey deli, claiming it was worth $112 million.
The Mystery of the $113 Millıon Deli
https://www.nytimes.com/2021/06/02/magazine/your-hometown-deli.html
Credit.Illustration by Kelsey Dake
The Mystery of the $113 Millıon Deli
It made headlines around the world: a New Jersey sandwich shop with a soaring stock price. Was it just speculation, or something stranger?
Credit.Illustration by Kelsey Dake
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In a letter
to his investors this April, David Einhorn, founder of the hedge fund Greenlight Capital and a well-known short-seller, complained that the stock market was in a state of âquasi anarchy.â As one piece of evidence, he pointed to Elon Musk, whose commentary on Twitter, Einhorn said, amounted to market manipulation. âThe laws donât apply to him, and he can do whatever he wants,â Einhorn noted. As another example, he cited a restaurant in rural New Jersey called Your Hometown
Hometown International Inc, which owns a single deli in Paulsboro, New Jersey baffled observers earlier this year when its parent company soared in value in over-the-counter trading.
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That s an oddly high valuation because the company, Hometown International, owns a delicatessen and only one small delicatessen in Paulsboro, where the Morina-coached high school wrestling team frequently wins state championships. The company has disclosed that it has shareholders based in China s Macau territory.
The shop, Your Hometown Deli, did just $35,000 in sales combined over the past two years, according to Hometown International s annual report, filed March 26 with the Securities and Exchange Commission. The pastrami must be amazing, Einhorn cracked of the company, whose stock from late March 2020 to early September rose to more than $9 per share from $3.25 per share despite the deli its only operating business being closed due to the coronavirus pandemic during that time frame.