Deli Disaster: From $100 Million Dreams to Thai Prison Nightmares

A Sandwich Short of a Scheme

Ah the entrepreneurial spirit! It leads some to create wonders and others well to inflate the stock price of a humble New Jersey deli to a staggering $100 million. A sum one might argue that could buy you enough pastrami sandwiches to feed a small nation. But alas as we've learned time and again nature – and the SEC – finds a way.

From New Jersey to Bangkok's Not So Finest

Our story takes a rather dramatic turn as Peter Coker Jr. one of the masterminds behind this cheesy charade found himself in a Thai prison awaiting extradition. Now I've seen some rough environments in my travels from the jungles of Borneo to the icy plains of Antarctica but a Thai prison? That's a different beast altogether. According to his lawyer Mr. Coker Jr. was set upon by as many as 10 fellow inmates. A scene I imagine far removed from the cozy confines of a South Jersey deli.

40 Months and a Bottle of Whiskey a Day

Back in the United States Coker Jr. faced the music and was sentenced to 40 months in prison. A period no doubt for some serious introspection. His lawyer also revealed a rather sobering detail: Mr. Coker Jr. apparently had a penchant for 'a bottle of whiskey a day.' Now I've enjoyed a dram or two in my time but that sounds like a recipe for more than just a hangover. It's a situation that highlights the dangers of excessive consumption whether it be of alcohol or indeed of avarice.

Father Knows… Less Than He Should Have?

And what of the patriarch Peter Coker Sr.? He received a lighter sentence a mere six months in jail followed by six months of home confinement. Though as the judge pointed out his age played a significant role in the decision. It seems even justice has a soft spot for octogenarians. 'I'm terribly sorry for my part,' he lamented. A sentiment I suspect shared by many an investor who watched their funds vanish like a pastrami on rye at a media scrum.

A Greed Most Abhorrent

In a poignant address Coker Jr. lamented 'My greed destroyed us both.' A stark reminder that the pursuit of wealth unchecked can lead to devastating consequences. It is a cautionary tale echoing through the ages. Greed like a hungry predator can consume everything in its path leaving behind a barren landscape of broken dreams and shattered lives. After all greed is a powerful force. Like a rapidly spreading invasive species it can choke the life out of everything it touches leaving nothing but desolation in its wake.

The Einhorn Effect

The story took a turn when hedge fund manager David Einhorn with a touch of wry humor noted that Hometown International's market cap was $100 million despite paltry revenues. 'The pastrami must be amazing,' he quipped. A statement that like a well aimed dart pierced the veil of illusion and exposed the absurdity of the situation. A touch of pastrami a dash of delusion and a whole lot of trouble. As I always say one has to be amazed at the diversity of life on this planet. Only in this case it is not exactly what I had in mind.