Skip to main content

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.

Well, anyway, Morina was CEO of the unlikeliest $2 billion company on earth.

The shareholders of the mystery $100 million New Jersey deli company Hometown International fired CEO Paul Morina — a high school principal and renowned wrestling coach — after weeks of questions about the firm and his role there, a financial filing revealed late Friday.

Hometown International’s majority shareholders also voted to remove the company’s only other executive, vice president and secretary Christine Lindenmuth, who works with Morina as an administrator at nearby Paulsboro High School.

Paulsboro’s a small place, with just a hair over 6,000 people, and that deli is the sole operating asset of Hometown International, an admittedly strange name for a company with a single deli in this country, although in fairness that deli is just across the river from Philadelphia International Airport and has a remarkably global investor base for a company slinging sandwiches in South Jersey. Risky move, you’d think, to alienate your entire customer base by canning the—forgive the pun—hometown hero at its nominal helm.

But, of course, as old friend Matt Levine has pointed out, Hometown International isn’t actually a deli holding company but a SPAC in disguise.

The moves at Hometown International and E-Waste appear — like other recent ones by each of the money-losing companies — to be an attempt to eliminate controversial issues that could harm their joint goal of merging with other firms in a transaction that would exploit their status as publicly traded companies on U.S. markets. Such a transaction would financially benefit existing shareholders…. Morina was replaced as chief executive officer by Peter Coker Jr., who is Hometown International’s chairman.

Yup, no possible controversies there.

$100 million New Jersey deli fires wrestling coach CEO Paul Morina, related firm E-Waste gets new present [CNBC]


hometown deli

Shockingly, Guy Behind $100 Million South Jersey Deli Has A Shady Past

Also, it’s not a $100 million deli. It’s a $1.9 billion deli.

vishal garg Allegedly A Good Deal Worse Than It Told SPAC Investors

And Vishal Garg is allegedly every bit the peach you’d have guessed from that Zoom firing.


Gary Gensler To Do More In First Months Than Jay Clayton Did In Four Years

The little regulator that could has 10b5-1 plans, SPACs, Twitter, accounting and chief compliance officers in his sights.


Why, Yes, Gary Gensler Would Like A Little Look At Donald Trump’s SPAC Fantasy

Collecting the low-hanging fruit of fraud is, after all, the SEC’s favorite activity, even when it doesn’t involve the worst president in American history.

griffin forbes

Forbes Hopes Someone Is Still As Desperate, Delusional As A SPAC

Luckily for the magazine, at least someone probably is.


Shaquille O’Neal Is Taking WeWork Public Via SPAC And Other Tales Of Finance In 2021

Like another company going public via SPAC giving you access to the IPOs it’s choosing to shun.