Owned by a New Jersey Wrestling Coach A DELI WORTH $100 MILLION In New Jersey, there’s a single deli shop that’s worth over $100 million. We’re not talking about an entire deli franchise — just one, small delicatessen. It’s owned by Paul Morina, a principal and head wrestling coach of Paulsboro, New Jersey High School and he is both a legend in New Jersey high school wrestling and a mystery in the stock market. His company, Hometown International, owns a shop named Your Hometown Deli, which did $35,000 in sales over the past two years, a financial filing says. However, Hometown International’s stock trades give it a valuation of more than $100 million. It’s become a little mystery for stock brokers. Hedge fund manager David Einhorn mentioned Hometown International in a letter to clients, warning about the risks of retail investors. Although Hometown International’s
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only operating business has been closed due to the COVID-19 pandemic, its stock shares have gone up $9 per share from $3.25. “The pastrami must be amazing,” Einhorn joked.
ADVENTURE CAMPING
HIKING JUNETEENTH PARK PICNIC
PRIDE SANDALS SUNBURN SWIMMING
FATHER GEMINI
As of writing, Homestock’s stock has a closing price of $13.50 a share.
As Hometown International’s treasurer and director, Morina owns 19% of
Hometown’s outstanding 7.79 million common shares. His stockholdings alone are worth $20.5 million, at least on paper. This is just as startling as his high school wrestling coach CV, which lists that he’s won over 25 class state championships, with more than 550 victories. Interestingly enough, though, Morina doesn’t have past food industry experience. Hometown’s annual report suggests that the company was formed with the idea of creating a chain of stores with “a new delicatessen concept.” Their SEC filing says, “Through our wholly owned subsidiary, Your Hometown Deli Limited Liability Company (‘Your Hometown Deli’), we operate a delicatessen store that features ‘homestyle’ sandwiches and other entrees in a casual and friendly atmosphere. The store is designed to offer local patrons of all ages with a comfortable community gathering place. Targeted toward smaller towns and communities, the Company’s first unit was built in Paulsboro, New Jersey.” Looks like they have more than enough money to expand now — we look forward to seeing how this stock market mystery unfolds!
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