Any engineer knows that "oil doesn't wear out, it gets dirty."
On that premise, Richard Ford and Willard H. Taylor started Boynton Beach-based TF Purifiner in 1987, later renamed Puradyn (OTC BB: PFTI.OB). They designed and manufactured a high-tech oil filtration system in which the oil never got dirty and never had to he changed, just the filter.
The company's big break came in 1997 when the firm with the oil filter too-good-to-be-true got the nod from a George Soros company. There was an equity injection of $2.5 million and a promise of more from Soros' Quantum Industrial Partners. There were some strings.
When a billionaire says "jump," people jump.
"They wanted me to step down as part of the deal, wanted to bring in professional, well-seasoned management that the 'Street' knew," Ford said. "They planned to go public and I had no problem with any of that. In fact, I looked forward to taking up golf and signed up for lessons.
The result was a disaster.
New management quickly tore through $7 million in capital and was running out of money. Engineering changes were made to the product line causing them to under perform. A product that sounded too good to be true was …