(313) Vinyl meltdown

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Odd question (and I can't remember if I asked it before on here):  Was it just 
Trax (and presumably a few other similar shady ops
back then) that used to melt old records down for new pressings?  Or is (was) 
this common practice?  I ask as 
1. I have a cupboard full of an overrun on a 12" from years ago that I need to 
chuck out.  I'm big on recycling and would love it if
the plastic could live again (hopefully with something much better stamped on) 
rather than just putting them out for dumping.
2. Having started to think about it I'm curious as to any history anyone knows 
on this practise anyway.