DTL, I dropped my position at .0027. I am not holding at this time.

Bob, I wish I had a good answer for you but in order to give you a reasonable answer I would have to know what is going on between the auditors and PLNI. How complete is the information that the auditors were furnished. What kind of backup the numbers have is also important. Are internal controls adequate in a small company where a few people cover a lot of jobs (Serbanes-Oxley)? What all is happening with close party transactions? There are too many questions that only someone who is on the premisis and is privy to all of this info, and more, can answer.
I think I heard JT say in the web cast that they were addressing the auditor issue and that it would be resolved.
Sorry Bob, but I guess that it's one of those things we'll have to wait and see.

Yafu, there is more truth to that than most people realize. As I have said before,cash flow assumption, reserves, timing of recognition, unreserved write-offs, and a host of other things can change the numbers. What you want it to be can also depend on your need to get financing (more profit) or tax consequence (less profit). The accountant must do all of these things within the law, agency compliance and auditor auspices. But, there is room and the answer is that there really is no answer. There are inumerable answers and they will all get an unqualified statement from an auditor if it is legal. Based on Enron, I guess it doesn't always have to be legal but the consequences are more than I would want to risk and never have.
Been there, seen it!

Yafu, I hope you're right and they get those numbers included and give us an EPS net of those expenses. I would also like to see PLNI abbreviate their financials to just necessary info and shorten their statements. Raytheon, a multi billion dollar company, puts out an annual report that is shorter than PLNI's financials. Much easier for the average guy to wade through without doing a page by page numbers accumulation to determine what is going on.

Right Rick. I was just going by what I heard on the webcast. The difficult thing for me will be waiting until they either explain these costs or they go away because they no longer have them. I would much rather have PLNI tell us that $X amount of dollars were for Legal and Audit costs that were non-recurring expenditures (catch-up and acquisitions). Audit costs will continue but not catch-up costs. I would also like to know how much of the expense was Goodwill write-off from the acquisitions.
Like you said, we'll wait and see.
Just my opinion

Just a note on that quote about buying and selling as I applied it to PLNI.
I heard that long before I ever heard of Sam Walton as an entrepreneur. Way back in the 40's, my dad quoted that to me from the owner of D.C. Wax office and Equipment where he worked as a furniture refinisher. He told me at the time that it was an old Jewish philosophy that was told to him by one of the owners of the company. I don't know if he was right or not but that's where and when I first heard it.
For what it's worth.

Thanks Rick. I just have a good feeling about PLNI as a company and their direction. I will be glad when their caught up and we get financials sooner after the quarter ends and PLNI won't have all of this payout for historical audits to become current. As I recall, JT and Howe both mentioned the huge outlay for legal and accounting costs, at least one of them said it.
I wish PLNI had an auditor who could also present the statements without non-cash expenses (Goodwill, etc) and one time unusual expenses (audit catch-up, acquisition costs, etc) like the big boys do to give us a better picture of what they are going to do when these costs no longer drag the P&L down. Right now, were strictly GAAP and we have to assume a lot to try and get to the real profit. That's why the break even could be well below $3 million.
Another thing that could help increase the profit (reduce the loss right now) could be economies of scale. With the new machines and additional output, they are obviously using more material. As that happens, they should be in a better position to negotiate better prices on their raw materials (if they have a good buyer).
A very old philosophy in business says that you don't make your money selling, you make it buying. I've found this to be very true when companies I have been with have been required to improve profits. The market will only give you so much. You have to do what you do better and cheaper than your competitor and still maintain your quality and service. Thus, I think that JT was smart in saying that PLNI was going to stick to what they do best.
Enough rambling. Thanks again Rick.
Just my opinions.

Cap'n, I believe that your article was a bit biased in and of itself, although it is pretty factual.
I have been criticized by both sides in this ongoing "debate" on iHUB for posting my opinions. And, since I started posting again, I have refused to become a party to any debate.
As Gerlac inferred, I don't believe that anyone who is a thinking person can see only good or only bad in PLNI.
I see missed dates, lack of current information releases, and lack of credible explanations in many cases. I listened twice to the paid Green Baron web cast and heard very little that I hadn't heard previously. But there was some new info.
By the same token, I see a company releasing ('06) financials that indicate a movement that is very positive. I see a small, cash poor, company making strides on their P&L and Balance Sheets. I heard JT telling why PLNI has changed its plans about producing plastic lumber that the market has been taken by larger established companies and he felt they probably couldn't compete, especially since he inferred that plastic lumber is competing with wood lumber which is a commodity. He said that they weren't trying to be a huge corporation but they were trying to be successful in what they do best. That seems to me to be an intelligent strategy.
So, I post both sides as well as a bit of knowledge that I have in my head, that others might find interesting and helpful in understanding a bit more about the crazy corporate world, financial statements, and general accounting information.
I don't pretend to be an expert on anything but I do know a lot about accounting, finance, and the corporate business world.
So, I have had short discussions with both sides of the "debate" and I still think that, as Gerlac said, this company isn't all good nor is it all bad. But, as I believe Rick said, it's far ahead of most of the Pinks out there and my personal opinion is that PLNI will continue to make positive advances and I am hoping to see it become profitable in '07. That doesn't mean it will, it just means that, based on their first quarter financials and what I believe it will take for profitability (a little over $3 million per quarter and maybe less if the audit and legal costs are lowered in the SG&A section)could be achieved with the 3 companies working as one.
Anyway, this is just my opinion.

I believe he mentioned something about doing that in his web cast.

Probe, I would think that Turek was probably told by the auditors that he would have the audit by the dates he stated in his web cast.
It's my opinion that he probably would not purposely give erroneous dates, given the history he currently has with making dates, for either the many stockholders or potential cash sources (banks, lenders, etc).
I've found that dinner is not always ready when I'm ready to eat even though I was told it would be. I didn't jump into a divorce because of it. LOL
Just my opinion.

Bob, I think that your question is your answer. We have a local auditor doing what he can in the circumstances and doing it for far less money than a larger, more dependable firm would probably do. PLNI, in my estimation, cannot afford more expense to get audited past-period financials out, nor should they pay more for this. I would rather see them invest in more business and forward-looking revenue generation (like the additional machines). The PPS will come sooner if the company is successful. Statements won't make a dime. Improved business and profit will.
The audited '05 statements probably won't change much, if any, from the released '05 financials.
I also don't anticipate an immediate jump to OTC:BB increasing the PPS dramatically, if any.
From an investor’s point of view, it's my opinion that the second quarter results are more important than the audited '05 financials. If it shows improvement (smaller loss) or improved revenues with an explanation of extraordinary, non-recurring expenses such as legal, audit (past period catch-up), and non-cash write-offs for the acquisitions, I would be very happy.
PLNI, IMO, is going in the right direction.
I have nothing to say at this time about the buyback and I will wait until the terms are released in September before I even think about it.
In the meantime, I think that those who have held long will be rewarded but I don't think it will be in '06. I believe it will happen in '07 when, in my opinion, PLNI will become a profitable company.
I hope that the improving financials cause the PPS to grow with their improvement.
This is all my opinion.
I would urge everyone who hasn't read rrm's post (analogy) to read, if no other part, the last part entitled "The Cure".
The entire article, both for what it is and as an analogy of the PLNI situation is quite excellent, IMHO.
This is just my opinion.

Probe, just a note on auditors.
There are several levels of auditors. Generally they are known as the Big 4 (international auditors), Internationals (not in the big 4), Nationals, Regionals, and locals. The big four handle the majority of really big companies like GM, AT&T, and companies that have locations worldwide, etc.
International and nationals vie for the "billion plus" companies but do take smaller-large companies.
Regionals do handle some very large companies too, but the majority of their customers are usually those that do less than a billion (some much less) in annual sales.
Locals, for the most part, take as much as they can from their planned business area. That can be a city, a county, a state or (rarely) a few close states.
I might also add that many audit firms in every category specialize in certain types of business (manufacturing, Banking, Service Sector, Etc.)

The greatest divide between these general categories is the price they charge for an audit. Another divide, when you get to the locals, is the personal responsibility they take for maintaining their customer base. They usually have a fairly large turnover and maintain a fairly small regular staff compared to the major players.
Companies, especially start-up companies such as PLNI couldn't begin to afford a "Big 4" or an International or national auditor and would pay about five times or more for their audit if they elected to use a regional as opposed to a local auditor.
Now, given the constraints of the auditors available and the necessity of maintaining a good and accepted auditor who has a good reputation and would be accepted by the shareholders, the regulating bodies, and any other organization that relies on audited financials (tax authorities, local banks, industrial lenders, etc) PLNI must choose an auditor they can afford who answers these needs. This is not as easy as being a Microsoft and having auditors bidding for your business.
The reason I have written this post is to give you and other readers some insight into the problems associated with a small business getting and keeping the right auditor.
I suggest that anyone who has any curiosity about auditors and their methods of doing business, sould jump on Google and read awhile. Many articles and advertisements are available to give you further insight and to allow better understanding of some of the audit problems faced by PLNI.
I would be happy to answer any specific questions if I know the answers. If I don't, I could try to find an answer for you. I can't answer any specific questions about PLNI's strategy or plans because I don't sit in on their meetings but I can answer general questions about auditors.
This is just stuff I've learned over a lifetme of dealing with auditors.

A brief history of the big auditors as they merged
http://www.answers.com/topic/big-four-auditors

In order of revenue and headcount as of 2005, the Big 4 are:

PricewaterhouseCoopers $20.3bn +17%
Deloitte $18.2bn +12%
Ernst & Young $16.9bn +16%
KPMG $15.7bn +16%
(We lost Arthur Anderson when Enron went down.)

Google is full of more info.

Screamer, I just read your post and hit the URL and looked at the wormy (blog) posts.
All I can say is WOW!
I read some of his blogs on rrm and my stomach turned. Please read just below where worm says he is going after me. There's a posting (blog) dated 7-31-06 about Semco not being purchased by PLNI. Along with several other "erroneous" blogs, this one really stands out since just today, as I listened to the Green Baron, it was indicated that PLNI would be filing the 8K information on the Semco purchase and also, in the latest release before the Pro-Mold 8K, PLNI said very plainly that both Pro-Mold and Semco were wholly owned subsidiaries of Plasticon.
Now I know for sure that I don't care what this idiot says about me! I hope he will be happy in a one sided argument because henceforth, with the exception of this one post, I will neither respond to nor recognize the existence of anyone so out of line with reality while posting crapola, evidently to get personal publicity. There surely couldn't be anyone paying this person to write garbage like this.
I don't agree with some of the things PLNI has done nor some of their business strategies but I will wait and see if they are going to succeed because I am very aware that I am not sitting in on their strategy meetings or do I have any insight into their long range plans other than what they have stated.
So I wait for the next financials and then make my own decisions.
Just my opinion.

Bob, I only had time today to listen to about 3 minutes of the PLNI interview. I will listen to it in the morning and give you my thoughts on it, for what they're worth.
I also haven't had time to read the board since I sent the URL for Green Baron to Dudette.
I'll do that in the morning too.
Sorry but contrary to popular belief, I do still have another life outside of the stock market - LOL!!
I'll try and really listen and see what I hear but I can't promise any revelations.
If Rick posted much on this, I'm sure he has listened intently. I have grown to respect his views immensely.
Back to you tomorrow.
Have a nice evening.
Jim

Dudette, did you get into the PLNI webcast yet? Here is a link that will work if you haven't.

http://www.thegreenbaron.com/Webcasts.htm

Gerlac, I hope that Worm has a good audience because I never read anything except iHub and my only interest here is PLNI. So the postings will go unnoticed by me unless someone brings the posts here. I would think that this person really needs a life.
I really like the folks on this board and even though there is a lot of repetitious bashing of PLNI, I get a kick out of the interchange.
I like the fact that, except occasionally, everyone is polite and opinions are personal and not usually offensive.
Probably the thing I like least is the defamation of the long holders of the stock. I have watched my account balance drop many times and had that sinking feeling in my gut. I never needed anyone to try and make me feel worse about a stock that's temporarily going south. Nothing about that kind of interchange is productive and I personally think it's psychologically destructive.
As I said before, until the actual financials change my mind, at this time, I feel PLNI is going in a very positive direction.
I think we all have to remember that PLNI is a small, start-up company that will never be a Microsoft or a Big Blue.
It is my opinion that the stock will not trade out of the pennies in my lifetime but one never knows. Once again, it's just my opinion and, like bellybuttons, we all have one.
Thanks for the nice note and I hope you make a buck or two and keep posting nice posts.
Jim

Nano, I do Sonnets. I could probably make you a 14 line English Sonnet for PLNI that would include those words but I would bet that it would be deleted quite rapidly and I might spend time in jail. lol

Bob, the numbers for the first quarter of 2006 are not audited but they don't have to be audited to reflect the business accurately. When any public (listed or not) corporation publishes financial statements, other than any adjustments required by the auditors, which are usually for reserves or such, the financials won't change much. PLNI is responsible for the accuracy of any financial information they release because it effects the decision making of the stock buying public.
So, for me, "audited" doesn't mean all that much. And, usually, the only audited statements I would expect from PLNI would be the year end.
The first quarter showed a lot of good things happening. A real business start-up. Now, a couple more molding machines, more outside business from Pro-Mold other than Plasticon's purchases and revenues in excess of a million bucks.
I wouldn't put my life's savings in PLNI but for a Pink Sheet company, it's light years ahead of most, IMO.
If I were one who holds Pinkie long, PLNI would be one of my personal choices.
Let's see what happened in quarter two. It's kind of exciting for me, having built a couple of small businesses myself.
Just my opinion.

gerlac, it looks as if I made the big time. PLNI has made me famous! I never thought I claimed to be a former accountant. I am a retired accountant but I still do consulting work and set up accounting systems for small and intermediate size businesses.
I am a published poet and I have never had this much notoriety. Wow! I've been noticed by a worm. That's really something. A compliment? Maybe not but something.... LOL!!

Thanks Rick. I am looking forward to seeing what PLNI did. I feel that the numbers this time should show a small improvement and, as I said before, not counting any cyclical business, that each quarter will show that PLNI is heading in the right direction. Even though the naysayers will contradict me, based upon the first quarter statements, I firmly believe that all that has happened within the company is leading to a successful business venture.
Jim

Cap'n, I can't disagree with you about the OS count until we get another info release from PLNI. I also still believe, from watching the MMs work and knowing that they are buying for foreign hedges (see rrms previous post and download the daily transactions for PLNI) that a great deal of the pressure on the PPS is from manipulation. TDAmeritrade told me that they felt the stock was being manipulated when I spoke to them about 3 or 4 months ago, right after they quit opening new positions.
If the OS is going up, then you could be right that the PPS could reflect an increase but I don't have any info right now on any additional increase. If someone does and the increase is already factored into the PPS (unlikely IMO) then the PPS shouldn't see any additional hit.
I'm still sitting at .0025 and don't feel that bad about my decision. Paper-wise, I'm about $150 bucks down. I lost more than that (real green dollars) last week on a one day trip to the Indian Casino in Florence, Oregon (at the Pacific Ocean about 66 miles from my house). My wife made over seventeen hundred after her stake but I didn't see any of that except I made her buy lunch.
Anyway, I sure am looking forward to getting a look at the second quarter. At best, it would answer a lot of current questions. At worst, it would just give us both more things to speculate about LOL.
Have a great day Cap'n.

Bob, The only reason I can see that PLNI doesn't publish their quarterly financials is probably their crummy accounting systems. Believe me when I say that even most MAJOR corporations have problems getting their numbers together. I really don't know why PLNI is so slow but I feel that it doesn't help their image. However, there are a lot of folks who do believe that the company is moving forward and I am with you in wanting to be kept abreast of their progress or failures, whichever the case. In the stock market, no news usually isn't good news.
Why I answer Capn and others, I just like to communicate. He has given some fairly straight answers to most of my posts and I have gotten some feel for his distaste of PLNI. However, everything we guess about is just crapola anyway. The only real stuff will have to come from PLNI. The rest is just folks expounding garbage, me included.
That's one thing I learned to appreciate Rick for is his eye for detail and the support for his information. He, like I, have more recently delved into the interplay of words and, until we get some good information to discuss, it passes the time for us old retired folks.
Best of everything to you Bob.
Jim

Capn, the PPS is just fine where it is right now and I believe it will hang right there until better times.
If you look at some of my earlier posts, based upon the assumptions know at the time I wrote my post, I valued PLNI at between .001 and .0025. That was without the earning potential and the going concern assumptions now (please don't print the standard going concern statements again. I see it on every forward looking statement by every company).
Now, PLNI is gaining assets two ways. They are increasing their asset base (new equipment) and paying off debts.
So, let's just wait for the statements. One of us will probably be surprised. I believe it will be you and you believe it will be me. The financials will tell, one way or the other. 'Till then, it's all speculation.

Capn, I believe that you have hit the nail on the head in your post:

"You don't need to sweat the little details, just simplify and keep focused on the bigger, main issues. The Dilution, the Revenue/Loss/Profits, the Growth."

Growth is happening, Revenues are increasing (according to Pro-Mold's last release), Loss is decreasing (as a matter of course with increased production, sales and economies of scale), and this all costs money. So, if some of dilution is occurring to make the company successful, so be it. I, personally, would much rather see PLNI succeed than go down with more than half of its A/S still in the drawer.

So let's see what the second quarter did when the financials are issued. I really suspect that you will see larger revenues and a smaller loss which will indicate positive growth. Just my opinion from the information gleaned from quarter one.

Good luck and have a great day.

Nope Gerlac68, all 361 of Capn's posts since he joined iHub on June 12, 2006 have been on PLNI and all appear to be negative from the lead-in lines. A lot of them have been deleted.

In my earlier posts today to both you and shorts, I said that you both had some valid points. Rick agreed with some of these points. I believe that everyone is aware of these mistruths or lies if you’d rather.
I still look at the first quarter of '06 and see what has happened. I will continue to reserve judgment until I see the next quarter or the next 3 quarters.
I am not betting the farm on this, just a few bucks that I can afford to lose, if it goes south.
But, all you are saying is still old news. Old hat. Common knowledge.
As I said earlier, hype doesn't move me (positive or negative) but I know I can make money if someone is pushing really hard by jumping in, riding the wave, and jumping off. So, any falsehoods that have been produced by JT or his promotional people have not nor would sway me to jump in.
I am betting on the second quarter financials to give PLNI a boost. I will probably jump back out. If no boost, then I will probably either cut my losses or sit it out. Don't know until I see what the MMs and the PPS both do.
Anyway, it's fun to read.
Also, I guess your last post to me was deleted so I am unable to answer.
Later Capn.

Capn, I read the same thing. As I said before, it's a protection for the issuing corporation that is allowed by the SEC. You can look at the beginning of your copied quote to find the REG number under which it is allowed to published by the SEC.

hiflyer, please see my last post to capn. just before this one about the dilution.
I previously posted that the forgivness of debt by Junior and Bonn were for very favorable stock options. However, the only saving grace here, if the stock continues to tumble, is the 3 for 2 option and at .000x, even that doesn't look so hot.
I also assume that stock issues are intended to be lucrative for the recipient. Once again, as the stock tumbles, so the cookie crumbles.
Loans are the same. At .005 to .01, the loans look pretty good. At .0001, they don't look so hot (that's about $750,000 for his 7.5 billion shares for a loan of almost $6 million.
Right now the stock is worth about $15,000,000. But, he owns the company. He is the chairman of the board and the only board member. Also, the majority stockholder. He can do as he pleases as long as the SEC allows him to do it, registered or not.
So, don't you think it's in PLNI's best interest to do things to get that PPS back up for all of those nice juicy loans and the ability to float more stock at a much better PPS - which will benefit the stockholders also.
Just my opinion.

I missed a zero probe. I meant an increase of .0005. I would really like to see a .005 but I doubt it will happen soon.

Capn, the stock increase during the first quarter was to JT. Not into the float.

6. Common Stock
During the period ended March 31, 2006, the Company issued 1,270,000,000 shares of common stock to the majority shareholder. The shares were issued for past contributions of the majority shareholder to the Company. Included in general and administrative expenses for the quarter ended March 31, 2006 is approximately $8,679,000 of stock compensation expense. The value for the consideration was based on the fair value of the shares on the date of issue.

As of the date of this filing (June 16, 2006) there are common shares and preferred shares issued for Plasticon
(PLNI). There has never been a securities offering of PLNI shares. The listed companies are the only companies to receive
compensation for IR/PR. * Big Apple Consulting: 44,006,805 * Equity Link 330,000,000
i. Period End Date 6/16/2006
ii. Total number of shares of stock the corporation shall be authorized to issue is: 13,500,000,000 shares of common stock and
6,000,000,000 shares of preferred stock.
iii Total amount of the securities outstanding 4,977,740,339 common shares and 1,000,000 preferred shares.
iv. Freely tradable shares: Public float 2,804,576,805
v. Total Number of Shareholders: 10,079

There is no change since the issue to JT.

Let's see if the float changes. If it does, JT sold some stock. If it doesn't, he didn't.
Neither of us really knows at this time.

Here too Capn, we see the "turning the corner" and "on the way" to making profits and growth. Future looking statements.
That's what I see actually happening in quarter one statements. They are doing that according to the reporting.
I have posted previously that I personally didn't expect PLNI to be profitable this year and that I was looking for a smaller loss. I think it would be unrealistic to expect much more.
In the meantime, PLNI will need operating capital. From whence cometh this capital? From dilution or an influx of personal cash from Turek.
As far as the statement about the going concern, as I said before, it's a standard thing in all financials to protect the reporting company as allowed by the SEC. The wording is different but most start-up companies use similar wording. I remember the first DD I did on a company when I first started trading and I read that part and wondered, who would invest in any company that would make that kind of statement. The company was KANA. They have been through some very rough times:

Excerpt from their 10K YE 2005:
Since becoming a publicly traded security listed on The NASDAQ National Market
in September 1999, our common stock has reached a sales price high of $1,698.10
per share and a sales price low of $0.65 per share. On October 17, 2005, our
common stock was delisted from The NASDAQ National Market due to the failure to
file our Quarterly Report on Form 10-Q for the quarter ended March 31, 2005.
Since October 17, 2005, our common stock has been traded on the ?Pink Sheets.?
The last reported sale price of our shares on May 31, 2006 was $1.90 per share.

They are currently at $2.10. If you look at their forward looking statement from 2005, you would still wonder, given the warnings that could cause their business to be damaged, who would possibly buy. But they still trade and they issue new shares and they are still around. Aren't you glad you didn't buy in at the top?
This company did about the same thing that PLNI did and the initial start-up was a big PR that was heard all across Wall Street. Just like we see in PLNI except JT used local or smaller PR firms because of the cost.
Maybe someone who is interested in history can write an e-mail to JT and ask him what he meant about being profitable in 2005. For me, I'll take today and the financials and the laws that he is under when he publishes them. Of note might be the care taken in the production of the financials with the detail and references. I feel sure that the published works from PLNI will be done with utmost caution.

Business first, stockholders hang on for the ride.

That's business; that's the market.

Capn, look at the acquisition costs and do your math and I stated previously that "except for the acquisitions" there appears to be no dilution.

Nope Capn, I don't have anything on PLNI at this time. I am waiting for the second quarter financials like everyone else.
If you look at my posts, I'm not defending PLNI. I am simply saying what I think are alternatives for PLNI to do and that, based on the first quarter financials, that they appear to be going in the right direction.
I said that from a business standpoint, it makes no sense for PLNI to do any borrowing but it does make sense to issue more stock unless Turek has more cash to invest or he can find an angel. They need money. All businesses need money or they are dead.
I think my posts are pretty realistic.
Capn, what other forums do you suggest I look at. I would be happy to find real factual postings anywhere. Your help is appreciated.
Jim

Shorts, I think we will have a bump of at least .0005 when the new financials are issued. All I need is one minute of that and I make money.
As I said earlier, some of your points are valid.
One of my earlier concerns was the way JT moved stuff between his companies that are not reporting companies. Stuff could have been lost in these transactions. But now, he must report all close party transactions so there is a bit more visibility.
As far as PR releases go, I only have faith in financials. I honestly don't care how much hype is spread. I don't listen to The Green Baron or Willy what's his name and make investment decisions from hype.
You remember the posting I posted that you said you had posted before where it listed several companies that were hyped to go through the ceiling and a couple of them were broke and the rest were down around .0001 from over 10 cents. Let Turek rave. Let the interviews go on with CEOs telling how great they are doing and selling stock. I will continue to buy and sell based on what I see financially, timing and charts.
I still think that there is money to be made with PLNI.
Shorts, don't let that black cloud you see interrupt your vision. All I want to see from the new quarterly financials is an increase of .0005 and I make $210 (after fees). I would like to see the stock PPS climb to where the longer hold guys can make a buck too. Guess we'll have to wait awhile to find out. Nothing we say will change the eventual outcome whether we're wrong or right.
Best of everyhting to you shorts.
Jim

State, you see that statement in a lot of "Forward" statements. It's not an exclusive to PLNI. They don't always issue stock even when they say they will. For PLNI, I see no practical alternative that is apparent to us outsiders. Maybe JT can find an angel (outside investor).
That's kinda like the "buyback" thing. A lot of companies say that they are planning a buyback and, statistically, most either buy a small amount or none at all. I just read a piece about that in Motley Fool.
IMHO, if that's what it takes to make PLNI profitable in the longer run, from a pure business prospective, I say go for it.
Remember that the primary job of any business is to continue and be profitable. The stockholders are not the primary consideration of any corporation, but do benefit if the business is successful and the stock value increases from an equity and earnings standpoint.
Of course, this is all conjecture and I wish I could lay some real news out here. I am awaiting the second quarter results. I think we need a full year of quarter by quarter results to begin to define the business plan and the prospect for a successful business or not.
Just my opinion.

Shorts, that's still all old news. Turek had a shell company that he called Wickuand Oil, then Wicklund Holding and then Plasticon International. Up until these last financials, all he filed were informational 8Ks and his stock registration. Now, he is dealing with a far greater power, the SEC. He is filing public financials for the first time. That's new. He has a saleable product that he sells in two companies that I know of. He has a national sales agreement with a company that trades on the boards at $12.00 who has the ability to help this company grow.
I don't disagree with your statements about previously released PRs. I also saw his expenditure report from the bankruptcy and I wish I could live so well. BUT, I also saw him transfer almost %6 million to PLNI from one of his other companies. If I had $6 million lying around, I could probably live a lot better than I do. I have no idea of how much money JT has in his LLC or his other corporations. I wish I did know.
Shorts, the worst thing I see happening if the comppany doesn't become profitable with some additional dilution, would be the sale of the entire group. I think that, at this stage, bankruptcy would be a very poor choice over liquidation. He now has a saleable business underway. That might not be all that bad for shareholders.
I stand by my statement that Wicklund Holding was a shell corporation (by SEC definition) until Turek started buying up the plastics rights and consolidated two companies into the new PLNI.
At this time, it's public knowledge that the SEC is conducting an informal investigation of PLNI. At this time, PLNI is not a registered SEC corporation.

FROM THE SEC in answer to my inquiry received June 23, 2006:

Thank you for contacting the SEC.

Plasticon International is not a SEC registrant.

I hope you find this information helpful.

Sincerely,

RINELL RANDOLPH JR
Attorney
U.S. Securities and Exchange Commission
100 F St, NE
Washington, DC 20549-0213
(202)551-6321

This might have something to do with the investigation. I don't really know. I know that PLNI has met 2 requirements that would necessitate registration but I don't believe that the net assets of the comapny are $20 million or more. Right now, they are negative.

Anyway shorts, some of your points have always been valid but alluding to Turek's thoughts as factual knowledge isn't too cool. That's "out-of-context" stuff put together to make a point that may or may not be correct.

As I said to Capn, I would love to read some new information from you that you find somewhere that has yet to be discovered. Jumping on one of my thoughts and countering with well worn info also isn't cool. Does no good except , maybe, gets some of your frustration out at the expense of others who really want to get good documented new info.

I bought back into PLNI because I think that the PPS is about at the bottom and I am looking for the next release of quarterly statements to make a buck. I'm in at .0025 and would sell at .003 if it doesn't look like the PPS would go higher. Then, back in again if it drops and the MMs start trading at an .0001 spread for more than a half day.

So shorts, have a nice day and I hope that you do find some revolutionary new info and share it with me and whomever else would be interested. If nothing else, you've given me a lot of chuckles over the past year. I would really like to visit where you are. I've been in Europe but never the eastern part. Germany, Spain, Italy, Greece, etc. I would like to live in Germany. Just too old to start over.
Best of everything to you.
Jim

Shorts, what is worm6?

Capn, are you saying that if you were PLNI, that you would rather indebt yourself and pay interest on borrowings before you would issue more stock? Sorry, Capn, but that's not the way business goes.
When you have capital and wish to expand, or protect yourself from hostile takeover, or need long term capital equipment, it makes sense to borrow and pay the interest so you can use your own money for operations.
It makes no sense to borrow when you have no capital and expose yourself to timeframes for payments that you might not be able to meet and force you into bankruptcy.
No, the only intelligent move for PLNI would be to sell more equity and continue to try and grow. The current portion of their notes payable must be met this year. Would it be smart to borrow money to make payments to another financial lender. I don't think intelligent business works that way. Kindof like using your Mastercard to pay your Visa Card. You incur more debt without benefit.
Issuing stock gets you capital and has no timeframes.
So far, PLNI has met the initial start-up quarter without dilution. I think that some more dilution is enevitable unless JT has additional funds in his other companies that he is willing to transfer to PLNI.
Once again Capn, for what it's worth, this is just my opinion from my previous business experience.

Capn, I can't begin to agree with you on this one. I have been in start-up companies, 3 of my own. I had retail Music stores in Portland, Oregon which I built without any financing and at the end of 4 years, I had 3 retail outlets and an instrument repair facility. I employed, on average (not counting teachers) about a dozen people. I sold the stores and went into the trucking business. I had 3 semis running on the west coast. I sold the business and started manufacturing electronic amplifiers. I made money on the first two but bit it on the manufacturing business. I just didn't have enough money to keep it going.
PLNI has a much larger set of numbers to accomodate. Included in the numbers you see in the financials are payroll taxes. Uncle doesn't wait. If you need supplies, you pay him and if you have anything left, you buy supplies.
MONEY! Thats's what makes it go. PLNI was essentially a shell last year and it's now a start-up company with a product that is being sold, employees that are being paid and growth pains from expansion by acquisition.
Yes, Capn, it will be a wait. It won't happen overnight. But slowly, the company is coming together. First quarter financials tell me that the direction is correct.
Quoting what I write and taking exception has no benefit to you or me or anyone else who reads these posts. These are just my thoughts which are worth about the same as yours, not much.
So, be angry with JT or his associates but please try and find facts that haven't been posted many times already. I need new information and others will welcome it also. Opinions and arguments that attempt to support a belief are also not worth much, in my opinion. Quotes from other boards are just someone else's opinion and also, not worth taking time to post.
New information that will help me and others make a good sound investment decision is what I would like to see from everyone.
As I said before, I am not a "long" pink holder. I get in, hold until I feel I have made some money and sell, then repeat the cycle.

I want to see PLNI be successful and I want to see those who have invested in the company make money. I certainly won't demean them for holding a stock that has dropped significantly in the past months and I wouldn't add to their grief by flaunting negative opinions. I know how I feel when one of my stocks takes a nosedive. But, that's the market.
Please see if you can get some good new info to share with the board. I look forward to reading your good, new information.
Additionally, if you feel that there is enough information in print and available to make a decision, then make yours as you wish. That's your prerogative but why try to make others feel bad about their decisions? Just doesn't make much sense to me.
Good luck Capn,
Jim

probe1, just one more thought. I don't know how large PLNI's accounting group is. I also don't know how automated they are. I know that at one company I went to work for as Accounting Manager, it took two months to close the year end books when I went there. It took another two plus months to complete the audit.
I helped drive a full ManMan manufacturing system and utilized PC's to download information from the mainframe. I wrote and tied together several small subroutines (macros) to sort and report.
Three years after I went to work there, we closed the year in two weeks. The internal auditors had all of the backup info (since it came from the mainframe and was easily traceable) and we finished the audited statements in two weeks, including all audit adjustments.
So, at PLNI, which is just a small startup company, I wouldn't expect year end audited statements in much less than 4 months if they are pretty good and have an adequate staff. Remember, the day-to-day work has to continue while you're closing, taking inventory, making adjustments and being bugged by auditors.
I would, however, find it not unreasonable to have published quarterlies within two months of the quarter end, once the company is caught up. They just finished 2005.
Since quarterly reports are usually not audited, I expect to see the second quarter in this coming month.
From my experience and my opinions