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Again, is there anyone in the St. Louis area who can check out this information or possibly attend the sale on friday? For that matter could we get someone to visit the plant and see if it is still in operation. Both PLNI and Big Apple are stonewalling so I haven't even tried to talk to anyone at Pro Mold. Obviously if the plant equipment is being sold on friday they should know by now that they will either be out of a job or working for a new owner come monday, May 20th.
Again, there is no news forthcoming from PLNI management or BA and it doesn't appear that there will be any. I seem to remember one of the posters on this board who lives in the St. Louis area and, as a last resort, I was hoping he would volunteer to check out Pro Mold and see what is going on there, especially this coming friday when the auction is supposed to occur.
I'm still not sure of the legality of a company refusing to inform its stockholders of the loss of capital assets in what amounts to a lien sale. As stockholders it was our money that bought those assets.
Anyone know why PLNI closed at .0003. Did someone just make a mistake?
PLNI and Big Apple Still STONEWALLING. I called BA about 20 minutes ago and was told that there is no news forthcoming from PLNI management about the upcome friday auction of Pro Mold assets. It would seem that management has a legal obligation to inform the owners (us) when our assets are being sold.
Offering A Sacrifice to Zeus Might Work Better.
Put the blame where it belongs. The "system" allows this kind of bogus investment to deceive people into investing their money. The SEC couldn't care less what happens to Pink Sheet and OTCBB players or they would do something about it. Occasionally one of these companies succeed but most of them fail just like most of the people playing Powerball lose their money. Unlike Powerball, the few successes from the Pinks and BB's provide jobs for people and pay taxes. Even JT will have to pay taxes on our money which he obviously is going to keep. Sorry to hear about your losses guys but this one looks like a dead bird..
Exactamento. There really isn't anything more to say. Even the RB board has gone silent which is highly unusual. This week amounts to a "death watch" from all appearances. The stock is currently trading between .0001 and .0002 on very low volume which is nothing more than MM's making adjustment in their accounts. They probably won't let the stock fall any lower than .0001 since that probably is the basis for most of them, at least until a BK is formally announced. Good luck to all.
To Repeat: The New Toyo Machines were not on the list of equipment being sold. What plan JT has for these machines is also open to question but at least that are now going to be sold.
All this "back and forth" talk is nonsense. I have yet to see anything like real information posted here because it simply doesn't exist. We will know for sure by this time next week whether or not the equipment PREVIOUSLY OWNED by Mr. Murphy has been sold off. He does not have any claim on the new Toyo machines that were purchased after JT took over the operation. There are a number of possibilities here and I confess I don't KNOW anything more than the rest of you. Unlke some of you who are revelling in this situation and wallowing in the opportunity to say "I told you so", I'll try to be a little more objective.
1. PLNI is broke and JT can't really raise any more money either by dilution or other methods and the ProMold sale is merely the first step in the unraveling of Plasticon, especially since we lost Bluelinx as a client.
2. There is no way to make Pro Mold profitable which is why Mr. Murphy sold it to us in the first place and JT is going to walk away and let him sell his junk equipment for pennies on the dollar while keeping our more valuable Toyo molding machines for use in another or new operation.
3. Turek has decided to concentrate on Semco and the possibilities presented by the new acquisitons in Idaho and dumping Pro Mold is part of his game plan. After all, as the detractors have so skillfully pointed out, the company is not making a profit in the plastics business.
There are a number of other possibilities and I'm sure everyone out there has ideas of their own. Turek has never been forthcoming with plans in the past but surprisingly he has survived every crisis of the past several years and I wouldn't bet against him here. He still owns the patents on a number of products and owns valuable and useful equipment. What the Idaho deal holds for the future is obviously open to debate and I'm sure the detractors will have nothing good to say about it.
I say PLNI is still alive and kicking and if it isn't you will have a nice capital loss to use on your 2007 tax return. No need to hurry the process for now. JMO.
Go To Sleep Children
Have a Nice Weekend Guys. Next friday is the auction.
No More News Tonight - Have a nice evening and hope for some news tomorrow.
I'm willing to concede your point in this matter but I've also been following the market for many years and the principle usually is to get the truth out as soon as possible to reassure your investors. This isn't a simple matter that we've lost a client or missed an earnings estimate. On May 18th people will be showing up at our factory to bid on the machinery we use to manufacture our products preliminary to having them trucked away to other locations.
I hope our lawyers have a plan to deal with that. I am continuing to advocate that everyone sit tight until all the facts are in.
To answer you as well as a previous question I do not believe there is anything preventing Mr. Turek from communicating with the owners(us) of Plasticon International regarding the possible loss of its only production facility. I only tried to inject a little humor because I'm too old to cry. I've been long in this stock since August, 2005 and supportive if PLNI management as much as circumstances have permitted. I am continuing to advocate that everyone sit tight until this thing plays out completely. There are positive outcomes possible but then you should be hearing that from PLNI management rather than from me.
I'll repeat what I've said many times which is that there would be no point in selling this stock until December. If you are really in at .0002 then good for you. Most of us have a slightly higher basis and therefore will experience a capital loss when we sell, that is if Turek doesn't land a big contract to make Edsel steering wheels and make us all rich.
Apparently there is no news from Lexington and none is forthcoming. It amazes me that the share price is holding steady at .0002 while the market generally is crashing today. After the news of the last 2 days I wouldn't have been surprised to see it at .00001. Turek's hubris in this matter is inciting a lot of wild threats, most of which will probably amount to nothing. The SEC has enough on its hands without having to waste time on a penny stock that manufactures rebar crutches and doesn't really do a good job of it either technically or financially. I wouldn't be surprised if Turek put out a PR saying we just got a contact to make Edsel steering wheels.
Welcome to the pinkies guys. Most of us have a great capital loss going here so go out and make some profitable investments so you can use this beautiful writeoff on your '07 tax return.
Good Night All - See you in the morning.
Actually this could be another tempest in a teapot such as we have had with PLNI before such as when we lost Bluelinx. Jim Turek's policy of stonewalling ever time there's a negative developement doesn't help either. If he owes John Murphy money it would seem to me that he could come up with financing for this problem before it came to this point. Likewise, Murphy is being silly simply because he will get pennies on the dollar for this type of used equipment so it seems more like the act of a man looking for gratification rather than remuneration. Turek is 67 years old and having to face a bankruptcy at this age doesn't seem like a real game plan for him either. Who knows? I certainly don't.
Ric - Before you waste a lot of time arguing with bashers you might try communicating with JSL. He has a different slant on this that you might find interesting. One other point is that as a board moderator I think you should take some action to deal with some of these new posters who have showed up out of the blue to blather at us as well as some of the usual ones who are simply repeating the same nonsense over and over again which I believe is a TOU violation.
If there's anything we need right now it's information and clear headed discussion. I'm as angry as anyone over the lack of information coming from PLNI management but I'm keeping my gun holstered for the time being.
Just to be fair I read every message posted today and I found exactly what I thought I would find - Nothing! PLNI management is continuing to stonewall simply because they have no choice and Mr. Murphy continues to assert his contractual right to sell what is left of Pro Mold even though he knows, as we do, that he will be lucky to get pennies on the dollar. It almost makes him seem like an angry man who feels he's been lied to and simply wants satisfaction no matter what the personal cost. I'm coming around to that point of view myself.
There have been a lot of sharp comments thrown around on this board and I'm seeing posters showing up who have never posted here before the current situation erupted. I don't make threats and I'm not impressed with people who do.
Obviously nothing more is going to happen today. We've allready been through allmost every possible speculation about the situation so I think it's time to put this to bed until tomorrow. Hopefully, Mr. Turek, at that time, will show some of the professionalism he's failed to demonstrate up til now and fill us in on the details and possible consequences. Good night all.
DTL - It's a nice letter but at this particular moment in time it's also ancient history. Thanks.
I don't know much about industrial machines but I do know that most specialized equipment usually sells for a low percentage of its original value when you get to the point of an auction or sheriff's sale. Especially equipment that may be older or technologically out of date.
It could be that Mr. Murphy is as fed up as the rest of us with Turek's bullsh*t and evasions and doesn't really care about the money. I'd sell out in a minute if I could recover a reasonable percentage of my basis.
As things appear now the best we can expect from this is more propaganda from Turek about whatever new hot air schemes he can dream up like the housing company in Idaho.
That's the least they can do. I've contacted both them and Big Apple and got nothing but stonewalling. I guess there really isn't much you can say when your assets are being sheriff saled.
I called Plasticon at (859)245-5252 and spoke to the receptionist. I could not get any of the company officers to come to the phone. I was informed that they are aware of the Pro Mold liquidation story and they referred me to Andrea Cox who is reachable(surprise) at (407)844-0444. She never answers when you call the 800 number. Anyway, Dear Andrea would not comment other than to say that they are all aware of the situation and MIGHT POSSIBLY be releasing some information on the subject SOON. Beyond that comment all I got was one word answers and periods of silence.
I suppose that when you put money into a pink sheet penny stock you deserve to be treated in an offhand and dismissive manner much as most of us would treat an annoying 4 year old.
You can call up these numbers but I doubt if you will get anything more than what I got.
I think that those of us who hold positions in this company need to get together on the possibility of retaining legal counsel. There are several excellent firms out there that specialize in this type of situation and it might profit us to talk to them.
JMO.
This appeared in the 10-QSB filed on 3-15-07:
The previous owner of Pro Mold filed, John Murphy, a lawsuit against the Company In December 2006 for alleged contract violations. The suit ended when the attorneys for John Murphy withdrew due to a conflict of interest. Management has since
resolved the issues and no further actions are anticipated.
Therefore, how could John Murphy announce a Sheriff's sale of company assets if he withdrew his action without obtaining a judgement against PLNI?
PLNI opened at .0003 on light volume. This isn't the time for panic selling by anyone, in fact, this could be an attempt by someone to shake out shares at this low price. Whatever happens to PLNI your capital loss (should PLNI not survive) will be the same whether you sell now or wait until December. I am amazed that there has been no communication from PLNI management. I should say amazed and disgusted.
Has anyone made an attempt to contact Turek? We're coming up on 10 AM EDT and Pro Mold should be open for business.
I found the same notice in Plastic News as follows:
I think the management at Plasticon has a legal obligation to notify its stockholders that one of the company assets is being sheriff saled.
NOTIFICATION OF PUBLIC SALE
OF COLLATERAL OF PRO MOLD, INC.
(Non-Consumer Transaction)
MODERN PLASTICS INJECTION MOLDING FACILITY. 12 MACHINES FROM 75T TO 500T WITH ALL AUXILIARY AND LEASEHOLD EQUIPMENT. STRONG BACKLOG, OPERATING 24/6. LONG TERM FAVORABLE LEASE IN A/C BUILDING WITH ROOM FOR EXPANSION IN ST. LOUIS MISSOURI.
Pro Plas LLC, a Missouri limited liability company, as assignee of the John P. Murphy III Revocable Trust No. 1 or its assignee will sell the collateral listed below to the highest qualified bidder by public auction as follows:
Day and Date: Friday, May 18, 2007
Time: 12:00 noon
Place: First Floor, Plaza Level - North Front Door
St. Louis County Government Center Courts Building, 7900 Carondelet
Avenue, Clayton, Missouri 63105
==============================================
Description of Collateral Being Sold
Stock: Certificate No. 4, representing 1,000 shares of common stock of Pro Mold, Inc. as described in the Stock Pledge Agreement dated April 30, 2006, with an effective date of December 31, 2005 executed by Borrower Plasticon International, Inc. Machinery, Equipment, Fixtures, Real Property, and Other Assets: All of the property described in the Security Agreement dated December 31, 2005 executed by Pro Mold, Inc. including but not limited to the following:
(A) Equipment and Machinery. All of Pro Mold, Inc.’s equipment, including without limitation, office equipment, shop equipment, and all other equipment, machinery, furniture, furnishings, fixed assets and any and all other tangible personal property, and any parts thereof and inserts thereto and all additions, accessions, substitutions and replacements thereto or thereof, now owned or hereafter acquired by Pro Mold, Inc., and
(B) Fixtures. All fixtures, fittings, appliances, apparatus, equipment, machinery, furniture and furnishings, and all other personal property now owned or hereafter acquired by Pro Mold, Inc., now or at any time hereafter annexed, affixed or attached to the real property generally known as 10315 Page Industrial Blvd., St. Louis, Missouri 63132 and all additions, accessions, substitutions and replacements thereto or thereof, and
(C) Leases. All right, title and interest of Pro Mold, Inc. in and to, and all rights, powers, privileges and benefits of Pro Mold, Inc. in, to and under any and all leases, subleases, rental agreements, concessions, licenses, occupancy and use agreements and similar arrangements, whether oral or written, now existing or hereafter arising, relating to the real property generally known as 10315 Page Industrial Blvd., St. Louis, Missouri 63132, as amended, extended, renewed or otherwise modified from time to time; and
(D) Proceeds. All proceeds, including proceeds which constitute property of the types described in (A), (B) and (C) above, and all cash and non-cash proceeds, including without limitation, all insurance proceeds on any and all of the foregoing, and all products of (A), (B) and (C) above, and the proceeds and products of all other proceeds and products, and any indemnity, warranty or guaranty payable by reason of any loss or damage to or otherwise with respect to any of the foregoing items, and all of the books and records which relate to any of the foregoing items.
Additional information, to the extent available, can be obtained by contacting the attorneys for Pro Plas LLC as listed below.
Dated: May 4th, 2007 - PRO PLAS LLC,
By its attorneys, Stone, Leyton & Gershman, A Professional Corporation
By: E. Rebecca Case, MO #38010,
Howard S. Smotkin, MO #36227
7733 Forsyth Blvd.
Suite 500
St. Louis, Missouri 63105
(314) 721-7011
rcase@stoneleyton.com -- hsmotkin@stoneleyton.com
There's only one Pro-Mold that I know of and John Murphy is the man that owned the company before Plasticon took it over. If it is being sold at auction then apparently JT didn't fulfill the terms of the sales agreement he made with Murphy. I wish I had time to check into this further and I hope one of you can clarify this.
As I state previously, at worst, we are holding non-expiring options. Without time decay to consider, price flucuations are of little importance and we can afford to wait. Most of us have averaged down to the point that we can easily cash out on the first runup and recoup our investment or maybe even profit. You can bet I am going to average down further if we do hit the price levels you mention. I haven't waited this long to let someone scare me off the field. You don't lose the war until you surrender and we are all far from that option.
At this price level all one can say is that whatever your basis is you are, in effect, holding a non-expiring option on whatever future growth prospect may exist for this stock. As an options trader I've had my share of successes and I've also watched helplessly as time decay destroyed some of my investments. If anything, Jim Turek is in the same boat with the rest of us since he holds a massive position and anything he does to depreciate the value of this stock hits him as hard as it hits the rest of us, if not harder. He's also as old as I am and at this age one doesn't buy green bananas.
There have been a lot of wild charges made on this board but basically, most of the people posting here now have some positive interest in seeing PLNI pull out of this tailspin.
This latest reporting delay could be an attempt by PLNI management to couple what we all know will be a bad year ending report with an more upbeat 1Q report that will show some progress and possibly help the S/P. Just trying to be optimistic without sounding like I'm pumping.
Don't waste your time contacting PLNI. Legally, they can't respond to this type of request just as they obviously didn't reveal fiduciary information to "The Fly".
You might want to also fill us in on who you are and where you got this information since this is the first posting you have ever made.
Obviously something is up when we have hundreds of millions of shares changing hands on a day when we have positive news. Sooner or later someone will have to fill us in on what exactly is going on. For example, is it possible someone is trying to pick up PLNI on the cheap. Just a thought.
This could be a very good contract for the company but so far I haven't seen any numbers. It would also be interesting to see if this particular product has any advantages over competitors, especially price.
The pinksheets are starting to sound like a tougher place to be than the regular exchanges. I can't imagine AMEX or NASDAQ putting a skull and crossbones next to a stock symbol. I had heard that a lot of companies are choosing to be listed on the pinkies rather than comply with SOX. Maybe this is the result.
Ric - It would be nice to hear some of this news either directly from the company or at least from Big Apple.
Scottrade is showing the bid on PLNI at .0002. So far I can't find any news. Any opinions out there?
I've never used Ameritrade so I was only guessing. They seem to be very agressive in their advertising. Scottrade has the best pricing on penny stocks that I have found since they only charge a small percentage of the total trade price instead of pricing per share. By the way I don't have level 2 so I'm having trouble following the way this stock is getting traded every day. Once again we have a late surge in volume and a drop in price back to .0003. What is going on?
Just a guess. TD Ameritrade gives free trades to new clients. They also give you a $100 credit in your account. I trade with Scottrade and they only give you 3 free trades when you come on board with them. It could be that TD Ameritrade is being overutilized by people coming on board to trade pennies like PLNI much in the way that the MM's do just to make a few bucks on the spread. Scottrade has never restricted me from trading PLNI because they get their $7 plus 1/2% of the trade amount every time I trade a penny stock.