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bearclaw51.. please show me the sources that this is a fact.
pennyking.. based on the volume yesterday after the news announcement, it looks like Turek is having trouble finding new people to take the bait here. They only had like 20 million shares traded before the major new share dump began at Noon.
Turek's having a tougher and tougher time finding new people to buy into this compnay that will absolutely 100% certaintly need to issue billions and billions of new shares just to keep operating. Nobody in their right mind would buy into this.
They received a raise at Pro-Mold.
That is not fact.
And the only person destroying this American company is Jimbo Turek. Bearclaw.. what has Jimbo done for shareholders besides see over Plasticon losing $120 million dollars and put out a wide array of misleading and false press releases? What has he done for shareholders besides screw them?
Yea this stock is really going higher. So what do you think of the 300m shares dumped on the public today?
rrm.. again, stating that PLNI is in position to buy back is disingenuous. Stop being disingenuous please.
Put two and two together.
ProMold has been making this new hurricane siding for months now, and all of a sudden they decide to PR about it today?
And on the same day that happens, 300 million shares are dumped at the ask?
Classic dilution. The company had bills to pay today IMO
fynley.. The truth is new shares are being dumped into the market. It's not complicated at all. PLNI has no cash, they have to pay suppliers and salaries of their workers. They must issue new shares and that's what happened today. Dilution.
Big problem is that they have no cash to pay suppliers and such.. And they probably pay alot of them in new shares instead and as soon as these suppliers get those shares they cash in.
It's either suppliers selling off payments or Turek needing money for payroll.
Take your pick.
3x5 (eom)
Level 2: 4x5 Dump continues!!
MASSIVE SHARE DUMP AT .0002 1/4 BILLION SHARES!
Bid shrinking.. Ask building. There goes another 50 million!!
PRINTING PRESS IS RUNNING HOT!!
THERE GOES ANOTHER 30 MILLION!
270 MILLION SHARES DUMPED AT THE BID IN THE LAST HOUR!!!
"Hurricane Katrina had estimated damage around $81.2 million"
He can't even pump properly.
The real lie is PLNI is throwing this red herring out there to distract from the fact that they don't want to release the annual report so we can see how many more billions of shares he's dumped on the public.
stokednvegas.. ProMold is making money for Jim Turek. The company continues to lose money to these phantom costs while Turek issues billions of more shares on the public.
BTW.. Has the company ever addressed the 64 billion shares?
bearclaw51.. Do you not find it outrageous that the company took the time to PR about some new product that may or not be in demand, rather than addressing the issue of why the annual 10-K is about a month late? or perhaps other issues surrounding the company.
This stock is a classic pink sheet crapola. Anyone who is remotely objective can see it.
It's got all the symptoms. Billions of new shares constantly being issued to fund operations, dozen of empty promises, dozen of misleading PRs, constantly misleading shareholders.
Regarding the product, the company has little to no resources.. No way they can mass produce this product and then market it to the coastline. Nobody will ever hear about the "Hurricane-Clip" except hopeful bagholders.
DTL -- In January 2007, the Company was presented an offer from PCI and LexReal, the holders of $7,129,299 in subscribed common stock to convert those subscribed shares at $.00011 per share. The corporate attorney for the Company issued an opinion letter supporting the transaction.
Reading comprehension please.
These are the facts.. $7,129,299 in subscribed stock converted at .00011 per share.
That's 64,811,809,090 shares of subscribed stock at the conversion price. There's no phantom/mystery price here where this stock will *REALLY* be converted at. That's the price! That's how many shares are going to created from this deal.
The fact that nobody from Plasticon has addressed this issue for shareholders should tell you something.
I know it's a tough pill to swallow, but we've been trying to tell you this for a very long time and you've refused to listen.
wow sonic, you got suckered into this bag too? BHUB - Bag Holders United in Bankruptcy.
Only the guys who got in sub .002 are going to make anything on this one (unless you already flipped out).. If you bought during the rally yesterday you have nothing but a heavy bag on your hands.
Damn this looks like a massive scam.. Sorry for those who got taken. It happens to everyone atleast once (and alot of people many times).
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Please learn how to post a link in the future. Thanks. Or you can just copy/paste it, that'll work.
So you think the only new shares added to the float were the restricted shares already out there?
Here's some future shares issuances to look forward to if PLNI is still failing to turn a profit in 2007 (which is very likely IMO)
* Fees of Big Apple Consulting
* $342,681 owed to the IRS. If the price was 0.0003 it would have been 1.14 billion shares. 856m at .0004.
* $485,692 in notes due in 2007. 1.21b at .0004.
* Conversion of $7,529,660 of Subscribed Stock. Even using your conversion theory (which I believe is wrong) will be into the billions of shares (I forget the exact number you came up with and we still can't get any answers from Turek about this issue).
To understand their financial mess.. from the 10-Q.. http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001019687%252D07....
In August 2006, the Company entered into an agreement with a vendor to convert $400,361 of payables due to subscribed common stock.
In August they couldn't afford to pay a vendor payables due! They hooked them up with some subscribed stock that would go for a tad over 1 billion shares at current prices.
What makes you think they aren't still subscribing up stock to pay these vendors? And the vendors aren't holding onto shares of a company that can't afford to pay them! Those babies hit the market (prepared for your, You Don't Know That! speech).
Do you honestly think this is a healthy way to run a business?
rrm_bcnu.. I just want someone to answer the question.
If PLNI didn't have the funds to operate without new share issuance on Sept 30th, where did they get the funds to operate in Oct 06? Nov 06? Dec 06?
rrm, okay, I'll ask a simple question that maybe you won't duck and dodge this time..
Do you think the share outstanding count will be higher, lower or the same when 10-K is released?.. If higher, by how much.
Now a more advanced question, I don't expect an answer for:
If you think the share count will be the same (or lower), what is your theory on how they raised the necessary funds to remain in operation from Sept 06 to Dec 06
rrm_bcnu.. we don't have "current" financial information. The company failed to submit their financials on time and needed an extension.
BTW.. Did you get anything back from your formal response to PLNI about the conversion of subscribed stock? You sent that a week or two ago correct? Has the company clarified the situation yet?
No proof.. That's my opinion based on the fact that:
1) PLNI is in complete financial ruin as of Sept 06, and nothing from any PR (and Turek isn't bashful about releasing good news) has appeared to have changed that situation.
2) PLNI issued billions of shares throughout 2006 to fund operations, why wouldn't they now if they had suppliers to pay?
Just seems logical unless you have something else to offer? If you know of any other ways PLNI can fund their operations other than issuing new shares, please post it and we can discuss it.
gerlac68.. As of PLNI's financial situation ending Sept 2006, PLNI could not possibly buy back shares without immediately re-issuing them.
This is a fact, no matter how much longs refuse to believe it. It's all there in the 10-Q, all you got to do is open it up and look at it. If you want, I'll provide you to link. It's not complicated.
If you don't believe its true, how do you think PLNI can afford to buy back shares without the proper fundS?
Norton1973.. Watching the price action today.. Over 105 million shares of the 146 million shares traded today were at the bid. I personally believe this was new shares issuance from the company. As long as they fail to turn a profit, they're going to have to issue shares to support operations.
MMs were getting whacked off the bid one by one. I would be very surprised if it held .0004 tomorrow.
Norton.. Don't look too hard, you'll go blind before it see .0006 again.
rrm.. LOL.. Boy you really love arguing semantics don't you.
I have news for you. It doesn't matter what the close was, this stock is trading at .0004. Just because a couple goobers came in the last 15 minutes and threw chump change at the ask doesn't mean you can sell it for .0005.
rrm_bcnu.. regarding the post you just made and that I am replying to. PLNI is incapable of tendering or buying back shares on the open market with their current financial situation.
Again, you are just completely and totally wrong if you think PLNI is capable of buying back shares in any capacity. (And again, an EXCHANGE for preferred shares is not a buy back!)
stoked.. instead of insulting.. why don't you address the question.
Turek has been saying buyback for years.
There's not enough money to fund current operations.
How does he plan on buying back shares? (and exchanging them for preferred, isn't a buyback BTW).
FACT: PLNI closed at .0005 today 4/10/07 & 4/9/07 & 4/6/07
FACT: Smart investors Know that .0005 is Up from .0003, .0004 or even .0002 if someone lucky enough got some of those.
FACT: 146+ million share were traded today which was above average.
FACT: Turek did say BUYBACK in a PR.
FACT: most of the shares were at the Ask today.
FACT: A Buyback is impossible with PLNI's current financial situation. Try reading the 10-Q.
He can say buyback all he wants. He also shouted OTC BB a few years ago. He also said AMEX Uplisting when PLNI is nowhere close to qualifying under any of the AMEX requirement plans.
Newsflash, Turek is pulling your leg guy.
momoney.. i'll give everyone here $50 if it breaks .0005 without an R/S
Level 2: 1 x 11..
MM's dropping like flies. Might see .0003x.0004.. If not today, tomorrow.
DTL.. Please don't remove my prediction.. Thank you.
Level 2 is very ugly for PLNI.. I predict it will never go higher than it currently is.
A downtick back to .0003x.0004 looks very likely within the next day or two.
Prediction: This is the highest levels PLNI will see for the remainder of its existance.
.0004 is about to crack it looks like.. Level II is looking ugly for longs.
rrm_bcnu.. All I want is the facts to come out.. I've posted several posts today that contained no attack, no TOU violations. Just honest facts in response to posts by longs who are misleading the public on PLNI.
FACT IS; Turek has released PR's about Buyback, Growth, Fighting NSS& Shorters, Global markets, Profits, audited SOX compliant finacials....
FACT: Buyback isn't possible. Shorters are his excuse for his incompetence. There are no profits. Audited financials are hit and miss.
FACT is there are contracts in VEGAS alone that I can and have proved are real money makers for PLNI and more to come.
FACT: PLNI hasn't made a nickle yet on any contracts. They have lost money fist over fist.
FACT is the SEC is fully aware of PLNI and has not nor intends to halt trading like they did on CKYS.
FACT: You have NO idea what the SEC intends to do.
FACT is to NEW investors, This stock is heavily shorted and these paid bashers want to keep it down so they don't have to cover like their doing over on the DNDN stock ( which I'm a long on and enjoying every 1 cent gain toward their misery.)
FACT: I am not short PLNI nor am paid by anyone to correct the false information that longs are posting on here.
--
FACT: PLNI has lost $50.9 million dollars the past 7 quarters.
FACT: PLNI has issued 3.6 billion new shares from Sept 05 to Sept 06 to fund their operations. They will need to issue more shares this year to fund operations.
FACT: PLNI has $7,529,660 worth of subscribed stock outstanding that will likely be converted to common stock sometime this year. I believe 64 billion shares will be issued. Even if rrm_bcnu is right (which I don't believe he is), PLNI will at the very minimum have to issue 1.96 billion shares to satisfy the subscribed stock.
FACT: PLNI once has an intraday high of $0.45 and a close of $0.28. Those shares purchased at that closing price can now be sold at $0.0004 per share. A 99.91% loss of investment.
FACT: A former subsidiary of Jim Turek's Wickland Holdings owed $342,681 to the IRS and the company will book the liability for the 4th quarter of 2006. This will require 856 million shares at current bid levels.
I responded to yours.. You can respond to mine.
Thank you.
I'll ask again since you chose not to answer. The company doesn't have the funds to continue operation (according to their own balance sheet). How are they going to buy back shares?
Not bashing, just stating the facts that longs continue to ignore.
To make sure new people know the facts about this company. That's what. There's alot of disinformation and outright falsehoods being posted by longs such as yourself. I'm here to make sure the facts come to light.
momoney2007.. Newsflash.. The company doesn't have the funds to continue operations, they need to issue new shares to do that. How are they going to buy back shares?
There is no share buyback.
momoney2007.. Yea, at this rate, they'll break even in 2011 with about 1.5 trillion shares outstanding.
Yippee.