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rrm.. How would you explain this..
5) I have been a shareholder since 2005
6) I haven't lost a cent on PLNI.
nothing makes these guys suspcious badge. They just keep whistling past the graveyard while forking over their money to Turek.
PLNI is a typical pink sheet, top to bottom.
gerlac68.. Check your DD.. there's just ONE other requirement outside the $3/minimum and PLNI doesn't qualify under that one either
bobky.. It's simple really.. The company has lost $50.9 million dollars the past 7 quarters from Sept 06 back.
They would need to improve revenues by well over 500% from current levels just to break even at their profit margins.
It ain't happening.
Very poor analysis IMO.
I can answer 100% honestly. Not a nickle.. Haven't shorted it, no intentions of shorting it or buying it.. never made a nickle from any association with PLNI.
Now, your answer?
Actually, It's not possible at all dudette.
Just checking in to say hello.
Yep, the stock is still dead.
Carry on with your conspiracy theories and cheerleading.
gerlac.. they are real losses of assets whether you sell or not.
PLNI shareholders have been murdered.
Stokednvegas.. There's 0.00% chance of a share buyback. None, Zilch.
It's not going to happen. A company that lost $50.9 million last 7 quarters, currently has $4.5m more debt than assets.. a company that continues to issues new shares after new shares.
There's ZERO PERCENT CHANCE OF A BUYBACK. And that's a FACT that rrm will likely take off this forum.
You were right until...
4) The new conversion offer by PCI (see 1 above) and Lexreal (see note 2 above) was made for the same number of shares at .00011 per share.
5) The total conversion price of $7.13M dollars was based on far higher prices per share.
You're terribly mistaken on this. But feel free to keep wishing for this best case scenario. Don't count on it coming true though.
I was obviously joking. I would rather light cigars with $100 bills than invest one into this company.
love to break this news to you eyeamgame.. The 64.8 billion shares is reality and the corporate attorney suggested to PLNI to take the deal.
bearclaw51.. you pegged me.. I added 20 million shares today of PLNI.
Norton1973.. It's not going to happen. eom.
gerlac.. LOL.. if it was positive news, you would of posted it and Turek would be screeching to high heavens about it.. I PROMISE YOU THAT.
Turek has NEVER held back from shouting positive news (or spinning neutral news into positive news). Gives him another opportunity to issue a couple hundred million more shares at a higher price.
Nothing of any positive significance happened at the shareholderes meeting. You know it, and I know it. Actually, since you are a long, you might not know it. You may have been convinced something positive happened. Turek has that effect on you guys.
I just want to know rrm's reason why he believes they put the price per share of .00011 in the filing.
He's trying to say that number isn't relevant, and it most certaintly is since its the conversion price.
Gerlac? You attend the shareholders meeting? Did you bring up this question? Did anyone else bring it up? Did Turek answer it?
Of course not.
$7,129,299 in subscribed common stock, to convert those subscribed shares at $.00011 per share at their discretion.
LOL. You knotice that the number of "subscribed shares" isn't listed here?? That's because the number of "subscribed shares" is DEPENDENT ON THE CONVERSION PRICE
You're going to be gravely disappointed when this takes place.
What else would they be converting at .00011?? Please tell me. Can't wait to hear this doozy.
64.8 billion to be precise.. eom.
rrm.. Answer this.. Why hasn't Turek come out on this question? No answers from the CEO of this company. A CEO that has ruined thousands of your lives.
Nobody can get him to talk. Turek is mum on the entire thing.
rrm.. You're wrong sir. You will see so yourself when these subscribed stock is converted.
I believe your information is wrong rrm. That's not how it works here even though you tried to spin it so.
They would be converting $7m+ at .00011. They didn't come up with that number out of thin air.
There's a reason PLNI stopped stating the number of shares that will be created from these deals. Think about it.
CEO America Inc.
6. Shares Subscribed, Not Issued
The following is a summary of the subscribed common share activity for the period ended June 30, 2006:
Subscribed Stock Balances
Balance at December 31, 2005 $ 4,160,539
Shares subscribed $3,193,760
Balance at June 30, 2006 $ 7,129,299
Just keeps piling up
Impeccable Timing?
During the fourth quarter 2006, the Company identified $720,000 in term debt that was incurred in 2005. The funds from the borrowings were deposited with LexReal. These loans were recorded with a counter offset to loans due to LexReal. The loans have been called, requiring the Company to provide 270,296,888 of common shares to terminate the notes. On October 29, 2006, the shares were issued at a cost of $162,178. The Company is in the process of investigating the impact on prior year’s financial statements and will make the necessary entries in completing the 2006 year-end accounting.
Impeccable Timing Indeed.
LEXINGTON, KY--(MARKET WIRE)--Oct 30, 2006 -- Plasticon International, Inc. (Other OTC:PLNI.PK - News) announced today that the company's wholly owned subsidiary, SEMCO Manufacturing, Inc. has been selected for the West Charleston Lofts project in Las Vegas, Nevada. The first element of the project has been awarded in the amount of $150,000 and work is progressing on the first 45 units for a total estimated value of $852,000.
LEXINGTON, KY--(MARKET WIRE)--Oct 31, 2006 -- Plasticon International, Inc. (Other OTC:PLNI.PK - News) is pleased to announce that the Nevada Department of Transportation has awarded Semco Distribution, Inc., a subsidiary of the Company, a $241,850 contract for the surfacing of the concrete embankment at the I-515 Beltway Interchange in Nevada.
There's nothing to see here.. Turn around.. Nothing to see at all.
During 2005 and 2006, the Company has received approximately $7,000,000 of financing from LexReal to primarily fund the acquisition (see Note 2) and to settle the common stock commitment of $2,645,788. The Company has committed to convert the debt financing to common shares. The shares will be issued in 2007 at the option of LexReal.
This is what you don't seem to be grasping AT ALL.
Show me where PLNI stated the "subscribed price" of any of the deals..
Either with Lexreal,PCI, or with the unnamed vendor that is owed $400k in subscribed stock.
The A/S is at 13.5b because of the preferred stock that Turek can convert at any moment to 7b+ common. Those numbers are KNOWN.
The Subscribed Stock depends on the price they are converted at which is UNKNOWN. It's not required to raise A/S until this all takes place.
The number of shares were not defined in the subscription! The value of those shares were, not the number.
It's not complicated. They don't need to raise the A/S until the conversion takes place.
The gap between A/S and O/S is still the 7m+ Turek holds in preferred stock that is convertible to common shares.
The authorized shares would be raised prior to the subscription of course. The number of shares needed is unknown because the stock price at the time of the conversion is unknown. Turek doesn't need to raise the A/S until the conversion happens, he can raise the A/S at a whim.
rrm.. Your research is wrong.. It's 64.8 billion shares that will be paid PCI, LexReal.
3 years past info? All of this stuff had gone on in the past 6-9 months.
Oh man.. I cannot WAIT until PLNI shows us the 12/06 financials.. This is gonna be a hoot.
Pointing out the fact that there's tens of billions of shares that may be hitting the market is grasping at straws ? LOL. Before all the dilution is finished this thing may be trading at .00001 before too long.
In August 2006, the Company entered into an agreement with a vendor to convert $400,361 of payables due to subscribed common stock.
How many more billion shares will this add ??
From the 2nd Quarter Filing Ending 6/30/2006.
During 2005 and 2006, the Company has received approximately $7,000,000 of financing from LexReal to primarily fund the acquisition (see Note 2) and to settle the common stock commitment of $2,645,788. The Company has committed to convert the debt financing to common shares. The shares will be issued in 2007 at the option of LexReal.
LOL -- rrm.. Is this the subscribed stock we're referring to??
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 this purpose issued an opinion letter supporting the transaction.
These are the 64.8 billion shares. No matter how much you want to slice it, THAT IS THE DEAL. Turek hasn't addressed this question at all!!
In December 2006, the Company identified that a former subsidiary of the Company’s predecessor, Wickland Holdings, owed $342,681 to the Internal Revenue Service (IRS). The IRS is holding the Company’s majority shareholder and president liable for this obligation. The president’s indemnification holds the president harmless. The Company will book the liability and expense in the fourth quarter 2006.
==
PLNI will have to issue 1.14 billion shares at current market levels to suffice this debt to the IRS.
Plasticon's ProMold facility lease expires in April 2007
http://www.pinksheets.com/pdfservlet?id=8190
3. Outline briefly the terms of any lease or any of such properties or any option or contract to purchase or sell any of such properties.
The ownership of the Pro Mold Manufacturing facility belongs to a limited liability company in the name of 10315 LLC. Monthly rent: Approx. $5.40 / sq. ft for approx. a 24,000 sq. ft. facility. The present lease runs through April 2007
So Plasticon pays $129,600/month to rent this facility. And their lease expires in April 2007.
X-Fortune 500.. then after he bought that 250k, he'd turn around and issue 250 million.
The company is in massive debt and Turek is going to make a "token buyback" only to re-issue the shares, just to fulfill the bogus statements he's been making on share buybacks? Haha SEC will LOVE that one.
rrm_bcnu.. If Turek is spouting "Share Buy Back is coming, Share Buy Back is coming" nonsense, while knowing full well that he's planning major acquisiting that the company doesn't have cash or the credit line for... while knowing full well that PLNI is years (if not decades) from turning a net income.
That my friend, is Turek walking on THIN ICE. Because he made a statement that he knows can't possibly be true.. All in an effort to get shareholders excited so he can issue more shares.
I'm not defending anyone elses statements. All I know is that he's absolutely right in the fact that Turek would be committing outright FRAUD if he started buying back shares now.
But I don't think he has to worry about that. I don't think he has any intentions to buy back shares anyway. His share printing press appears goes one-way.
This is what this forum will be all about:
http://www.dallasnews.com/sharedcontent/dws/bus/stories/032507dnmetsecinvestigate.40477d8.html