Ric - I noticed that Scottrade has blacked out my PLNI stock which means that it is no longer tradeable. I haven't had much time to follow developements and I would appreciate it very much if you could give me a brief update on where things stand. TIA

Bob

The question is not "if" but "when". Personally I'm hopeful PLNI survives into 2008 for my own tax reasons. As far as I can find out they are still in chapter 11 but I think their survival prospects would be somewhat less than those of Enron or Worldcom. Real information seems hard to come by especially on this board.

What is the current status of PLNI? Are we still in Chapter ll or has it turned into a Chapter 7? Apparently the court has appointed a receiver to take over from Turek in order to satisfy the creditors but I hadn't heard what actions he has taken since I am unable to follow events on a daily basis. It would seem that we are heading into Chapter 7 as the only solution to PLNI's problems and that the creditors are going to end up with pennies on the dollar and the shareholders are going to end up with zippo. I know some of you are enjoying a final round of bashing and letting us know you were right all along and I wish you would keep your gleeful commentary to yourselves, especially those of you who probably never had a dime invested.
One thing I think we should also discuss among those of us who have been screwed by this charlatan is how it might be possible to have him put in jail. If they can bust Martha Stewart they can certainly nail this creep. At his age it would amount to a death sentence. JMO.

Ric, I'm all for due process of law but I also believe in the First Amendment and my OPINION is that Turek never intended to do anything other than line his pockets. If, by the grace of GOD, this trustee can save some of our investment, fine, but we both know that the stockholders seldom come out of a CH. ll with with. It really pissed me off when I saw that Turek is still promoting himself as if nothing at all was wrong. What hubris.
By the way, Investors Business Daily accepted his advertising which is one of the factors that influenced me to put money into PLNI. Maybe we should get a lawyer on their case also.

Contact Scott Cohn at CNBC regarding this absurd situation. He has been doing reports on how the SEC is finally going after frauds like our good friend Mr. Turek. Turek doesn't need a job in the sports field, he needs one where he gets to wear striped pajamas. JMO.

Rick - I've been busy with other things and I haven't been able to follow developements closely but from what I'm seeing on the board it would seem as though this thing is about over and PLNI is finished. I know I'm walking in at the middle of the movie but it doesn't sound like the court is cutting Turek any slack at all.

Ric - Wasn't the SEMCO deal contingent on final payment where Sem retained 50% interest until JT came up with the full purchase price?

Ric - I assume we will be learning a great deal more tomorrow regarding the lawyer substitution and the other developements regarding a possible switch to a Chapter 7.

Ric - Just a quick summation - How did things go this week and are we any closer to seeing the reorganization plan? TIA Bob

One point that I wonder about is Mr. Murphy's real motivation in this matter. He's been acting more like Mrs. Murphy's cow who kicked over a lantern and burned everything down. My impression is that he is so pissed at JT that he's willing to destroy the very company that he founded instead of coming to some modus vivendi that would at least preserve the business and the jobs of the people he hired. My guess is the court will allow the reorganization plan, assuming they believe that Turek is acting in good faith. As for what will happen to the rest of us, who knows?

Ric - I haven't been able to follow the board very closely. In your opinion does it look like we are going to come out of this Ch. 11 in one piece or is it going to drag on forever. I assume Mr. Murphy is out to hang Turek regardless of the consequences to him and everyone else. TIA

100 TRILLION is being proposed for infrastructure repair in America, mostly bridges and highway construction. Will someone please whisper this in Jim Turek's ear.

Open Letter to Jim Turek
Get off your fat ass and contact the Transportation Safety Agency. Bridges are collapsing all over American and need to be rebuilt using plastic rebar supports and Semco sealing products.
Maybe we can all get this Chapter 11 behind us. How about it?

This might sound a little opportunistic but maybe Plasticon could get out of hock by getting involved in refitting some of our corroded bridges around the country.

I think this talk about class action lawsuits is premature at best. I'm not a lawyer but as far as I know the whole point of Ch. 11 is to get the lawyers and creditors off your back and give you a chance to get things in order. Of course a lot of people might be making pro-forma actions just to make sure they are in line should PLNI end up in Ch. 7 but I think that's all that is going on right now.

I've been seeing postings by Lance J. and SuccessinStocks on SI and RB which appear to be putting a positive spin on all of this. While I would like to remain optimistic I'm still taking the attitude that the jury is still out and will be out for the foreseeable future until we start getting some rulings from the court. As far as the issues are concerned it appears that the Ch.ll was done to fend off Mr. Murphy but I'm also wondering if there are other issues and other creditors. Yesterday's fluff PR did little to reassure me that JT and the gang are thinking clearly on just what to do next. Companies do come out of Ch. 11 in better shape than they went in which is the whole function of using this option and I'm hopeful that PLNI will be able to do so, assuming that they are not in such bad shape overall that it's just a stopover on the way to Ch. 7.

Not to be negative: But, I feel almost insulted when PLNI puts out a PR that they have completed a $30,000 flooring contract when they are in Chapter 11 and when they didn't bother to fill us in on any of the Chap. 11 details until almost the last minute.

I still say: (1) Turek is an old man and the Plasticon operation he put together is the product of years of work. As someone of similar age I know that you just don't throw that away for any amount of money, especially when it looks like you are going to finally succeed.(2) He and the other BOD members and officers have put a ton of their own money into this baby and I say they stand to lose a lot no matter how much they are supposed to have "stolen" from the shareholders. Don't forget, PLNI stock plummeted in value not long after the Pro Mold acquisition so how much did they really make by selling diluted shares.
Also, IMO, Mr. Murphy acted against his own best interest and I still say he was motivated more by revenge than any profit motive. He advertised the sale of Pro Mold equipment, not the business itself or its customer base. Used industrial equipment, at best, is worth pennies on the dollar. I've been to a lot of these auctions and the bargains are unbelievable. I saw the financials that were posted and they are old news. Again, I don't know why JT does things like this that don't serve any useful purpose. I haven't heard his interview due to sound card problems with my computer so I would appreciate it if someone out there could fill me in on what was said.

I agree that "Q's" can be a very hot play and PLNI should be one of the hottest. Once we get this phony Pro Mold situation behind us and come out of Ch. 11 this stock should shoot up. It's allways a good gamble on a Q because usually most of the debt situation has been resolved. This guy Murphy is a jerk who went off and allmost screwed himself. He would have gotten pennies on the dollar if he had succeeded in selling Pro Mold's machinery. Hang in there guys! Also get the word out on the message boards.

Maybe it's time to start talking up PLNI on the other boards. We might get a runup going.

Maybe it was a "Tempest In A Teapot". I couldn't hear the interview on my computer but from what I'm reading it would appear that the Ch.11 was provoked by a disgruntled creditor(Murphy) why apparently felt he hadn't screwed us badly enough when he sold us Pro Mold and was coming back to take another bite. That's what Ch.11's are for is to prevent just this type of situation from developing into a full blown bankruptcy which leaves everyone holding the bag. If JT is telling the truth and that's still a very big if at this point there is still the possibility that we could come out of this in one piece. I still have grave reservations about anything that even remotely looks like a reverse split but I suppose we will have to wait and see what develops there. JMO.

The simple fact is that companies go in and out of Chapter 11 all the time for any number of reasons and many times both the managment and shareholders live happily ever after. Turek reacted to a stupid move by a creditor who, in reality, took us for a ride when he sold us an aging, unprofitable company and now was coming back to nail us again. Turek,the board members, and others take their principal remuneration in shares and stand to lose as much or more than the rest of us if the stock becomes worthless. Most pinkie startups work this way. Until the company starts making real money there isn't any other way to pay them. I doubt there will be any real news since most of what is happening now involves legal motions and maneuvering by the principals. If Mr. Murphy was smart he'd curb his bad attitude and settle for what he can get.

My Decision Is Based On The Following:

1. Turek's record of failing to deliver on past promises concerning reporting.
2. He has never fulfilled the obligations of a CEO to inform the stockholders regarding important company matters and even now in the current crisis is simply leaving us hanging.
3. The massive dilution he used to finance the Pro Mold and Semco acquisitions was irresponsible and was done arbitrarily without any consideration for the shareholders and was also done while he was promising a buyback of shares.

Also, in my own personal experience I have never seen a reverse split or share "exchange" situation that did anything other than destroy what little equity shareholders possessed, especially coming after a massive dilution. Likewise I saw no promise that PLNI would give a "no dilution" promises to us after we accept these preferred shares.
I'm not a lawyer or an accountant and I certainly don't know how this Chapter 11 situation is going to pan out but I'm not buying ANY promises at this point.

I'm going to go on record now that I don't intend to participate in the "exchange" program. If Turek is on the level about saving this company then it will be apparent by July based on whatever actions he takes to do so. Most of us have been sitting around for more than a year waiting for result and this just puts us in a position where we have to sit around for 2 more years and maybe end up with nothing. Everyone has a different tax situation to consider but in my case I may very well find PLNI useful in 2007 as a capital loss based on gains I've made in other investments. Each person has to make whatever decision benefits them most. That said, I don't see any advantage in selling now or before July but I don't see any reason to accept the preferred shares and wait 2 years.

It would appear that the "sell now" gang has failed to precipitate panic selling. At last look only 30 Million shares had traded and they price holding at .0002. Even the RB board has quieted down. There is still a lot of misinformation floating around but it is becoming less and less relevant as we are now in a process that will take time to play out and I think most people are aware of this. As far as the repetition of the same stale charges are concerned that's up to the board moderators to deal with. I haven't seen anything new or anything to be concerned about.

Ric - It seemed to me that there was a concerted effort on all the boards to cause panic selling. PLNI has a year to file all the necessary motions and a 2 year time frame to complete the reorganization so all these "sell now" exhortations were coming from people with an agenda. I also felt that many of the shareholders simply didn't understand what a chapter 11 is all about. If it's Turek's plan to save the company this will become readily apparent within a reasonable time. In the meantime we have Mr. Murphy off of our back and real leverage for dealing with our creditors. The jury is still out on this stock swap program and I'm going to need more convincing on that point.

No One Knows The Exact Right Play - There are a lot of us sitting on major positions and before I make any move or suggest one to others I'm going to have to see how this thing plays out. The people advocating panic selling have an agenda as far as I'm concerned. I think it's obvious that anyone with a little common sense can see through this tactic. I've been long since 2005 and a few more months one way or another doesn't matter to me.

They're still trying to get your shares. You have nothing to gain by selling now, especially after today's PR. Anyone telling you to sell has an agenda

Give it up. No reason for panic today or for you to keep posting your poisonous comments.

JT had the option of scuttling the shareholders and he chose to take what action he could to preserve our equity. We can't know at this point how this will play out but at least we can look forward with some hope that our investment won't be totally wiped out. Chapter 11 reorganizations are common and people as big as Donald Trump have had to resort to this temporary stopgap to preserve their companies. Turek has stopped the sale of Pro Mold, although someone is putting out information that the sale is proceeding. I don't see how that could happen now that the Chapter 11 has been filed. There's going to be a lot of phony information floating around, put out largely by people and their paid bashers who hope to profit from this temporary problem.

Hey EvilStar/Exoskeletal update your crystal ball. You were trying to panic everyone into selling out yesterday and now you're back with more of your negative nonsense. Time to get lost buddy. Check with your employer he might have some other stock for you to bash. Get lost.

I've been saying all along that Turek has the most to lose since he is the largest shareholder and has a ton of his own money invested in PLNI. He tried to do too much with to little capitalization and this is the result. His actions today prove to me that he is trying to protect his own interest in PLNI as well as ours. I'm no expert on Chapter 11 reorganizations but many times the shareholders do lose their equity. This is an attempt by JT to protect whatever equity he can. JMO.

I hate to say "I told you so" but I told you so. Turek is moving quickly to preserve what equity he can for the shareholders unlike what the naysayers were telling you yesterday. I think there was a definite plan to cause a panic so these people and whomever they represent could get your shares for nothing. Hang in there guys, this thing isn't over!

"Evil Star" Posts as "Exoskeletal" on SI. He's pretending to be looking out for the investors. I think we all know what he is.

PLNI has filed a Chapter 11 and a lot of re-hashing and witty remarks are irrelevant to that fact. Stay on topic or get lost.

I'm betting on one thing, Turek is an old man and he would be devasted by a chapter 7. He has to do everything he can to save this company and the good thing is that we will be eliminating a lot of debt. I just feel he should have done this sooner. As for selling, like I said, you can sell in december and get the same tax advantage so why sell now when there is at least a chance this thing could turn around.

It ain't over 'til it's over, someone once said. Go ahead and sell your shares and see what good it does you. If your right and PLNI goes belly up you'll get your capital loss. However, if the company does come out of chapter 11 you'll be out of luck. Either way you get a capital loss for tax purposes. My way is to hold on until at least December because we will certainly know by then if PLNI will recover. If not, I will sell at that time and get the same tax advantage you will get by selling now. On the other hand if the company does recover I'll be in line to get whatever advantage that might hold. I honestly believe, from what I'm reading, that a lot of these "investors" don't know the difference between a Chap. 11(reorganization under BK laws) and Chap. 7 which is a complete liquidation of the company.

Chap. 11 is just what the PR says, a reorganization. It's also an excellent way to get creditors off your back. If you follow the airlines, Delta just came out of Chap. 11 and they are doing just fine as are other airlines that did the same. Turek hasn't lost control of Pro Mold and he will not lose the equipment that would have been sold tomorrown had he not filed. Mr. Murphy can go pound salt. If you've been around for a while as I have you might as well just sit back and not panic, you haven't lost anything.

This might sound like a dumb question but why is the PLNI share price holding at .0003 on good volume if the company is going under?

I can think of many humorous situations but this isn't one of them. Every indication is of a pink sheet company flaming out and going to zero which is going to leave a lot of us holding the bag. The only slight shred of optimism that I can offer is that Turek found Pro Mold to be a losing proposition and is letting it sink while he attempts to put the Idaho deal together. I still say that he has the most to lose here if Plasticon fails as a company.