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Re: Mighty_Mezz post# 4612

Tuesday, 05/08/2007 7:47:43 AM

Tuesday, May 08, 2007 7:47:43 AM

Post# of 18151
I can wait until the next 10Q comes out ! I found this interesting in the 10Q you posted

As of June 30, 2006, the Company had advanced $906,000 to the spouse of the Chief Executive Officer, who is also an employee of the Company. These loans were advanced from 1999-2003, pursuant to the First Amended Plan of Reorganization of Packaging Plus Services, Inc., that the Reorganization Court approved in February 18, 1994 (the “Reorganization Plan”) and the Long Term Employment Agreement part of the Reorganization Plan, which authorized the Chief Executive Officer of the Company to receive loans from the Company. In 1999, at the recommendation of the Company’s then accountants, all future loans under the Reorganization Plan and Employment Agreement for the Chief Executive Officer were recorded in the name of his spouse. The Company feels that there is adequate security for the advances based on the relationship of the borrower to the Chief Executive Officer of the Company. The Company has not yet determined repayment terms of these advances.

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