posted
That was Very cool we got mentioned in the Motley Fool. They give the stock a BUY if Plasticon gets their filings up to date and show some revenue! Come on Mr. Turek get er done!
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This was from Chopper on the other Plni thread. I liked some of the questions and answers on pink sheet stocks. I believe they come directly from the pinksheets.c o m
How do the Pink Sheets differ from the OTCBB? The Pink Sheets and the OTCBB are competing quotation services for OTC securities. The Pink Sheets is a privately owned company, while NASDAQ operates the OTCBB. Unlike the OTCBB, issuers do not have to be fully reporting companies with the Securities and Exchange Commission (SEC) to be quoted on the Pink Sheets. The Pink Sheets' OTC Dealer provides market makers with dynamic tickers and quote montages and an electronic trade negotiation system, while the OTCBB does not provide this functionality.
What types of companies are quoted on the Pink Sheets? There are a wide variety of companies quoted on the Pink Sheets. There are small companies that cannot or do not wish to meet the listing requirements of the exchanges; there are many large foreign issuers which are exchange listed in their home country but traded OTC in the US market (often because their financial statements are not prepared according to GAAP, which is a requirement for US listing); many Pink Sheet companies were formerly listed on an exchange and fell below the required standards for listing; due to the increased compliance costs associated with the Sarbanes/Oxley legislation, some listed companies have voluntarily delisted from exchanges and chosen to be traded over-the-counter; and there are a number of banks and other issuers that are thinly traded and so choose not to go to the expense of listing on an exchange.
How can I get the short interest for a Pink Sheet stock? NASD rules do not require that market participants report their short interest in non-Nasdaq OTC securities. This is required only for Nasdaq (and exchange) listed securities, thus short interest information is not available for Pink Sheet securities.
Who regulates the Pink Sheets? Pink Sheets is neither a Securities and Exchange Commission (SEC) Registered Stock Exchange nor a NASD broker/dealer. Pink Sheets is considered a Non-exclusive Securities Information Processor and an Interdealer Quotation System, for which registration is not required under current securities laws. However, Pink Sheets quotation and trading system is only open to registered broker/dealers and those broker/dealers are subject to NASD Rules and regulations regarding their conduct and use of the Pink Sheets. Issuers are subject to Federal and State securities laws.
Do financial statements have to be audited? Current NASD rules do not require the financial statements of Pink Sheet issuers to be audited, but they should be prepared in accordance with GAAP or, for foreign issuers, in accordance with their home country's accounting standards.
Are there any filing requirements with the Pink Sheets for the issuers? Issuers are not required to register securities with the Securities and Exchange Commission (SEC), or be current in their reporting requirements to be quoted on the Pink Sheets. Nor are issuers required to file financial or other company information with the Pink Sheets. SEC Rule 10b-17 requires all issuers of publicly traded securities, including Pink Sheets securities, to notify the NASD at least 10 calendar days prior to the record date of any dividend or other distribution, stock split, reverse split, or rights or subscription offering.
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It doesn't matter what exchange you are on once you file with SEC you have to continue filing, unless you file a 15-G. To do that you must meet the following:
From the SEC web site: ----------------------- If a company registers its securities under the Securities Act, the company must then file periodic reports with the SEC under the Securities Exchange Act of 1934. The obligation to file reports continues at least through the end of the fiscal year in which the registration statement became effective. After that, the company is required to continue reporting unless its satisfies the following "thresholds," in which case the company’s filing obligations are suspended if the company has fewer than:
300 shareholders of the class of securities offered; or 500 shareholders of the class of securities offered and less than $10 million in total assets for each of its last three fiscal years.
Even if a company doesn’t have to register its securities for an offering, it still may have to file reports with the SEC if the company lists its securities on an exchange or the Nasdaq Stock Market or has 500 or more shareholders and $10 million or more in assets.
PLNI filed under WICKLUND, and as I mentioned on the prior thread, that was locked, I saw 4 filings the last an 8K filed in 8/04. There wasn't any 15-12g filed under WICKLUND. It is doubtful they meet either requirement mentioned above to file a 15-12g now. Following is the definition of 15-12g from :
15 12G Certification of termination of registration of a class of security under Section 12(g) or notice of suspension of duty to file reports pursuant to Section 13 and 15(d) of the Act Section 12(g)
So, it would seem that PLNI is still required to file with the SEC.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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Motley Fool, just might be a bit more reputable then The Green Baron.
Again. I like PLNI. I have followed it a long time. As a short term play I am not sure where bottom is. It has faired well in the face of huge volume in the past couple of weeks. If the volume slows it may have seen bottom at .0053, if it continues it could fracture the .0053, and see new recent lows. As a long term investment it is probably one of the most promising pennies I have seen in a long while. Long term it would be comforting and a confidence builder to see those red flags that were mentioned by Motley Fool eliminated by PLNI reporting in a factual forthright way through SEC Filings.
"Plasticon's red flags The only trouble is, despite all this information, I didn't see some of the info I was seeking. Specifically, I couldn't find:
Copies of quarterly and annual financial reports filed with the Securities and Exchange Commission (SEC).
Reports on just how much money the company has taken in in revenues over the past years and quarters, and how much it has kept as profits. (One press release listed on the company website had a headline that said "Plasticon Announces Company is Profitable as of Second Quarter 2005," but the link to the article was no longer working.)
Reports on the company's financial health. For example, how much debt does it have, and how much cash? Sometimes terrific companies crash because they can't service their debt or just don't have enough money to keep the machinery running long enough to make money."
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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Is following quote what you interpreted as a buy if?
"In a nutshell I've seen, read and heard enough about Plasticon now to make me not want to invest in it. This could end up being one of many investments and non-investments I regret later, but that's OK.
The company's market cap, or total market value, appears to be in the neighborhood of $15 million. That's pretty darn tiny. A simple, successful mom-and-pop store down the street might carry such a value. The stock price is a mere penny per share. If the firm is really doing so well, why are the stock price and market value so low?"
quote:Originally posted by Stock Jockey: That was Very cool we got mentioned in the Motley Fool. They give the stock a BUY if Plasticon gets their filings up to date and show some revenue! Come on Mr. Turek get er done!
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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Will, I have been looking at this for a couple of days now to figure out how they could be non reporting. My guess is back when wicklund did a merger in 1999 and that changed the whole lanscape as far as the Corporation structure and the reporting issue. The SEC Governing body is very tight with companies that fail to file. They are warned and pick up an E at the end of their ticker symbol. Failure to continue to file and they are delisted from the OTC all together and suspended, as in your cmkx example. I do not believe for one second that the SEC just forgot to look at Plni's filings since 1999. This pops up on the Sec's computers as to who has failed to file and a warning is issued. If they fail to comply they get the big E and if they continue, delisting is the final step after numerous warnings and Legal action. I haven't found any of the above. Plasticon is obviously filing an annual report with the state of Wyoming meeting the state requirements. When you pull up the Wyoming website it shows that in the Generic information form displayed. So I believe that there is something that we are not seeing in the filings. The Sec is NOT that stupid to let any company slip through the cracks for 6 years! My next question is, Why are you hammering this particular company so hard? You don't own any stock.... You don't intend on buying any until you see filings. So why do you continue in the attack? I as others understand your concerns and have noted them and agree with you to a certain degree. Until someone shows me that that Plasticon has specifically violated the Sec rules and are in warning or suspension status, it is all just conjecture. Show me your proof. Mine is that the company has neither received the Big E or been suspended. This is an obvious PLOY and clear Agenda to destroy the credibility of Plasticon and Jim Turek and bash the stock lower in pps. GLTY
-------------------- It will run when you least expect it. :)
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Chopper, This thread has a ton of DD but is contaminated with the same gloom and doom over and over by the same people. I accused Will of being a paid basher also. He was on Allstocks back when I signed up and has posted many picks for investors to evaluate. I've read his posts on many other threads and find him to be acceptionally knowledgable...
I suspect he may not be a paid basher but his constant barrage of the same issues gets very old and I'm sure for new investors is confusing. I'm not sure why someone with zero dollars invested in PLNI would keep up the barrage either. I asked him but his explaination was much weaker and not believable...more so than his posts on PLNI itself...
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Chopper, look again, I have repeatedly said "I like PLNI". I just find it unerving that there are red flags here, whether someone who is a hopeful supporter would admit or not, shortcomings do exist. Would it not be more encouraging to see forthright factual information as opposed to having to guess what the company is up to? I never said I didn't intend to buy any PLNI until they filed, you assume that. I even think it has pretty good upside potential in the short term, and may very well play it as a day/swing trade at these levels. If it were to become current in its filings then it would make the dicision making process as a long term investment easier with all the facts published. My problem now is, "where is the bottom", just too much volume right now, and if it continues I believe there will be more downward pressure. It has recovered some already, not quite as oversold as it was early last week, and the PPS is off of the bottom, .0053. I have no agenda, there isn't any ploy. Surely as misguided and wrong as I am, just my opinions, comments, can not lower the PPS, just as all the positive conjecture and opinions have not raised the PPS in the past couple of weeks. Regarding the filing status. The "E" not being assigned does lend some support to the arguement, if they are required to file why weren't they warned with the assignment of an "E" status. StockHunter mentioned earlier that he was inquiring with the SEC, but I haven't seen him post a reply. I will do the same, and see if we can determine if they are required to file. It hasn't been 6 yrs since their last filings, under WICKLUND HOLDING CO. they last filed in August, 2004. Here is the link to their filings as WICKLUND HOLDING CO. :
I think it terribly shortsighted that people that believe in this company see me as an enemy or a basher. I would think the things I am questioning and asking for are things you would want to see as a shareholder. Surely, you can't be inferring that the lack of information is a good thing and bolsters your belief in any company. Would it not do wonders for your confidence, and encourage you, and make it obvious to everyone else that you excercised good judgement if the company made it clear and factual as to what they are really doing? So, please don't make this personal and infer I am a basher or that I am hammering this stock. These are legitimate questions/concerns any reasonable person would want answered. I am merely pointing out the shortcomings, and trying to keep things fair balanced. Both you and I have seen people get caught in the hype of "this is going to fly", and "I see a PPS of .05 / .10 by years end", only to disappointed.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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Ok Will, with all that being said and your concerns noted, I believe everyone is now totally aware of the red flags. I would love to see futuere posts with SEC fact in addition to what we already know rather than repetitive conjecture. I welcome DD with a true finger on the pulse of the company. I like you would love to see Much Greater transparency rather than pr's stating the transparency is on the way. Time will tell I guess. GLTY
-------------------- It will run when you least expect it. :)
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The most constructive thing any of us can do is push for real credible written information from the company to clear up the holes and inconsistencies.
I would urge anyone who received incorrect, misleading or false information from company officials, spokespersons or intermediaries to file a complaint with the SEC. If they receive enough reports, they may ask the company to respond. You may also want to report the unusual activity of WDCO and VFIN.
Wyoming is a dead end, IMO. Spent several days talking to them last week. Was told for $100 you can create any company you want. They don't have to elaborate on structure of preferred shares, nor tell the state when any shares are actually issued(only authorized). Companies often go this route to avoid paperwork, regulation and/or scrutiny.
I have calls into the SEC in Denver and will follow up next week. Will ask the filing questions, WDCO/VFIN activity, company statements, etc... Biggest issue is getting a written response to capitalization issue, IMO.
One thing I'm learning is just how unlikely a company is to encounter legal difficulties from anything they say on the phone or have reported from conversations to third parties (GB, Matt, etc...) As long as they don't put it in print its hard to hold them accountable for anything they convey. All my attempts to get what they say on the phone put into writing or an email have failed. It will take a higher power (SEC) to accomplish that.
I think there is an assumption here that the SEC is proactive on regulation (e.g. filing status) so we are protected. They are a bureaucracy. With tens of thousands of companies out there it would not be at all surprising that pinkies slip through the regulatory cracks. They rely on input from investors to get the job done.
The worst thing we can do is not ask the questions out of fear of the answers. That attitude creates a furtile environment for questionable behavior.
Now I'm going to try and forget this stock exists for a few hours and watch some football. Everyone have a great weekend.
-------------------- Logic can protect you from the hazards of faith, hope and trust.
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Thanks for all the work on the DD front Stock. I like you have gone the same exact route searching for some disclosure of information and have run into the same. I will continue as well to search high and low to uncover the truth and will report back here. The only thing that I have seen Mr. Turek really goof up on is the time line for completing his projects. I believe that trend will be broken with the completion of the Pro Mold Acquisition. Mr. Turek knows all to well that he is under the microscope and must perform. GLTA
[ November 06, 2005, 14:37: Message edited by: Chopper ]
-------------------- It will run when you least expect it. :)
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So a guy using the name of James Tunek...could have paid $100.00 and create a bogus company...???
Wyoming is a dead end, IMO. Spent several days talking to them last week. Was told for $100 you can create any company you want. They don't have to elaborate on structure of preferred shares, nor tell the state when any shares are actually issued(only authorized). Companies often go this route to avoid paperwork, regulation and/or scrutiny.
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Chopper: " The SEC Governing body is very tight with companies that fail to file. They are warned and pick up an E at the end of their ticker symbol. Failure to continue to file and they are delisted from the OTC all together and suspended, as in your cmkx example."
Curious, someone PM'd regarding PHSL, and I was doing some preliminary DD, and checked their filings with the SEC. I noticed the last type 10 filing was a 10-Q received 12/11/2003 covering up to 9/30/2003. They have filed 8K's SC-13's, and NT10-K's (NT10-K is : NT 10-K Form 12b-25, notification of late filing. Form 10-K 405, 10-K, 10-KSB 405, 10-KSB) since then. Point being thay have not filed financials since 9/30/2003, and they have yet to be assigned the "E" suffix. Im a little puzzled. Like you I was under the impression that the SEC Governing body is very tight with companies that fail to file. Evidentally I need to be enlightened and educated more in this area.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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Not sure what to think about that one Will. They did get a (Q) which is Bankruptcy and then later filed an 8k announcing a change of ownership. If it was a continued reporting process without all the other garbage I would say that was a good example. There is still something we are not seeing as to the quirky filing rules. Sure wish one of us was an SEC Attorney, LOL we might actually have the answer at our finger tips. Since we are not, it truly is a stab in the dark. You really like to debate for the sake of debating. Are you bored?
-------------------- It will run when you least expect it. :)
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"You really like to debate for the sake of debating. Are you bored?"
I'm watching the Bears right now, but will be glad to answer that more complete after the game. It isn't out of boredom though. I'll come back to it, even though that was probably a rhetorical question.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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This should clarify things for you guys. PLNI is strictly a pinkie, has never filed any SEC docs, SB-1 or SB-2 docs, nor any Type 10 filings, therefore they are not required to file any reports. Below are the 2 criteria that explain this scenario completely along with accompanying links.
Pink Sheets The "Pink Sheets" is an electronic quotation system that displays quotes from broker dealers for many over-the-counter (OTC) securities. "Market makers" and other brokers who buy and sell OTC securities, can use the Pink Sheets to publish their bid and ask quotation prices. The name "Pink Sheets" comes from the color of paper they were historically printed on. They are published today by Pink Sheets LLC, a privately owned company. Pink Sheets LLC is not registered with the SEC in any way and it is not an NASD Broker-Dealer.
The Pink Sheets does not require companies whose securities are quoted upon its systems to meet any listing requirements. With the exception of a few foreign issuers, the companies quoted in the Pink Sheets tend to be closely held, extremely small and/or thinly traded. Most do not meet the minimum listing requirements for trading on a national securities exchange, such as the New York Stock Exchange or the Nasdaq Stock Market. Many of these companies do not file periodic reports or audited financial statements with the SEC, making it very difficult for investors to find reliable, unbiased information about those companies. For all of these reasons, companies quoted in the Pink Sheets can be among the most risky investments. That's why you should take extra care to thoroughly research any company quoted exclusively in the Pink Sheets. Be aware that some broker-dealers are required by Rule 15c2-11 under the 1934 Act to have some information about the issuer. Ask your broker-dealer whether it has any Rule 15c2-11 information before you invest. http://www.sec.gov/answers/pink.htm
What is Rule 15c2-11? SEC Rule 15c2-11 was designed to allow non-reporting public company's securities to be quoted on the National Association of Securities Dealers' ("NASD") Over-the-Counter Bulletin Board ("OTCBB") by filing some simple disclosures.
Now, companies seeking to obtain a quote on the NASD OTCBB must be required to file reports with the Securities and Exchange Commission ("SEC"). Under Section 15 of the Securities Exchange Act of 1934 (the "Act"), as amended, a company who has filed a registered offering with the SEC, such as an SB-1 or SB-2 registration statement is required to file reports for one year. A company which files a Form 10 or Form 10SB (for small business issuers) becomes a reporting company under Section 12g of the Act and must file reports. To be eligible for a quotation of its securities, the company's market maker must file a Form 211 with the NASD, the company must have sufficient free trading stock in its public float to allow Rule 15c2-11. http://www.gopublicusa.com/whatis15c211.html
-------------------- It is impossible to make anything foolproof because fools are so ingenious.
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So, we get educated. By that definition PLNI is not a reporting company, and are not required to report. Seems there has to be an offering or a filing of financials to become a reporting company.
"a company who has filed a registered offering with the SEC, such as an SB-1 or SB-2 registration statement is required to file reports for one year. A company which files a Form 10 or Form 10SB (for small business issuers) becomes a reporting company under Section 12g of the Act and must file reports."
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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Well, there's only 2 minutes left until half time. Chopper you asked earlier if I was bored and like to debate just for the sake of debating. Well, I think we all like to hear ourselves talk. LOL It's more than that. People should ask questions, challenge other people to prove their positions. People can come here and say anything they like, they should be at least accountable to some standard of proof. How do you learn things? Case in point, we may have just learned the real definition of what it takes to be a reporting company. No one knew the answer, I surely didn't. The discusion went on for a page or two and Pagan offered an explanation. How many times have you seen people post "the chart looks great". If I can't read a chart how do I know that's true. If this is a forum for exchange of information. isn't it fair to ask that poster, what makes that chart so attractive? Of course, you might get an asinine answer from the poster with a link to chartschool.com, or a comment telling you go buy a book. When posters do that it makes me think they are not interested in the premise of what this forum was founded for, but more interested in personal gain. When someone is challenged, and replies with a personal attack, or prove me wrong, or do your own DD, and the ultimate - you're a basher, well that isn't a fair and frank exchange of information, is it? In my opinion it cast doubt on that persons, skill, ability, and knowledge of the facts he initially claimed as being accurate and true. There is another phenomena I have observed here that some might find troublesome or disturbing. I will spare you , and not go into that rant. I see no harm in asking why you believe this, that, or another thing. It's a good excercise, and sometime we learn in the process.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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You might want to consider this also. Take it a step further. Instaed of individuals arguing, discussing, debating amoungst themselves here. Look at it this way. As an investor in any company you have handed your money over to a company in hopes that they make you profit. Understanding this is the pennies, high risk, that trust of giving money does or should obligate the company, and they should be a stewart of your investment. As a steward they have responisiblities, obligations, to see they use it wisely. They also should be accountable to you, and every other investor in their stock. As an investor I would think one would demand accountable for their investment from a company. I think if you invest in something, and the principal tells you nothing or little more than trust me, you would be foolish to accept that. You should be pissed off if they are not forthright and forthcoming. I understand this is the penny market, and things don't work that way. Most trade these companies quickly, in/out, so that arguement can be genreally ignored here. It seems that a few here see PLNI as a long term investment not a quick in/out play. If anyone is in it for long term then those are the ones that should be clamoring for answers, information, transparency, and accountability, from the company.
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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First post here. Looks like some interesting discussion peppered with the usual nay sayers. I have been in this since May and feel that we will see this compoany grow from an immature naive one to a mature reporting company with HUGE upside potential.
Either way this week is important to many stockholders as well as company owners. We soon shall see.
-------------------- Borders, Language, Culture, Get it?
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Will, that is exactly the reason that I sold my position last week...You guys can argue all day long about filings and whether or not they are required to file, etc., etc., but "WHY" this company refuses to be forthright with their shareholders is beyond me, and the answer to that question is the only thing that matters to me at this point..."If" they decide to come clean, I would most certainly consider reinvesting back into the company, but until that happens I myself have decided to stay away...
quote:Originally posted by will: You might want to consider this also. Take it a step further. Instaed of individuals arguing, discussing, debating amoungst themselves here. Look at it this way. As an investor in any company you have handed your money over to a company in hopes that they make you profit. Understanding this is the pennies, high risk, that trust of giving money does or should obligate the company, and they should be a stewart of your investment. As a steward they have responisiblities, obligations, to see they use it wisely. They also should be accountable to you, and every other investor in their stock. As an investor I would think one would demand accountable for their investment from a company. I think if you invest in something, and the principal tells you nothing or little more than trust me, you would be foolish to accept that. You should be pissed off if they are not forthright and forthcoming. I understand this is the penny market, and things don't work that way. Most trade these companies quickly, in/out, so that arguement can be genreally ignored here. It seems that a few here see PLNI as a long term investment not a quick in/out play. If anyone is in it for long term then those are the ones that should be clamoring for answers, information, transparency, and accountability, from the company.
posted
Keep your finger close to the buy key. The next few days will tell the tale. Missed dates, silence and apparent naive business acumen, my be replaced with shear brilliance and investment savey even a low-life NY boiler room exec. would appreciate.
Tick-Tock, time for PLNI to ROCK!!!
-------------------- Borders, Language, Culture, Get it?
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