posted
What happens to the poor slob who has less than a million shares? He's screwed !!!!
Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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posted
I think the best thing to happen now would be for the SEC to shutdown this ongoing POS SCAM. This stock has been a joke for years, where are the pumpers now ? In another month or so there won't be any bid and the volume will be 0.
Posts: 46 | Registered: Nov 2006
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quote:Originally posted by icanman: 1,000,000 common VS 1,000 preferred. What is the best way to go. Take the money and run or hold on to common stock?
I just upped my holdings to a million. After all the time holding and hoping, there isnt much sense in bailing now. The company still has a great future upside if they can get this takeover solved. Therefore, I for one, am holding long.
Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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posted
The dif is that the new stock you get will be preferred shares, not common. It will have a par value of $1.00. The only way preferred shares will ever see .0001 would be bankruptcy, and I cant believe that after jumping through hoops trying to SAVE the company, they would let that happen. Just IMO, though, you'll have to take your own chances. I'm in.
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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quote:Originally posted by ed19363: The dif is that the new stock you get will be preferred shares, not common. It will have a par value of $1.00. The only way preferred shares will ever see .0001 would be bankruptcy, and I cant believe that after jumping through hoops trying to SAVE the company, they would let that happen. Just IMO, though, you'll have to take your own chances. I'm in.
You're right. Thanks for the clarification. I didn't see that.
Posts: 91 | From: Fl. | Registered: Dec 2006
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posted
Plasticon & Pro-Mold Bankruptcy Filings brought to you by the Fine Folks at F.A.K.E.
Facing a Sheriff's sale of the assets of ProMold, the only real division of the sub-penny, massively diluted Plasticon, Plasticon CEO Jim Turek filed bankruptcy petitions for both Pro-Mold and Plasticon. Filings were made on May 16, 2007 in the Eastern District of Kentucky. The likely outcome is the elimination of all equity interest in the eleven billion common shares of Plasticon that have been sold. The detailed bankruptcy documents are linked below. Pro-Mold's former owner is NOT included in the list of creditors, but two Turek controlled companies are included and allege claims of over $500,000 against Plasticon.
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow Posts: 4727 | From: Elk Grove ( Sacramento )CA USA | Registered: Jun 2004
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posted
The convertible preferred stock could be a good or bad thing depending on your patient and confidence with the company. Overall I would say the pros outweigh the cons.
Pros: Each 1M shares would be worth $1000. So 2.5M would be $2,500 in preferred. They will never depreciate in value. Unless the company goes under. If the company goes under the preferred would be paid before the common shares. Common shares could become worthless. It reduces the O/S count. This helps the common share pps to increase.
Cons: The preferred shares will have a mature date. Meaning you can't cash them in until that date has arrived. Could be 1 year or more. They won't have any voting power. They will never appreciate. Meaning if the common share pps increase, the preferred will always stay the same.
Posts: 1269 | From: Dallas, Tx | Registered: Mar 2007
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posted
Rob, another pro...preferred shares can be converted back into common shares, although I'm not sure of the exact procedure or timing.
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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posted
Whatever happen to the pumpers who said no reverse split ? The preferred BS deal is the same as a 1000/1 R/S ! You won't be able to trade the restricted preferred so your account is worthless just like this scam company. By the time the restrictions are off, if ever, the preferred will be trading at .0001 if your lucky, of course you'll have to pay extra to process preferred sell orders so in the end you'll lose your principal and more due to the fees.. what a joke !!
Posts: 46 | Registered: Nov 2006
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posted
I don't see preferred being the same as a R/S. It's just the opposite, almost like a F/S, because you could end up with more shares than you have now before converting to preferred unless the company goes under. In a R/S you almost always loose money, but here you would gain.
Example: If you currently have 2M common shares valued at $400 (.0002), that converts to 2,000 preferred shares valued at $2000. Say 1 year later the pps is .0005. Your 2,000 preferred shares would convert to 4M common shares ($2000/.0005). It would still be worth $2000. That's 4M * .0005 = $2000. If the pps was .01 it would convert to 200,000 common shares to still be worth $2000.
Posts: 1269 | From: Dallas, Tx | Registered: Mar 2007
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posted
I think the point is, despite the company's best PR efforts, shareholders will have dough tied up that is contra to what they've been told...repeatedly.
posted
Wonderful, now we have a Q added to the symbol.
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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posted
The Q just means they have now officially went into bankruptcy. They had already said that last week. You still have until July 3 to convert to preferred to escape the bankruptcy loss if any.
May 17, 2007 09:10 ET (13:10 GMT) Plasticon International, Inc. Voluntarily Files Chapter 11 to Reorganize Company
Posts: 1269 | From: Dallas, Tx | Registered: Mar 2007
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LEXINGTON, KY, May 29, 2007 (MARKET WIRE via COMTEX) -- Plasticon International, Inc. (PINKSHEETS: PLNIQ) announced today that the Company's wholly owned subsidiary, SEMCO Manufacturing, is in the final stages of installing flooring in a Lexington, KY Cadillac and Volvo dealership. The project is valued at an estimated $30,000 in revenue and is expected to be completed in approximately two weeks.
SEMCO is installing the X-Bond System into the servicing bays of the Lexington Cadillac and Volvo dealership. The X-Bond System is a surface and finishing system offering the ultimate in durable, environmentally responsible, and creative design capabilities.
"Plasticon International and SEMCO Manufacturing are very excited to be working on a project of this nature. We feel that the Lexington Volvo and Cadillac dealership project helps showcase the diversity of the X-Bond System," stated Jim Turek, CEO and President of Plasticon International, Inc.
Plasticon International, Inc. recently announced that that the Company is offering a share exchange program to their shareholders. Plasticon International, Inc. will offer to exchange common shares of stock from shareholders, which they will value at $.001, which is premium to market price, in exchange for convertible preferred stock to be valued at $1.00 a share. This means, for every 1,000 shares of common stock offered back to the Company, shareholders will receive one share of convertible preferred stock valued at $1.00 for future conversion purposes.
About Plasticon International, Inc.:
Plasticon International ( www.plasticonintl.com ) designs, produces, and distributes high-quality concrete accessories, informational and directional signage and plastic lumber, which are all produced from recycled and recyclable plastics. Plasticon is a leader and an innovator of cutting edge design, engineering, and production of industrial and commercial products. Plasticon is an environmentally friendly company using recycled plastics to produce its line of products.
This press release contains "forward-looking statements." Forward-looking statements are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our comparatively limited financial resources, and other factors that may adversely impact us. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements to reflect events, circumstances, or new information after the date of this press release or to reflect the occurrence of unanticipated or other subsequent events.
To automatically receive instant updates, press releases, and other information on this and other Big Apple Consulting USA companies, please visit http://www.bigappleconsulting.com/compro.php and download your FREE copy of Big Apple ComPro.
posted
Wow, did I call this worthless POS right ? Couple of months ago I said R/S coming and bid would be gone soon, right on both counts. The preferred worthless conversion is the same as an R/S, actually its worse since you'll never be able to trade the new POS shares. Whatever happen to the pumpers who said if you bought at .0003 you never would lose ? Ha ha, what a bunch of scammers, stock is worthless just like the so called company.
Posts: 46 | Registered: Nov 2006
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posted
We are officially screwed now. Postponed the trade indefinitely. Guess they had enough fish buy shares hoping to get a million to trade, now they shut it down and just go away. Congratulations to the company on a nicely run ripoff scam. Pennies S*U*C*K
Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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posted
Related Quotes Sym. Price Chg. PLNIQ Trade News 0.0001 0 Plasticon International, Inc. Postpones Share Exchange Program
Jun 8, 2007 08:30:51 (ET)
LEXINGTON, KY, Jun 08, 2007 (MARKET WIRE via COMTEX) -- Plasticon International, Inc. (PINKSHEETS: PLNIQ) announced today that the Company has postponed its share exchange program until further notice. Plasticon has postponed the exchange in order to allow the Company to coordinate its capital stock reorganization with the restructuring of its debt.
Preparations were made earlier this year for Plasticon to reorganize its equity structure by offering to its shareholders of record the opportunity to exchange Common Stock for a newly created class of Convertible Preferred Stock. On May 16, 2007 the Company filed a Chapter 11 corporate reorganization proceeding in order to preserve the value of its subsidiary, Pro Mold, Inc., whose assets were in jeopardy. Chapter 11 allows a company to reorganize while it continues to operate and grow its business, as opposed to liquidation.
"The Board of Directors of the Company has decided to take advantage of the opportunity presented by the Chapter 11 proceeding to restructure its capital stock at the same time it restructures its debt through a plan of reorganization. We expect to proceed with the exchange program at a later date. Shareholders should visit the Company's Web site for updates on this and other news about the Company," stated Jim Turek, CEO and President of Plasticon International, Inc.
Plasticon International, Inc. recently announced that the Company's wholly owned subsidiary, SEMCO Manufacturing, is in the final stages of installing flooring in a Lexington, KY, Cadillac and Volvo dealership. The project is valued at an estimated $30,000 in revenue and is expected to be completed in approximately two weeks.
About Plasticon International, Inc.:
Plasticon International ( www.plasticonintl.com ) designs, produces, and distributes high-quality concrete accessories, informational and directional signage and plastic lumber, which are all produced from recycled and recyclable plastics. Plasticon is a leader and an innovator of cutting-edge design, engineering, and production of industrial and commercial products. Plasticon is an environmentally friendly company using recycled plastics to produce its line of products.
This press release contains "forward-looking statements." Forward-looking statements are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our comparatively limited financial resources, and other factors that may adversely impact us. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements to reflect events, circumstances, or new information after the date of this press release or to reflect the occurrence of unanticipated or other subsequent events.
To automatically receive instant updates, press releases, and other information on this and other Big Apple Consulting USA companies, please visit http://www.bigappleconsulting.com/compro.php and download your FREE copy of Big Apple ComPro.
posted
Ed, I may be the only D>A to stay, of course I have no option. I still think this will go foward down the road they do have unique products. Chapter 11 is the best for them at this time. I plan to increase shares monthly and beleive it will make me a few bucks when all said and done.
Posts: 14 | From: Alabama | Registered: Feb 2007
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posted
Tex, that second post no longer applies. The stock trade has been cancelled UFN (see above). So Scotttrade was talking out their hats.
Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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posted
This stock is a Scam, even in bankruptcy they try to dilute some more shares by vague promises of a stock conversion (for the future).
Posts: 29 | Registered: Jun 2007
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posted
Typical penny ploy. If you buy a million, we promise to give you a thousand preferred. Someday, maybe, and they;ll be restricted so you cant sell them, but we will take care of our shareholders. Yeah, right !!!!
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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quote:Originally posted by ed19363: Typical penny ploy. If you buy a million, we promise to give you a thousand preferred. Someday, maybe, and they;ll be restricted so you cant sell them, but we will take care of our shareholders. Yeah, right !!!!
rip-off and scam!
Posts: 91 | From: Fl. | Registered: Dec 2006
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posted
I agree, they are trying to scam you into buying more PLNIQ shares.
Let's put it this way, you think those preferred shares are worth anything years from now if PLNIQ goes chapter 7 bankrupt????
Posts: 29 | Registered: Jun 2007
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posted
Turek sez July 3....hmmm. Wonder what July 3 will bring?
-------------------- If I give you bad information, please feel free to sue me. I have nothing left anyway. Ed Posts: 1772 | From: Oxford, PA, USA | Registered: Oct 2004
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LEXINGTON, KY, Jun 19, 2007 (MARKET WIRE via COMTEX) -- Plasticon International, Inc. (PINKSHEETS: PLNIQ) announced today that the Company's wholly owned subsidiary, SEMCO Manufacturing, has completed the flooring project for Quantrell Auto Group of Cadillac, Volvo, and Saab in Lexington, Kentucky. The project is valued at an estimated $30,000 in revenue.
SEMCO is installing the X-Bond System into the servicing bays of the Lexington Cadillac and Volvo dealership. The X-Bond System is a surface and finishing system offering the ultimate in durable, environmentally responsible, and creative design capabilities.
"The SEMCO X-Bond System is a great product. It brought our floor up to the high quality that is expected at Cadillac, Volvo and Saab dealerships. SEMCO Manufacturing was insistent that the project was up to everyone's standards. Customers love the flooring because it includes the Kentucky colors of blue and white. It makes our service center look more professional," stated Brentley Jones, Internet Manager of Quantrell Auto Group Cadillac, Volvo, and Saab.
Plasticon International, Inc. recently announced that the Company has postponed its share exchange program until further notice. Plasticon has postponed the exchange in order to allow the Company to coordinate its capital stock reorganization with the restructuring of its debt.
About Plasticon International, Inc.:
Plasticon International ( www.plasticonintl.com ) designs, produces, and distributes high-quality concrete accessories, informational and directional signage and plastic lumber, which are all produced from recycled and recyclable plastics. Plasticon is a leader and an innovator of cutting-edge design, engineering, and production of industrial and commercial products. Plasticon is an environmentally friendly Company using recycled plastics to produce its line of products.
SAFE HARBOR" STATEMENT UNDER THE SECURITIES LITIGATION REFORM ACT OF 1995: This news release contains certain forward-looking statements pertaining to a voluntary bankruptcy petition, the outcome of the Company's agreement with certain lenders, the outcome of a reorganization plan filed with the bankruptcy court, future operations and other matters. These statements are subject to uncertainties and other factors. Should one or more of these uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual events or results may vary materially from those anticipated. Such uncertainties and other factors include the outcome of negotiations with the Company's lenders with respect to the plan of reorganization and other documents related thereto, approval by the Bankruptcy Court, objections of third parties, as well as the Company's ability to maintain market-share, trends in the plastics industry, and general economic conditions. The Company undertakes no obligation to update any such factor or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments.
To automatically receive instant updates, press releases, and other information on this and other Big Apple Consulting USA companies, please visit http://www.bigappleconsulting.com/compro.php and download your FREE copy of Big Apple ComPro.
posted
30,000 ? WOW, after expenses its probably a 30,000 loss. You can't give away your worthless shares now that everyone knows about this POS SCAM. I still remember that pumper named DOC something who always spoke about his DD and how great this company was, now he is nowhere to be found. I used to tell him a few months back that this would soon be worthless, guess we know who was right. He probably was just another paid pumper scamming people.
Posts: 46 | Registered: Nov 2006
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