If SEMCO principals decide they aren't getting paid the cash they are promised, the logical course would be to sue for rescission.
It's interesting to note that, according to the most recent financial report:
During 2005 and 2006, the Company has received approximately $7,200,000 of financing from LexReal to primarily fund the acquisitions (see Note 2) and to settle the common stock commitment of $2,645,788.
Note 2 refers to Pro-Mold and Semco. Based on that, you'd think Turek had plenty of money to pay off the acquisitions. Yet he apparently hasn't. Where did all this money go?
The powers that be at Semco should really talk to the principles of the other PLNI acquisitions. If they are told the same thing as me, they'll be shocked to learn that PLNI allegedly claimed to have paid people what they were promised but actually did not. They might also ask Turek to account for how he spent the $7.2M when he still has, for example, bank overdrafts on his books.
- Jeff |
