I will do this one time and one time only just to prove how ugly and vicious the worm/gte_bagholders spin really is:
1. In dicussing the "Personal Reorg Chapter 11" of James Turek, the CEO of PLNI, rrm_bcnu fails to mention that Turek's bankruptcy is still undischarged. He also fails to mention that as part of the Reorganizaiton Plan, PLNI will have to issue treasury stock to satisfy $4.7 million in unsecured claims (http://snipurl.com/kvlj). In addition, rrm_bcnu also fails to mention that International Plastics and Wicklund Holding Company, two predecessor companies in the same business as PLNI and managed by Turek, also filed for bankruptcy.
Turek's bankruptcy is undischarged because some of the terms of the bankruptcy go on for 15 years. In my post I fully decribed the conditions for the settlement of the $4.7M in Wicklund debt. In Jeff's post he fully describes that even the trustee doesn't know if the the Class 20 debt has been resolved. I also failed to mention that Northwest Air and countless other major corporations have filed for Chapter 11 reorg. Your attempt to make that a sinister plot is very transparent.
2. rrm_bcnu further goes on to copy and paste a definition of Outstanding Shares from the following website - investopedia.com, but says that it is in his opinion ("IMHO") and mixes it with statements that not only show his lack of knowledge of Corporate Finance and Accounting, but are actually false.
Indeed I did. I'm proud to say that I did do due dilgence to ensure what I was saying was accurate. I do not accept your judgement of my expertise worm. Please cite detailed references for any false statements I may have made. If you can't then you are just sputtering.
He then proceeds to use the statement "true share valuation" without defining what it means, making some very naive and blatantly false conclusions such as:
"If you issue shares to buy hardware that allows to increase sales...that isn't dilutive to true valuation"
If you are unaware of the meaning of "true share valuation" then why are you critiquing my posts? Almost everyone understands English. You convieniently failed to print the sentence immendiately prior to that one.... "Only new shares issued from the Authorized Shares to the Outstanding Shares are dilutive (have a long term negative effect), and only then if they do not improve the company's cash flow."
and
"So if Turek were selling shares would those sales be dilutive to your share value? NO!",
Taken out of context... in the preceeding paragraphs I said "Only new shares issued from the Authorized Shares to the Outstanding Shares are dilutive (have a long term negative effect), and only then if they do not improve the company's cash flow. If you issue shares to buy hardware that allows you to increase sales... that isn't dilutive to true valuation." If the company issues shares to buy capital equipment that increases sales, then the effect will be positive to EPS and true share valuation, not dilutive.
3. Forgetting that PLNI has issued 500 million shares in the last 3 months during the 70% drop in stock price, rrm_bcnu again falsely states that although the stock price has dropped significantly,
"However, the true valuation of your shares would not have changed, but the current share price would have temporarily declined."
Again, taken out of context. What I said was... "Would the sale of shares drive the price down? It's a chain of events... The higher the availability of shares for sale, the cheaper the Bid price. The more perceived panic or doubt, the more shareholders will offer their shares at a lower Ask. The lower the Ask, the lower the Bid... and the lower the resulting PPS. It seems simple to those of us whove been around a while. However, the true valuation of your shares would not have changed, but the current share price would have temporarily declined. The stock becomes oversold and undervalued. That usually means that speculators and traders would purchase shares at the cheap price, and ride the price wave back up until the real valuation is exceeded by some value. The stock is then overbought and overvalued." What you seemed to conveniently omit was that of the 500 million issued only 190 million were sold into the float. The remaining 310 million share seem to be restricted shares. Now why would you omit that fact?
4. rrm_bcnu asks as to who is buying all the shares that have been sold into the market by Turek and/or PLNI and/or promoters. He fails to mention the paid promotional firms Apple and The Green Baron Report that have pumped and hyped PLNI to unsuspecting investors.
I believe Apple and Green Baron have full disclosure rules and clearly state that they are compensated. ARe you saying that they are trying to deceive "unsuspecting investors?" I have clearly stated repeatedly that I have received no compensation from PLNI or any other agent and that I am a PLNI shareholder. How many shares of PLNI does the_worm06/gte_bagholders own. According to his own statement "zero" ragingbull.lycos.com;
5. rrm_bcnu then goes on to mention SEMCO, but PLNI has yet to formally announce the closing of the acquisition of SEMCO. He also mentions Pro Mold, which again has yet to be acquired by PLNI, according to the latest false and misleading press release by PLNI: snipurl.com;
I voiced my opinion: "I still believe that the PLNI share price will recover based on what I have researched from ProMold, Semco, and BlueLynx. If just half of what the previous six months PR's have stated comes to pass, this stock will be a 10-20x runner in my opinion." It remains my opinion based upon the due diligence I have conducted.
6. Finally, rrm_bcnu states that PLNI would recover in stock price and be worth 10-20x its current stock price of $0.0046 (at the Friday closing). To show how ridiculous this projection is, 20 x $0.0046/share is a stock price of about 10 cents/share and with at least 2.3 Billion shares outstanding, rrm_bcnu says that PLNI is worth over $200 million. It gets even worse - only recently, this same person was projecting a $575 million valuation for PLNI by October 2006: snipurl.com;
Again you show your ignorance. You base your calculations on the current number of outstanding shares when you are fully aware that the company has an ongoing share buyback and restructuring plan. Why didn't you mention that in your estimate and your condemnation of my opinion? If the restructuring results in a significantly reduced OS and at the same time the revenue stream increases, what would be your estimate of the share price increase?
Remember that this is coming from the same person that has made the outlandish statements that Otc bulletin board companies have to pay about $1 million per company per audit in order to conform to Sarbanes-Oxley: snipurl.com;
You will have to blame MSNBC for those figures. They based that dollar number on surveys of severla hundred companies that have completed the SOX audit. Please contact them to confirm as I did.
Worm, all-in-all a pitiful attempt to trash me. I know that you are angry at me... ragingbull.lycos.com and do a self-promoting spam job on multiple boards to get people to read your drivel... ragingbull.lycos.com but you must understand by now that you are yesterday's news and about to reap the fruits of your labors.
rrm |
