Perhaps the gravitas of the situation needs to be explained further....
Plasticon announced as far back as May they were seeking "non-dilutive" private financing for their acquisitions. There are only two possibilities here: 1) the private financing *does* require registration of stock, or 2) the private financing does *not* require registration of stock. As discussed previously, to justify why no registration statements have been filed, let's assume the latter (as in a 504 offering). As the SEC web site clearly states:
The SEC does not require companies that are raising less than $1 million under Rule 504 of Regulation D to be "registered" with the SEC, but these companies are required to file a "Form D" with the SEC. The Form D serves as a brief notice that provides information about the company and the offering. To determine whether a Form D has been filed or to obtain a copy, call the SEC's Public Reference Branch at (202) 942-8090 or contact them via e-mail at publicinfo@sec.gov.
sec.gov
I and several others called the above number and, sure enough, there are *no* PLNI filings at all on record, let alone any Form Ds. As to how long the company has to file such things:
When to File: A notice must be filed no later than 15 days after the first sale of securities in the offering. sec.gov
So if PLNI was telling the truth about obtaining private financing, they've apparently not followed securities law by not filing a Form D. Or, perhaps they just lied. But if they lied, how does a bankrupt CEO pay for such acquisitions except by dumping stock? Either way, there are very serious problems here.
- Jeff |
