YS, you're certainly right about this:
What kind of crappy investment do you have here, if one poster can move the pps up or down?
People should get their own Pacer subscriptions and read the material for themselves if they're really concerned about Turek's bankruptcy and what effect it has or doesn't have on PLNI. It remains to be seen if he'll formally disclose it in any future SEC filings for PLNI and TBLU.
I read this 16 page PDF file and found it most interesting. People who care about details should get the document from Pacer and read it themselves
Here are some extracts -
Doc. No. 285
Filed & Entered: 02/23/2005
Amended Disclosure Statement
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF FLORIDA
PANAMA CITY DIVISION
IN RE:
JAMES N. TUREK, CASE NO. 02-20411-PCY5
CHAPTER 11
Debtor.
/
THIRD AMENDED DISCLOSURE STATEMENT
I. INTRODUCTION
JAMES N. TUREK (“Turek” or "Debtor") provides this Disclosure Statement (the "Disclosure Statement") to all known creditors of the Debtor in order to disclose the information deemed to be material, important, and necessary for the creditors to arrive at a reasonably informed decision in exercising their right to vote for acceptance or rejection of the Plan of Reorganization
(hereinafter "the Plan").
...
II. HISTORY OF THE DEBTOR AND REASONS FOR FILING PETITION
International Plastic Corporation, Inc. (IPC) was a privately held Kentucky corporation formed by Debtor in 1988 and Wicklund Holding Company (WHC) is a Delaware corporation created by the Wicklund family and went public in 1981.
In June 1997, WHC, although a non reporting NASDAQ shell name, was dormant, merged into IPC and the Wicklund name was retained. As a result of this merger, IPC’s shareholders ended up with 80% of the shell stock as IPC had assets valued by appraisal at nearly $15,000.000.00 (molds and patents). At the time, IPC had 124 shareholders and Wicklund had approximately 800 shareholders. After the merger, Wicklund issued approximately 5.6 million of its 20 million shares of Treasury Stock.
On June 30, 1997, WHC looked to acquire or merge with other companies, as it only required sales and SEC approved audits to again be trading on NASDAQ and initiated negotiations in 1998 for the acquisition of Florida Curbing, Inc. (FC) and Laser Engineering, Inc. (LE) (sister companies with same owners) and acquired these companies in 1998.
The acquisition occurred through a reverse triangle “A” merger in which a company is created to put the acquired companies into so that they supposedly cannot carry “baggage” with them into the merger (i.e., back taxes, payables, fraudulent transactions, etc), and in the event that fraud was subsequently discovered. To accomplish this merger Wicklund’s lawyers created Wasalooski Inc., which merged with FC and LE in December 1998, at which time Wasalooski ceased to exist by operation of law with the survivor being Wicklund with FC and LE as its two subsidiaries.
In order to be trading in NASDAQ, WHC was required to have Securities and Exchange Commission (SEC) audits covering three years (2 years prior to the merger, and 1 year after the
merger) and initial audits of FC and LE were started in early 1999. WHC with its assets arranged for funding against FC & LE receivables.
During the period December 1998 through Wicklund’s recission of the merger in November of 2000, at various times, Town Finance, Wicklund, through First National Bank of Barnesville, Emerald Coast Bank and Export Finance Network served as factors for FC & LE receivables.
Upon the initiation of the audits, LE’s CFO disappeared. The auditors told WHC and Debtor that LE and FC were not auditable as their books were loaded with fraud (un-reported receivables and receivables reported current that in some case were 6 months old), just to start.
FC had the same problems as LE but much worse and included fraud related to a clandestine and fraudulent relationship between the original owner of FC (who remained as its operations officer and president by contract) with an unknown minority contractor and operated out of the offices of FC.
Three SEC approved and insured Auditing firms concluded that LE & FC were not auditable. Letters from the various auditing firms are attached as Composite Exhibit “A.”
During this relationship with FC, Debtor’s signature stamp was stolen from his accounting and bookkeeping firm in Florida. Turek’s signature card at Nations Bank/Bank of America was changed without his permission resulting in $1,500,000.00, plus, being drained, WHC and Debtor believe, by the original owner of FC & LE Rudy Poselli. Payroll checks normally signed by him as President of FC were stamped with Debtor’s stamped signature beginning in May of 2000.
WHC and Debtor did file a criminal Complaint in Broward County, Florida in June 2000, which is still pending. The Broward County Sheriff’s Department also suggested Debtor file a lawsuit as it would help them. Unfortunately, Debtor had used all his means to continue moving forward and subsequently filed to reorganize under Chapter 11. As a result of this fraud, Debtor lost valuable real property in Bay County, Florida, as well as his significant equity in his pleasure boat and fishing boat. Wicklund is now known as Plasticon International, LLC.
...
Source:
02-20411-LMK JAMES N. TUREK
Case type: bk Chapter: 11 Asset: Yes Vol: v Judge: Lewis M. Killian Jr.
Date filed: 05/14/2002 Plan confirmed: 04/12/2005 Date of last filing: 03/31/2006
History
ecf.flnb.uscourts.gov |
