Follow the money - Debtor is now employed as Managing Partner of Show Me Ink, LLC, a company that dates to 1906. The Debtors salary of $175,000.00 and 10% of sales and commissions (minimum of $50,000.00 annually based on historical records) allow him to meet his obligations as presented in this Plan.
Doc. No. 285
Filed & Entered: 02/23/2005
Amended Disclosure Statement
On December 10, 2003, the Company purchased the assets of Show Me Ink, LLC, an entity owned by the Company's Chief Executive Officer and majority stockholder in exchange for $450,000, which was contributed by the Chief Executive Officer to the Company. In addition, the Company forgave debt owed by Show Me Ink, LLC totaling $1,588,521.
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During 2004, the Company was repaid approximately $795,000 of amounts loaned to Plasticon International ("Plasticon"), a company which the Company's Chief Executive Officer was officer and significant owner.
Telcoblue Inc • 10KSB • For 12/31/4. secinfo.com |
