Rick, perhaps you missed this part:
During the years ended 1989 through 2001, James N. Turek, Sr. advanced funds to the Company in the amount of $2,139,122. The promissory notes included an interest rate of ten percent (10%) annum. Additionally, the holder of the promissory note has the right to convert the notes in to the Company's common stock at the Company's stated par value as well as to receive for every three shares converted from this note, a fourth to be issued by the Company for consideration of the note. During the year ended 2004, the Company's president elected to convert several notes with a stated value of $1,708,130. In consideration of the conversion, the James N. Turek, Sr. received 758,833,001 shares of the Company's common stock.
As you can see from the above, you are incorrect in your statement that PLNI forgave this money. Rather, it resulted in 758,833,001 shares of PLNI common (not preferred nor even restricted) stock being issued to Turek. We don't know how much of this stock Turek ended up dumping or at what price, but the cost basis is just .002 ($1,708,130/758,833,001), so you can see that if he did sell, it likely resulted in a windfall. And let's not also forget he converted only 80% of the debt to shares so far.
Furthermore, if Turek did not give the shares to Lexreal as you say you have a hard time believing, and as we know for a fact Lexreal was the facilitating entity (per the 211), then where did Lexreal get the money? So we have PLNI -- the Turek controlled public entity you own -- losing tens of millions, while Lexreal -- the Turek owned private entity you don't own -- making millions? If Lexreal's money is not coming from the laundering of PLNI shares through it, Turek has lots of explaining due to you and all the other loyal shareholders personally.
- Jeff |
