PLNI states the following in their Form 211:
In January 2005, the Company obtained certain ASSETS (molds, sales contract, customer base, and patents) from a related party, Promotional Container, Inc. (PCI).
As we've been saying all along, there is no record of any patent assignment filed with the USPTO. Surely no one with any common sense would speculate the proper paperwork has yet to be filed nearly 1.5 years later? Call it wishful thinking, blind faith, or just plain blindness, here's what RRM had to say about this:
"I suspect that Plasticon has a notarized document that grants conveyance."
Message 22467892
If true, then RRM has caught PLNI in a big lie since Promotional Containers Inc. has said in US District Court (Aztec lawsuit) that they, not PLNI, own the patent
( see: Message 22497395 ).
But wait, doesn't PLNI claim they own Promotional Containers?
From Page 98 of the 2005-8 Plasticon Business Plan:
A further note of clarification, Plasticon’s original contract with Georgia Pacific is under the name of Promotional Containers, Inc. Promotional Containers, Inc. is a wholly owned subsidiary of Plasticon International Inc.
So why in the heck would a company purchase the assets of a company that's already a wholly-owned subsidiary? And talk about your sweetheart deal for Turek:
PCI is owned by James N. Turek Sr., the Company's president and majority shareholder. Consideration to PCI consisted of a promise to exchange 100,000,000 shares of preferred stock (recorded as $360,000 of preferred stock subscribed in the accompanying balance sheet) in the Company by May 2007 and a promise to pay $500,000 (non interest bearing) by May 2006.
Of course PLNI could have been lying to their shareholders and they really don't own Promotional Containers Inc. after all. Say it ain't so! Well... again, according to the Aztec lawsuit court filings, it ain't so!
Plaintiff, Promotional Containers, Inc., by counsel, hereby states for its corporate disclosure pursuant to Rule 7.1 of the Federal Rules of Civil Procedure that Promotional Containers, Inc., has no parent corporation and no publicly held corporation owns more than 10% of its stock.
Busted!
But the clincher is this, from Aztec:
Upon information and belief, and as will likely be supported by evidence after a reasonable opportunity for further investigation and discovery, the '714 patent is invalid for failure to comply with the conditions and requirements for patentability specified in Title 35 U.S.C., including, but not limited to, 35 U.S.C. §§ 102, 103, and/or 112.
Translation: Aztec contends the vaunted PLNI patent is invalid and totally worthless.
Talk about your material event! Yet not even a mention in any PLNI filing.
No wonder PLNI is unable to get an auditor to sign off on their financials.
- Jeff
Message 22504188 |
