Part of the process of discerning truth is to ask the right questions. You are very good at asking all the wrong questions, making them misleading and irrelevant. However, since you insist, I will try my best to answer your questions regardless.
Are you stating that it is illegal for Plasticon to sell shares to satisfy debt?
A major reason why companies go public is for the ability to use their shares as a form of currency. That’s why the SEC has very strict rules about how this may be accomplished. The only company shares that appear to be dumped were those given to creditors from the prior bankruptcy—Turek’s personal bankruptcy -- meaning a) Turek used company stock to pay personal debt, and b) all the proceeds went to benefit the recipients, not Plasticon. Sounds pretty darn illegal to me.
Turek went from being bankrupt to being owed nearly $4M. It doesn’t take a rocket scientist to figure out he was dumping personal stock. Yet where are all his Form 4s? Turek routinely flaunted securities laws. He compounded his transgressions by issuing false and misleading press releases to artificially increase the pps and volume. When confronted, he purposefully misled shareholders through obfuscation. Again, sounds pretty darn illegal to me.
Are you stating that it is illegal for Big Apple, their IR firm, to be aware of Plasticon selling shares to satisfy debt?
As per the above, I contend a strong case can be made that Turek knowingly and willingly violated securities laws. According to the court filings, Turek was aided and abetted by Bill Howe and Big Apple. This complicity, not just awareness, is what, IMO, makes these folks culpable as well.
- Jeff |
