V. OMISSIONS IN TUREK’S PERSONAL BANKRUPTCY
51. On May 14, 2002, Turek filed for chapter 11 relief in the U.S. Bankruptcy Court for the Northern District of Florida. Case No. 02-20411-LMK. After entry of a Final Decree, his case was closed on September 13, 2006.
52. The pleadings, schedules, statements, and Monthly Operating Reports filed by Turek in his personal bankruptcy contain numerous omissions.
53. In Schedule F, Turek claimed that Wicklund Holding Corporation owed him $500,000, while Plasticon’s 2004 Form 10-K states that Plasticon owed Turek at least $2,139,122 at all relevant times from 2001 through 2003. Exhibit 1 at F-12; James N. Turek, Petition, Schedules, and Statement of Financial Affairs, attached hereto and incorporated herein as Exhibit 19.
54. Plasticon’s 2004 Form 10-K states that Turek “and a related party” had subscribed to 43,904,912 shares of common stock in 1995 which were eventually issued on December 31, 2004. Exhibit 1 at F-16 to -17. Turek omitted this right to receive shares in his Schedules. Exhibit 19.
55. Plasticon reported issuing 567,664,082 shares valued at $72,478,628 during 2004 for services, Exhibit 1 at F-4, the great majority of which were issued, upon information and
belief, to Turek. Turek omitted this income in the Monthly Operating Reports for 2004 in his personal bankruptcy.
56. In addition, TelcoBlue, Inc. filed a Form 8-K with the Securities and Exchange Commission detailing its reverse acquisition of Promotional Container Manufacturing, Inc. (“PCM”). TelcoBlue, Inc., Form 8-K (filed Feb. 10, 2004), attached hereto and incorporated herein as Exhibit 20.
Attached to the report is a Plan of Reorganization to effect this acquisition through a tax-free stock exchange which indicates that Turek is the CEO, President and sole shareholder of PCM. Id. Turek failed to seek bankruptcy court approval for his disposition of his shares in PCM. |
