e. During the fourth quarter of 2006 Plasticon identified $720,000 in debt that was incurred in 2005. Proceeds from the borrowings were deposited with LexReal Co., LLC, which is owned by James N. Turek. The loan proceeds due to Plasticon were offset against amounts owed to LexReal on Plasticon’s books at the loans were incurred in 2005, but the loans themselves were not recorded on Plasticon’s books. The loans were subsequently called requiring Plasticon to provide 270,296,888 of common shares in satisfaction of the notes.
09/14/2007 215 Affidavit of John Todd Wright, filed by U.S. Trustee (RE: related document(s)156 Motion to Appoint Trustee,, filed by U.S. Trustee U.S. Trustee). (Daugherty, John) (Entered: 09/14/2007)
In re:
Plasticon International, Inc.
Case No. 07-50934
Chapter 11
Debtor
Message 23883464
26. After filing for bankruptcy protection, Plasticon borrowed funds from LexReal without Court approval.
The notes documenting these loans provide for an “upfront fee” to be paid to LexReal of Plasticon common stock valued at 100% of the loan amount, and a default interest rate of 20% daily.
Doc 251
In re:
PLASTICON INTERNATIONAL, INC.
Debtor.
Case No. 07-50934
Chapter 11
JOINT STIPULATIONS OF FACT
-----------
During the course of normal business for the period ended March 31, 2006, LexReal, LLC (LexReal), a Kentucky limited liability company, paid for goods and services for the benefit of the Company in the amount of $2,057,340.
LexReal is owned by the Company’s president and majority stockholder. During the period ended March 31, 2006, $801,825 of debt was forgiven by LexReal. The Company removed the obligation and increased paid-in capital to reflect this transaction.
Additionally, the Company negotiated the remaining balance of $1,786,841 with LexReal as a note payable, bearing no interest, with a due date of December 31, 2010.
Plasticon International/Inc · 10QSB · For 9/30/06
secinfo.com
James N. Turek Bankruptcy Filing filed 14 May 02
12. Stock and interests in incorporated
and unincorporated businesses.
Itemize
Lex Real LLC – 10% ownership of company
Current Market Value $100.00 |
