Pacer Docket Entries Update 05-06 OCT 2007 07-50934
10/05/2007 269 Certificate of Service (RE: related document(s)253 Miscellaneous Relief Order). (Case, E.) (Entered: 10/05/2007)
10/05/2007 268 Certificate of Service (RE: related document(s)248 Order on Motion to Extend Time). (Case, E.) (Entered: 10/05/2007)
10/05/2007 267 Proposed Order submitted by John L. Daugherty (RE: related document(s)266 Motion to Appoint Trustee filed by U.S. Trustee U.S. Trustee). (Daugherty, John) (Entered: 10/05/2007)
10/05/2007 266 Application to Approve Appointment of Trustee, filed by U.S. Trustee. (Attachments: # 1 Continuation of Main Document Verified Statement of Stephen Palmer) (Daugherty, John) (Entered: 10/05/2007)
COMMENT: Stephen Palmer's experience is primarily in CH7 Trustee liquidations.
10/05/2007 265 Notice of Appointment of Chapter 11 Trustee Filed by U.S. Trustee. (Daugherty, John) (Entered: 10/05/2007)
10/05/2007 264 Certificate of Service (RE: related document(s)262 Order (Generic)). (Daugherty, John) (Entered: 10/05/2007)
10/05/2007 263 Order Rescheduling Evidentiary Hearing. (RE: related document(s)83 Motion for Relief From Stay filed by Creditor Pro Plas LLC). Evidentiary Hearing scheduled for 10/30/2007 at 10:00 AM at Lexington Courtroom, 3rd Floor. (baa) (Entered: 10/05/2007)
Pacer Docket Entries Update 05-06 OCT 2007 07-50935
10/05/2007 258 Certificate of Service (RE: related document(s)237 Miscellaneous Relief Order). (Case, E.) (Entered: 10/05/2007)
10/05/2007 257 Certificate of Service (RE: related document(s)232 Order on Motion to Extend Time). (Case, E.) (Entered: 10/05/2007)
10/05/2007 256 Proposed Order submitted by John L. Daugherty (RE: related document(s)255 Motion to Appoint Trustee filed by U.S. Trustee U.S. Trustee). (Daugherty, John) (Entered: 10/05/2007)
10/05/2007 255 Application to Approve Appointment of Trustee, filed by U.S. Trustee. (Daugherty, John) (Entered: 10/05/2007)
COMMENT: Kenneth C. Henry's experience is primarily in management of under performing companies and CH11 Trustee Reorganization.
10/05/2007 254 Notice of Appointment of Chapter 11 Trustee Filed by U.S. Trustee. (Daugherty, John) (Entered: 10/05/2007)
10/05/2007 253 Certificate of Service (RE: related document(s)249 Order on Motion to Appoint Trustee,, Order on Application to Employ). (Daugherty, John) (Entered: 10/05/2007)
10/05/2007 252 Order Rescheduling Evidentiary Hearing. (RE: related document(s)77 Motion for Relief From Stay, filed by Creditor John P Murphy, Creditor Pro Plas LLC, Creditor John P. Murphy III Revocable Trust No 1, Creditor 10315 LLC). Evidentiary Hearing scheduled for 10/30/2007 at 10:00 AM at Lexington Courtroom, 3rd Floor. (baa) (Entered: 10/05/2007)
10/05/2007 251 Order to Pay Filing Fee. (RE: related document(s)219 Motion for Miscellaneous Relief, filed by Creditor 10315 LLC). Filing Fee due by 10/11/2007. (baa) (Entered: 10/05/2007)
10/05/2007 250 AMENDED Order GRANTING UST Motion to Appoint Trustee (Related Doc # 175, GRANTING John P. Murphy III Revocable Trust No 1, John P Murphy III and Pro Plas LLC Motion to Appoint Trustee (Related Doc # 182, OVERRULING Application to Employ Arcadia Consulting Services (Related Doc # 221) (Admin Note: Order is amended to correct mailing matrix. Previous order contained mailing matrix for Plasticon creditors 07-50934) (baa) Modified to add links in text to #175 and #182 on 10/5/2007 (baa). (Entered: 10/05/2007)
A General Comment: Based upon these filings and the appointment of Stephen Palmer in the Plasticon case, it is my opinion and "prediction" that the Plasticon CH11 has been pre-selected to convert to a CH7 liquidation. That will mean all 12,000+ shareholders will lose all equity in the company in all probability. Personally, I would like a formal public audit to know how many total shares of Street Name stock are currently issued as described in the TAs data, versus how many are outstanding based on the DTC Weekly SPR as of May 16th. It will make a marked difference in possible legal action following conversion to CH7.
Based upon the US Trustee's Exhibit 8 containing the TA's Transfer Log, a total of 7,026,910,213 shares were issued in certificate form (some ~503M shares were listed as Book Entries and represent downward variance in the numbers stated here). Of that ~7B number, 3,384,072,174 were labeled 144k Restricted. Of the remaining most were issued to company officers which would have been required to report sales into the free trading market via SEC filings. No such filings were submitted. Using the 11B Issued share number listed in the submitted schedules as a basis for total Issued, that would suggest that the DTC Weekly SPR should list approximately 3.97B Street Name shares on record. If the SPR number far exceeds that value, then brokers are holding Share Entitlements FBO their clients that have no corresponding shares available for issue. Those would be FTDs and that would prove that the PR regarding Naked Short Selling was not false or misleading. On the other hand, if the SPR shows approximately 4B shares held FBO brokerage clients, then a sound legal basis for asserting that the PR announcement issued was fraudulent is proven once and for all. A formal audit, filed in the bankruptcy record, would be available for referral in future legal action.
If you too would like said formal audit by the U.S. Trustee, make your voices heard. Here is his contact information:
John L. Daugherty
100 E. Vine St. #500
Lexington, KY 40507
(859) 233-2822
Email: john.daugherty@usdoj.gov
I strongly recommend sending a formal registered letter, return receipt requested.
As shareholders, we should at least have the right to examine these numbers publicly to determine if the Naked Short Selling PR issued by Plasticon was a legally false statement before any further legal action. |
