To: rrm_bcnu who wrote (4416 ) 5/22/2006 3:22:51 AM From: Jeffrey S. Mitchell Read Replies (1) | Respond to 2) $2,139,122 was advanced to Plasticon by the CEO, James Turek. Advancement to be paid with 10% interest. A conflict of interest, the CEO loans money to his own company at an extremely high interest rate. Essentially, "milking the company for all its worth." During 2005, the Company received approximately $6,000,000 of financing from LexReal to primarily fund the above acquisitions and to settle the common stock commitments... LexReal LLC is owned by the Company's majority shareholder. 1 During the course of 2005 James N. Turek loaned Plasticon International, Inc $5,799,849.12 to execute its business plan and acquire revenue producing businesses. In return for forgiveness of the loan to Plasticon International, Inc, Mr. Turek agreed to accept Series B Preferred Shares with voting rights equal to 7.3 billion common shares’. These voting rights have established James N. Turek as the controlling shareholder for Plasticon International, Inc. The loan to Plasticon International, Inc as well as the issuance of the preferred shares was accomplished through LexReal Company LLC of which Mr. Turek is President and principal shareholder. 2 Due to the Series B Preferred shares being issued as a means of debt forgiveness and the preferred shares having an option to convert into restricted shares, should the controlling shareholder wish to exercise the option, there was therefore a need to increase the authorized shares for Plasticon International, Inc.
