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Microcap & Penny Stocks : PLNI - Game Over -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey S. Mitchell who wrote (9953)	5/21/2007 11:22:01 AM
From: scion	Respond to of 12518

It's very hard to move forward when one is back-pedaling fast and furiously. Meanwhile the disinformation continues: By: proximan 21 May 2007, 10:43 AM EDT Msg. 77320 of 77323 Jump to msg. # Relax guys, they have a year to file all the necessary motions and 2 years to complete the reorganization. The "sell now" gang are misleading you into thinking you need to bail out now. All that will do is give your shares back to the MM's (and them) at .0002 or less. We will know within a reasonable time what steps Turek may be taking to save the company and have some idea of the possibilities for success. At some point in this scenario you can then make up your mind. At least for the time being we are in a stronger position to deal with creditors and we have Mr. Murphy off of our back. ragingbull.quote.com Who Can File A Plan There is no specific statutory time limit set for the filing of a plan; however, the debtor (unless a "small business" debtor, as set out above) has a 120-day period during which it has an exclusive right to file a plan. 11 U.S.C. 1121(b). The debtor's exclusive period in which to file a plan may be extended or reduced by the court. After the exclusive period has expired, a creditor or the case trustee may file a competing plan. The United States trustee, however, may not file a plan. 11 U.S.C. 307. ... A secured creditor is one which has a lien against or interest in certain property of the debtor to secure payment of a debt or performance of an obligation. See 11 U.S.C. 101(37). nceb.uscourts.gov How Are Assets Divided in Bankruptcy? Secured Creditors - often a bank, is paid first. Unsecured Creditors - such as banks, suppliers, and bondholders, have the next claim. Stockholders - owners of the company, have the last claim on assets and may not receive anything if the Secured and Unsecured Creditors' claims are not fully repaid. sec.gov

To: Jeffrey S. Mitchell who wrote (9953)	5/21/2007 12:09:08 PM
From: scion	Read Replies (1) \| Respond to of 12518

A hypothetical question: If Plasticon "acquired all the stock of Pro Mold" and there was a contract which stipulated that the the stock would not be finally handed over until the agreed price was paid in full, does Plasticon really OWN Pro Mold and all its assets if that price was not paid in full? In other words does defaulting on the contract mean that ownership of Pro Mold has not been finally transferred to Plasticon? Plasticon International/Inc · 10QSB · For 9/30/06 Filed On 3/15/07 secinfo.com 1. GENERAL In December 2005, the Company acquired all the stock of Pro Mold, Inc. (Pro Mold), an injection molding facility in the Midwest. 2. ACQUISITIONS Pro Mold Acquisition The December 2005, acquisition of Pro Mold was accounted for as a purchase business combination under the provisions of the FASB’s SFAS No. 141, “Business Combinations”. The aggregate purchase price of $3,866,852 (including $366,852 of professional fees) was allocated to the assets acquired and liabilities assumed based on the respective fair values. The Company, with the help of an independent appraiser, has assessed the fair value of the property and equipment. The Pro Mold accounts receivable, inventory, accounts payable and accrued expenses and other assets and long-term liabilities were estimates of management. Management is still in the process of finalizing the allocation of the purchase price, including the consideration of other intangible values. The Company has included Pro Mold in its operating results since January 1, 2006. 9. SUBSEQUENT EVENTS ... During December 2006, the former owner of Pro Mold filed a lawsuit against the Company for alleged contract violations. The suit ended when the attorneys for John Murphy withdrew due to a conflict of interest. Management has since resolved the issues and no further actions are anticipated. . NOTES PAYABLE Notes payable consists of the following as of September 30, 2006 and December 31, 2005: September 30, 2006 December 31, 2005 Note payable to First National Bank of Barnesville, Barnesville, Georgia $ 470,000 $ 500,000 Note payable to John P. Murphy (seller of Pro Mold, see Note 2), payable over a five year period in equal installments of $175,000 and shall bear interest at the rate of 5% per annum 875,000 875,000 Notes payable to John P. Murphy (seller of Pro Mold, see Note 2) 436,558 - Note payable with All Points Capital 600,000 - Notes payable with Sam Sems (seller of SEMCO, see Note 2) 53,436 - Notes payable- related party 4,292,086 558,364 Other note payable 21,296 383,634 Total notes payable 6,748,376 2,316,998 Less current portion (485,692 ) (983,108 ) Long-term portion of notes payable $ 6,262,684 $ 1,333,890

To: Jeffrey S. Mitchell who wrote (9953)	5/21/2007 1:18:04 PM
From: scion	Read Replies (1) \| Respond to of 12518

Pacer update filed 21 May 07 Bankruptcy Petition #: 07-50934-wsh Debtor Plasticon International, Inc. Filing Date # Docket Text 05/21/2007 Hearing Set On (RE: related document(s)17 Motion for Change of Venue filed by Creditor John P Murphy) Hearing scheduled for 5/22/2007 at 09:30 AM at Lexington Courtroom, 3rd Floor. (baa) (Entered: 05/21/2007)