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

To: scion who wrote (12016)	2/7/2008 7:57:19 PM
From: scion	Read Replies (1) \| Respond to of 12518

The basis for the Claim arose originally from a loan made by Dow to IPI in or about November 1990, which was (i) secured by the assets of IPI including certain patents for “Beam Bolsters” (the “Patents”), and (ii) guaranteed in part by Turek. As part of IPI’s Chapter 11 bankruptcy case filed in 1992, Dow was granted allowed secured claims in the amounts of $85,000 and approximately $2.3 million, respectively. IPI was required to surrender the Patents if it failed to make certain distributions to Dow with respect to such claims. IPI had not made the requisite distributions to Dow by early 1999 and, to resolve Dow’s claims against IPI, Wicklund, agreed to purchase Dow’s rights in the Patents for (i) $625,000 in payments to be remitted in five monthly installments of $125,000 each; (ii) a $175,000 promissory note (the “Wicklund Note”); and (iii) royalties equal to 5% of gross sales related to the “Beam Bolsters” Patents up to and until Dow receives $400,000 (the “Royalties”) on or about March 24, 1999. Although it received the $625,000 in payments, Dow did not receive payments under the promissory note or with respect to the Royalties. Laser Engineering, Inc., another Turek controlled entity (“Laser”), filed for bankruptcy in October 1999. The Chapter 7 trustee appointed in Laser’s bankruptcy case alleged that the $625,000 in payments was made by Laser and not Wicklund. Thus, the Chapter 7 trustee initiated an adversary proceeding against Dow, Turek, Wicklund and IPI seeking to avoid and recover the $625,000 in payments alleging such payments were preferential and/or fraudulent. As part of the settlement of this adversary proceeding, Dow remitted $60,000 to the Chapter 7 Trustee (the “Laser Settlement”) though it did not release its claims vis-à-vis the Laser Settlement Payment as to Turek, Wicklund and/or IPI. The $756,159.92 Claim is unsecured and is comprised of the following amounts: (i) $175,000 in principal and $121,159.92 in interest of 8.5% per annum owed on the Wicklund Note for the period of March 24, 1999 through the Debtors’ May 16, 2007 Petition Date (see the attached schedule); (ii) $400,000 in Royalties; and (iii) the $60,000 Laser Settlement. [1] Message 24293730