[PLNI]: An Update on the Bankruptcies

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Discussion on the $4.7 million in unsecured claims in the bankruptcy case against James Turek, the CEO of PLNI:


http://www.siliconinvestor.com/readmsg.aspx?msgid=21985866


To: rrm_bcnu who wrote (2430)
12/19/2005 11:09:44 AM
From: Jeffrey S. Mitchell
Read Replies (2) of 2528

As far as I can tell the plan was submitted and stock was issued on or near 2/23/05.

According to the US Trustee handling the case, whom I spoke to a few minutes ago, this is likely not the case. He made sure to say that once an agreement is reached there is no requirement that he be informed of who got what and when-- only that either motions to compel were filed (i.e. people were not getting their money and were looking to the courts to enforce the judgment; none have been filed so far) or that the entire case was ready to be discharged (i.e. everyone got their money; nothing on this either).

Once a judgment is reached, a confirmation letter goes out. Turek's confirmation letter is dated 4/12/05. This letter was amended on 5/10/05, with up to 10 days allowed in case of a dispute. Therefore, unless there was a dispute, which he has no knowledge of, the order would have been final by 6/1/05 and only then would Turek be obligated to start giving out stock.

The Trustee sent out a request for status letter one week ago and has so far not gotten a reply. He doesn't expect the detailed information I requested (who got what shares and at what price) to be given to him in return, but who can say. As for whether stock transactions such as this need to be filed with the SEC, that was beyond his expertise. He was unaware of any agreement that allowed Turek to issue 75% (as opposed to 100%) of the judgment in stock and said I should really call the debtor's attorney... which I did but am awaiting a return call from. Feel free to get these answers from PLNI and we'll compare notes.

- Jeff

P.S. Let's hope we can both accomplish this goal in a civil manner.



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http://www.siliconinvestor.com/readmsg.aspx?msgid=21986146


To: jmhollen who wrote (2439)
12/19/2005 12:17:12 PM
From: Jeffrey S. Mitchell
Read Replies (1) of 2531

The particular person I talked to was Charles Edwards. The person I am awaiting a call back from is C. Edwin Rude. Their contact info and more info on the case is contained in the link I posted ( http://myturl.com/0020P ).

- Jeff


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http://www.siliconinvestor.com/readmsg.aspx?msgid=21986964



To: rrm_bcnu who wrote (2436)
12/19/2005 3:42:42 PM
From: Jeffrey S. Mitchell
Read Replies (1) of 2531

I just talked to Atty. Rude. I'm sure Atty Rude will tell Mr. Turek he spoke to me for anyone who wishes to verify I did (probably best for disbelievers to verify my words that way instead of everyone calling the attorney themselves). In any event, Mr. Rude didn't have all the details in front of him and thus couldn't get into specifics, but he did try to be helpful as opposed to try to get me off the phone. He said in a few days he would see if he could get me the details of the plan. I guess whether he does or not will depend on what is considered public information and what control Mr. Turek has in all this.

Whether it's $4.7m, $3M, $2M or whatever, that's a lot of stock that, if dumped, could affect the share price significantly. It would also explain things much better than "the evil basher short-sellers must be responsible" although I somehow doubt that alibi will ever go away.

So... to be continued...

- Jeff




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