[PLNI]: False and Misleading Statements by Promoter Rick Matthews (rrm_bcnu) regarding scam company Plasticon International, Inc.
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It just doesn't stop.
Faced with a potential takeover of scam company PLNI by the U.S. Department of Justice's Office of U.S. Trustee and, in the opinion of the_worm06, potential criminal indictments of certain PLNI officers, directors, consultants and promoters, Rick Matthews (rrm_bcnu) of Sedalia, Missouri, continues to defend PLNI and its CEO James N. Turek, Sr.
As with many of his posted messages on Internet message boards before the one below, Mr. Matthews uses false and misleading statements to state his case, in additional to attacking anyone in the way of his defense of Turek and PLNI. This time he attacks the attorneys for one of the PLNI creditors.
In this case Mr. Matthews is defending the syphoning off of close to $100,000 from the Pro Mold, Inc. subsidiary by PLNI, over and above the court ordered monthly cash collateral agreement by stating as fact that the funds are being used for Pro Mold, Inc.'s payroll. Nothing could be further from the truth.
What Mr. Matthews fails to mention is that the Plasticon International, Inc. and Pro Mold, Inc. bankruptcies are two separate cases.
Plasticon International, Inc. and Pro Mold, Inc. are two separate entities and should be treated as such.
He also doesn't understand that the payroll of each entity is paid by two separate ADP accounts, one for Pro Mold and one for PLNI. Pro Mold's payroll is paid by Pro Mold's cash going directly to ADP and not to Plasticon and then ADP. Cash syphoned from Pro Mold, Inc. by Plasticon and used for ADP payroll would only be used for Plasticon's payroll and not for Pro Mold, Inc.'s payroll.
This separation of these two different payrolls is what Mr. Matthews fails to understand and is misleading the investment public by stating that the close to $100,000 syphoned from Pro Mold by Plasticon is being used for Pro Mold's payroll expenses.
At this point one has to ask what Mr. Matthews' relationship with Turek is, as he has been caught representing Turek and PLNI in soliciting third parties for not only potential financing, but also legal representation.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=22478329
Posted by: rrm_bcnu
In reply to: None Date:8/30/2007 12:32:22 AM
Post #of 31801
Some observations regarding the payroll issue:
A. In document 122 filed on 7/20/07 (PRO PLAS LLC’S RESPONSE TO THE APPLICATION OF THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS FOR ORDER AUTHORIZING THE EMPLOYMENT OF WISE DELCOTTO PLLC AS ATTORNEYS FOR THE COMMITTEE AND PRO PLAS LLC’S OBJECTION TO THE APPLICATION OF THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS FOR ORDER AUTHORIZING THE APPROVAL OF RETAINER) Pro Plas stated the following on page 2
5. According to the Pro Mold, Inc. Disbursement Journals that are attached hereto and incorporated herein as Exhibit “1”, “2” and “3”, Debtor Pro Mold has transferred the following amounts to Debtor Plasticon since June 22, 2007 for management fees:
Date - Amount
a. June 22, 2007 - $ 7,500.00
b. June 29, 2007 - $ 7,500.00
b. July 6, 2007 - $ 7,500.00
c. July 10, 2007 - $ 7,500.00
Total $30,000.00
6. According to counsel for Debtor Pro Mold and Debtor Plasticon, Debtor Plasticon directed Debtor Pro Mold to pay these management fees to Debtor Plasticon “out of necessity because Debtor Plasticon had no money to pay its’ payroll.”
B. Implicit in the above is the quoted statement that Plasticon had no money to pay Pro Mold's payroll. All payroll for the corporation, including Pro Mold, is apparently handled through ADP Inc., according to the DIP Monthly Operations report for the period ending 31 July 2007 (#158). Note the dates of the above cited "proof" that the Murphy entities "management fees" were unauthorized post-petition transfers.
C. It appears that the payroll for ProMold amounts to approximately $7500 of the total Plasticon payroll handled by ADP, approximately $9447 per week. This is based on the summed and averaged entries below from document #158 pages 13 and 14:
Date Amounts Disbursed
5/25/07 $6038.97 + $3335.94 + $56.07 = $9430.98
5/31/07 $6038.98 + $3335.92 + $56.07 = $9430.97
6/08/07 $6038.99 + $3335.92 + $56.07 = $9430.98
6/15/07 $6038.99 + $3335.92 + $56.07 = $9430.98
6/21/07 $6038.98 + $3335.92 + $56.07 = $9430.97
6/27/07 $6038.98 + $3335.92 + $56.07 = $9430.97 (5 days after the June 22 Pro Mold Transfer)
7/06/07 $6038.98 + $3335.92 + $56.07 = $9430.97 (8 days after the June 29 Pro Mold Transfer)
7/12/07 $6038.97 + $3170.56 + $58.92 = $9268.45 (6 days after the July 06 Pro Mold Transfer)
7/19/07 $6038.99 + $3651.13 + $58.92 = $9749.04 (9 days after the July 10 Pro Mold Transfer)
7/25/07 $6038.98 + $3335.92 + $58.93 = $9433.83
Total = $94,468.14 / 10 = $9446.81
D. Note on page 15 that funds for ProMold payroll were transferred in from Lex Real to pay the payroll from 5/17/07 till the end of June. On 6/27/07, $15,000 (2 x $7500) back payments apprently were received. Subsequent weekly receipts from Pro Mold were to pay for "its'" own (ProMold's) payroll... and rightly so.
E. The clearly poor communication between two hostile legal entities is most assuredly not in the best interests of creditors or shareholders. However, the blatant misread of the Plasticon statement regarding payroll by Pro Plas is a divisive and IMO devious spin on the rightful need for the Pro Mold facility to pay it's own payroll in this Ch 11.
IMO these $7500 payments to Plasicon are for payroll, have nothing to do with anything other than payroll, and to imply otherwise requires the implier to prove the DIP monthly report (#158) incorrect. The dates and amounts on the DIP Monthly ending 31 July 07 appear to correspond to the Exhibits submitted by the Pro Plas creditor in other documents.
The link to the #158 document: http://tinyurl.com/26jaan
_______________________________________________
.
It just doesn't stop.
Faced with a potential takeover of scam company PLNI by the U.S. Department of Justice's Office of U.S. Trustee and, in the opinion of the_worm06, potential criminal indictments of certain PLNI officers, directors, consultants and promoters, Rick Matthews (rrm_bcnu) of Sedalia, Missouri, continues to defend PLNI and its CEO James N. Turek, Sr.
As with many of his posted messages on Internet message boards before the one below, Mr. Matthews uses false and misleading statements to state his case, in additional to attacking anyone in the way of his defense of Turek and PLNI. This time he attacks the attorneys for one of the PLNI creditors.
In this case Mr. Matthews is defending the syphoning off of close to $100,000 from the Pro Mold, Inc. subsidiary by PLNI, over and above the court ordered monthly cash collateral agreement by stating as fact that the funds are being used for Pro Mold, Inc.'s payroll. Nothing could be further from the truth.
What Mr. Matthews fails to mention is that the Plasticon International, Inc. and Pro Mold, Inc. bankruptcies are two separate cases.
Plasticon International, Inc. and Pro Mold, Inc. are two separate entities and should be treated as such.
He also doesn't understand that the payroll of each entity is paid by two separate ADP accounts, one for Pro Mold and one for PLNI. Pro Mold's payroll is paid by Pro Mold's cash going directly to ADP and not to Plasticon and then ADP. Cash syphoned from Pro Mold, Inc. by Plasticon and used for ADP payroll would only be used for Plasticon's payroll and not for Pro Mold, Inc.'s payroll.
This separation of these two different payrolls is what Mr. Matthews fails to understand and is misleading the investment public by stating that the close to $100,000 syphoned from Pro Mold by Plasticon is being used for Pro Mold's payroll expenses.
At this point one has to ask what Mr. Matthews' relationship with Turek is, as he has been caught representing Turek and PLNI in soliciting third parties for not only potential financing, but also legal representation.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=22478329
Posted by: rrm_bcnu
In reply to: None Date:8/30/2007 12:32:22 AM
Post #of 31801
Some observations regarding the payroll issue:
A. In document 122 filed on 7/20/07 (PRO PLAS LLC’S RESPONSE TO THE APPLICATION OF THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS FOR ORDER AUTHORIZING THE EMPLOYMENT OF WISE DELCOTTO PLLC AS ATTORNEYS FOR THE COMMITTEE AND PRO PLAS LLC’S OBJECTION TO THE APPLICATION OF THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS FOR ORDER AUTHORIZING THE APPROVAL OF RETAINER) Pro Plas stated the following on page 2
5. According to the Pro Mold, Inc. Disbursement Journals that are attached hereto and incorporated herein as Exhibit “1”, “2” and “3”, Debtor Pro Mold has transferred the following amounts to Debtor Plasticon since June 22, 2007 for management fees:
Date - Amount
a. June 22, 2007 - $ 7,500.00
b. June 29, 2007 - $ 7,500.00
b. July 6, 2007 - $ 7,500.00
c. July 10, 2007 - $ 7,500.00
Total $30,000.00
6. According to counsel for Debtor Pro Mold and Debtor Plasticon, Debtor Plasticon directed Debtor Pro Mold to pay these management fees to Debtor Plasticon “out of necessity because Debtor Plasticon had no money to pay its’ payroll.”
B. Implicit in the above is the quoted statement that Plasticon had no money to pay Pro Mold's payroll. All payroll for the corporation, including Pro Mold, is apparently handled through ADP Inc., according to the DIP Monthly Operations report for the period ending 31 July 2007 (#158). Note the dates of the above cited "proof" that the Murphy entities "management fees" were unauthorized post-petition transfers.
C. It appears that the payroll for ProMold amounts to approximately $7500 of the total Plasticon payroll handled by ADP, approximately $9447 per week. This is based on the summed and averaged entries below from document #158 pages 13 and 14:
Date Amounts Disbursed
5/25/07 $6038.97 + $3335.94 + $56.07 = $9430.98
5/31/07 $6038.98 + $3335.92 + $56.07 = $9430.97
6/08/07 $6038.99 + $3335.92 + $56.07 = $9430.98
6/15/07 $6038.99 + $3335.92 + $56.07 = $9430.98
6/21/07 $6038.98 + $3335.92 + $56.07 = $9430.97
6/27/07 $6038.98 + $3335.92 + $56.07 = $9430.97 (5 days after the June 22 Pro Mold Transfer)
7/06/07 $6038.98 + $3335.92 + $56.07 = $9430.97 (8 days after the June 29 Pro Mold Transfer)
7/12/07 $6038.97 + $3170.56 + $58.92 = $9268.45 (6 days after the July 06 Pro Mold Transfer)
7/19/07 $6038.99 + $3651.13 + $58.92 = $9749.04 (9 days after the July 10 Pro Mold Transfer)
7/25/07 $6038.98 + $3335.92 + $58.93 = $9433.83
Total = $94,468.14 / 10 = $9446.81
D. Note on page 15 that funds for ProMold payroll were transferred in from Lex Real to pay the payroll from 5/17/07 till the end of June. On 6/27/07, $15,000 (2 x $7500) back payments apprently were received. Subsequent weekly receipts from Pro Mold were to pay for "its'" own (ProMold's) payroll... and rightly so.
E. The clearly poor communication between two hostile legal entities is most assuredly not in the best interests of creditors or shareholders. However, the blatant misread of the Plasticon statement regarding payroll by Pro Plas is a divisive and IMO devious spin on the rightful need for the Pro Mold facility to pay it's own payroll in this Ch 11.
IMO these $7500 payments to Plasicon are for payroll, have nothing to do with anything other than payroll, and to imply otherwise requires the implier to prove the DIP monthly report (#158) incorrect. The dates and amounts on the DIP Monthly ending 31 July 07 appear to correspond to the Exhibits submitted by the Pro Plas creditor in other documents.
The link to the #158 document: http://tinyurl.com/26jaan
_______________________________________________
posted by the_worm06 | 8/30/2007 07:59:00 AM
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