[plni] was just a pyramid scheme

There was a reason why TDAmeritrade put a hault on buys of Plasticon [plni] over a year ago. They knew Turek was dumping massive shares and [plni] was just a pyramid scheme that was ready to crumble. It just took a year longer than everyone predicted.

6,000,000,000 shares of preferred stock have been authorized. 11,000,000,000 shares of common stock issued and held by approximately 12,000 shareholders

From page 4 of Document 1
05/16/2007 1 Chapter 11 Voluntary Petition. Fee Amount 1039 Filed by Plasticon International, Inc.

Bankruptcy Petition #: 07-50935-jms Debtor Pro Mold, Inc. Date Filed: 05/16/2007

United States Bankruptcy Court
Eastern District of Kentucky (Lexington)
Bankruptcy Petition #: 07-50935-jms
Assigned to: Chief Judge Joseph M Scott Jr
Chapter 11
Voluntary
Asset
Date Filed: 05/16/2007

Debtor
Pro Mold, Inc.
3288 Eagle View Lane, Suite 290
Lexington, KY 40509
Tax id: 43-1432718
represented by Robert J Brown
250 W Main St #1600
Lexington, KY 40507-1746
(859) 233-2012
Email: lexbankruptcy@wyattfirm. com

U.S. Trustee
U.S. Trustee
100 E Vine St #500
Lexington, KY 40507
(859) 233-2822 represented by Rachelle C. Williams
100 E. Vine St. #500
Lexington, KY 40507
(859) 233-2822
Email: rachelle.c.williams@usdoj. gov

Filing Date # Docket Text

05/16/2007 3 Proposed Order submitted by Robert J Brown. (Brown, Robert) (Entered: 05/16/2007)

05/16/2007 2 Notice of Appearance and Request for Notice by Rachelle C. Williams Filed by on behalf of U.S. Trustee. (Williams, Rachelle) (Entered: 05/16/2007)

05/16/2007 Receipt of filing fee for Voluntary Petition (Chapter 11)(07-50935) [misc,volp11a] (1039.00). Receipt number 2561149, amount $1039.00. (U.S. Treasury) (Entered: 05/16/2007)

05/16/2007 1 Chapter 11 Voluntary Petition. Fee Amount 1039 Filed by Pro Mold, Inc. (Brown, Robert) (Entered: 05/16/2007)

---------------------

Plasticon International, Inc. Voluntarily Files Chapter 11 to Reorganize Company
Thursday May 17, 9:08 am ET

LEXINGTON, KY--(MARKET WIRE)--May 17, 2007 -- Plasticon International, Inc. (Other OTC:PLNI.PK - News) announced today that the Company has voluntarily filed for Chapter 11 in order to reorganize Plasticon International, Inc. and its subsidiary, Pro Mold, Inc. Chapter 11 allows a company to reorganize while it continues to operate and grow its business, as opposed to liquidation.

The Company has taken this action in order to safeguard the investment that it has made in Pro Mold, Inc., a subsidiary that the Company bought in December of 2005 for cash and a note totaling $3,500,000. There is currently $875,000 outstanding on the note. Plasticon International, Inc. plans to reorganize the Company under the bankruptcy laws of the United States.

"We felt this action was necessary for Plasticon International, Inc. and its subsidiary, Pro Mold, Inc. We will take this time to reorganize and restructure the Company and we believe that Plasticon will come out from the reorganization in a much stronger position to compete in our industry. We had to take action quickly to defend a precipitous attack from a creditor which had declined to accept a late payment and was apparently interested in seizing control of Pro Mold," stated Jim Turek, CEO and President of Plasticon International, Inc.

Your right,I knew all along too, Turek is a real scam. Sorry too say but I have been scamed for over two years now,lost $1500. on BULLCRAP. Turek even looks like one of those that you see on 20/20 or America's most wanted ,you know the guy, where he tries too sell you an oasis in the middle of the desert.I should of heeded the warning back then. Whats the old saying, crap on me once,shame on you ,crap on me twice, shame on me!.. Never again Turek!!!

This was a share selling scam from the very start! Pure and Simple! Opening Day for this stock had Red Flags flying like Red Sq

2007 Headlines

Yesterday, Thu, May 17, 2007
Plasticon International, Inc. Voluntarily Files Chapter 11 to Reorganize Company
Market Wire (Thu 9:08am)

Wed, May 2, 2007
Plasticon International, Inc.'s Wholly Owned Subsidiary, Pro Mold, Inc. Expands Product Line With New Refrigeration Component
Market Wire (Wed, May 2)

Fri, Apr 27, 2007
Plasticon International, Inc.'s Wholly Owned Subsidiary Pro Mold, Inc. to Manufacture the "Hurricane Clip"
Market Wire (Fri, Apr 27)

Sat, Apr 21, 2007
PLASTICON INTERNATIONAL, INC. Financials
EDGAR Online Financials (Sat, Apr 21)

Thu, Apr 5, 2007
Plasticon International, Inc.'s Wholly Owned Subsidiary Promotes Mechanical Engineering Executive to General Manager
Market Wire (Thu, Apr 5)

Wed, Apr 4, 2007
Plasticon International, Inc. Continues to Distribute at Least $65,000 a Month of Products Through Pro Mold, Inc. Facilities
Market Wire (Wed, Apr 4)

Fri, Mar 30, 2007
Plasticon International, Inc. CEO Discusses Automotive Dealership Contracts and Distribution in WallStreetReporter.com Interview
Market Wire (Fri, Mar 30)

Thu, Mar 22, 2007
Plasticon International, Inc. Announces Results of First Annual Shareholder Meeting
Market Wire (Thu, Mar 22)

Tue, Mar 20, 2007
Plasticon International, Inc. Increases Profits by More Than 77% While Reducing Operating Expenses
Market Wire (Tue, Mar 20)

Thu, Mar 15, 2007
PLASTICON INTERNATIONAL, INC. Files SEC form 10QSB, Quarterly Report
EDGAR Online (Thu, Mar 15)

Wed, Mar 14, 2007
Plasticon International, Inc. to Seek a Listing on the American Stock Exchange
Market Wire (Wed, Mar 14)

Tue, Mar 13, 2007
Plasticon International, Inc.'s Wholly Owned Subsidiary SEMCO Manufacturing Completes Work on $82 Million I-515 Beltway Interchange Project
Market Wire (Tue, Mar 13)

Fri, Mar 9, 2007
Plasticon International, Inc. Signs Letter of Intent to Acquire AV-CB Developments
Market Wire (Fri, Mar 9)

MoneyTV, Week of 3/9
Market Wire (Fri, Mar 9)

Wed, Mar 7, 2007
Plasticon International, Inc. Increases Revenues by Over $3.4 Million
Market Wire (Wed, Mar 7)

Tue, Mar 6, 2007
PLASTICON INTERNATIONAL, INC. Files SEC form 10QSB, Quarterly Report
EDGAR Online (Tue, Mar 6)

Thu, Mar 1, 2007
Plasticon International, Inc. Announces Annual Shareholder Meeting to Be Held March 16th in New Orleans
Market Wire (Thu, Mar 1)

Fri, Feb 23, 2007
MoneyTV, Week of 2/23
Market Wire (Fri, Feb 23)

Thu, Feb 22, 2007
Plasticon Subsidiary Awarded $415,000 Surfacing Contract for Paris Las Vegas Hotel & Casino
Market Wire (Thu, Feb 22)

Tue, Feb 20, 2007
Plasticon International, Inc. CEO Looks Ahead to Successful 2007 in WallSt.net Interview
Market Wire (Tue, Feb 20)

Fri, Feb 16, 2007
Plasticon International, Inc. Outlines Major Plans for 2007 and Beyond During National Teleconference
Market Wire (Fri, Feb 16)

Thu, Feb 15, 2007
Plasticon International, Inc. to Host Nationwide Teleconference Today
Market Wire (Thu, Feb 15)

Mon, Feb 12, 2007
Plasticon International, Inc. CEO to Be Interviewed on Floor of AMEX Today
Market Wire (Mon, Feb 12)

Plasticon International, Inc. CEO to Be Interviewed on Floor of NASDAQ
Market Wire (Mon, Feb 12)

Fri, Feb 9, 2007
Plasticon International, Inc.'s Wholly Owned Subsidiary SEMCO Manufacturing, Inc. Awarded High Rise Condo Project
Market Wire (Fri, Feb 9)

2006 Headlines

Thu, Nov 30, 2006
Plasticon International, Inc.'s Wholly Owned Subsidiary, Pro Mold, Inc. Adds Additional Warehouse Space
Market Wire (Thu, Nov 30)

Tue, Nov 28, 2006
Plasticon International, Inc.'s Wholly Owned Subsidiary, SEMCO Manufacturing, Completes Hard Rock Cafe Floor Logo Project
Market Wire (Tue, Nov 28)

Tue, Nov 21, 2006
Big Apple Wallcovering, Inc. and Plasticon International, Inc. Report Successful Showing to More Than 35,000 Attendees at International Hotel/Motel and Restaurant Show
Market Wire (Tue, Nov 21)

Mon, Nov 13, 2006
Plasticon International, Inc. Showcases New SEMCO Wallcovering Product to Over 35,000 Attendees at the International Hotel/Motel & Restaurant Show in New York
Market Wire (Mon, Nov 13)

Thu, Nov 9, 2006
Plasticon International, Inc.'s SEMCO Manufacturing Unit Begins Work on West Charleston Lofts Project in Las Vegas
Market Wire (Thu, Nov 9)

Thu, Nov 2, 2006
Plasticon International, Inc. Files Form 8-K Regarding Acquisition of Semco Distribution, Inc. and Ultimate Surface, LLC
Market Wire (Thu, Nov 2)

Wed, Nov 1, 2006
PLASTICON INTERNATIONAL, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Completion of Acquisiti
EDGAR Online (Wed, Nov 1)

Tue, Oct 31, 2006
Plasticon International, Inc. Subsidiary Awarded Nevada Beltway Construction Contract Valued at Over $240,000
Market Wire (Tue, Oct 31)

Mon, Oct 30, 2006
Plasticon International, Inc.'s SEMCO Manufacturing Unit Selected for West Charleston Lofts Project in Las Vegas
Market Wire (Mon, Oct 30)

Thu, Oct 26, 2006
BUYINS.NET Identifies Naked Short Selling of 1.1 Billion Shares of Plasticon Stock
Market Wire (Thu, Oct 26)

Mon, Oct 23, 2006
Plasticon International Inc. Fights Back!
Market Wire (Mon, Oct 23)

Thu, Sep 28, 2006
Plasticon Reports Continued Sales Growth in 2005 and 2006
Market Wire (Thu, Sep 28)

Tue, Sep 26, 2006
Plasticon Announces Record Mold Construction at Its Pro Mold Subsidiary
Market Wire (Tue, Sep 26)

Wed, Sep 20, 2006
Plasticon Announces Purchase of New Equipment to Increase Capacity of Its Pro Mold Operations
Market Wire (Wed, Sep 20)

Fri, Sep 15, 2006
PLASTICON INTERNATIONAL, INC. Financials
EDGAR Online Financials (Fri, Sep 15)

Thu, Sep 14, 2006
Plasticon International (PLNI) CEO Jim Turek Conducts New Webcast With www.TheGreenBaron.com to Discuss Filing Audited Financials
Market Wire (Thu, Sep 14)

Tue, Sep 12, 2006
Plasticon International, Inc. Announces Completion of Fiscal 2005 Audit
Market Wire (Tue, Sep 12)

Fri, Sep 8, 2006
PLASTICON INTERNATIONAL, INC. Files SEC form 10KSB, Annual Report
EDGAR Online (Fri, Sep 8)

Tue, Aug 15, 2006
Plasticon Announces Webcast Featuring Delivery of Toyo Machines to Pro Mold, Inc. Facility and John Murphy Discussing Pro Mold, Inc. 2006 Revenues
Market Wire (Tue, Aug 15)

Thu, Aug 10, 2006
Plasticon Announces Webcast of Pro Mold, Inc. Factory Tour, Which Details Quality Control Practices and Provides Strength Test Demonstration
Market Wire (Thu, Aug 10)

Wed, Aug 9, 2006
Plasticon International (PLNI) CEO Jim Turek & Senior Consultant Bill Howe Conduct Webcast With www.TheGreenBaron.com to Be Available Thursday, August 10
Market Wire (Wed, Aug 9)

Tue, Aug 8, 2006
Plasticon Files Form 8-K on Acquisition of Pro Mold, Inc.
Market Wire (Tue, Aug 8)

Fri, Aug 4, 2006
PLASTICON INTERNATIONAL, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Completion of Acquisiti
EDGAR Online (Fri, Aug 4)

Thu, Aug 3, 2006
Plasticon Announces That Its FY 2005 First, Second and Third Quarter Financial Statements Have Been Filed With the SEC; Plasticon's Auditing Firm States FY 2005 Audited Financials to Be Completed and Filed in August
Market Wire (Thu, Aug 3)

Wed, May 31, 2006
Important Message for Plasticon Shareholders With TD Ameritrade Brokerage Accounts: June 1st Deadline Approaching
Market Wire (Wed, May 31)

Can someone intelligent who has a large stake in this company and want the best for it give me a no BS assessment of what we're looking at here with the Chap11?

Taking Advantage Of Corporate Decline
October 30, 2006 | By Justin Kuepper,
Access Investopedia's Forex Advisor FREE Report - The 5 Things That Move The Currency Market


Bankruptcy - it's a word that few people like to hear, but it can represent great opportunities for investors willing to do a little hands-on research. Bankruptcies are a process that occurs when companies can no longer afford to make payments on their debt. Oftentimes, this comes as a result of a bad economic environment, poor internal management, over-expansion, new liabilities, new regulations and a host of other reasons. This article will take a look at exactly what happens during a bankruptcy, and how investors can profit from it! (For more insight, see An Overview Of Corporate Bankruptcy.)

The Decline
The bankruptcy process is often lengthy and complex. While understanding how it works from a theoretical standpoint may be easy, there are many complications that arise when it comes to settlement amounts and payment terms.

There are two types of bankruptcy that companies may file:

1. Chapter 7 - This type of bankruptcy occurs when a company completely goes out of business and assigns a trustee to liquidate and distribute all of its assets to the company's creditors and owners.

2. Chapter 11 - This is the most common type of corporate bankruptcy for public companies. In a Chapter 11 bankruptcy, a company continues normal day-to-day operations while ratifying a plan to reorganize its business and assets in such a way that will make it able to meet its financial obligations and eventually emerge from bankruptcy.

The process for a Chapter 11 bankruptcy is as follows:

-- The U.S. board of trustees (the bankruptcy arm of the Justice Department) first appoints a committee to act on behalf of shareholders and creditors.
--This committee then works with the company to create a plan to reorganize and emerge from bankruptcy. (This plan will be discussed in greater detail later.)
--The company releases a disclosure statement after it is reviewed by the SEC. This statement contains the proposed terms of the bankruptcy.
--Owners and creditors vote to approve or disapprove the plan. The plan also can be approved by the courts without owner or creditor consent if it is found to be fair to all parties.
--Once the plan is approved, the company must file a more detailed version of the plan with the SEC via the form 8-K. This form contains more specific details regarding the payment amounts and terms.
--The plan is then carried out by the company. Shares in the "new" company are distributed and payments are made.

The Plan
Companies that go into bankruptcy often have crushing debt that cannot be paid off entirely in cash (after all, the company is bankrupt). As a result, public companies typically disband their original shares and issue new shares in order to make equity payments for the agreed upon amounts. The distribution of new shares occurs in the following order:

--Secured Creditors - These are banks that have loaned the company money with assets as collateral.
--Unsecured Creditors - These are banks, suppliers and bondholders who have supplied the company with money through loans or products, but without collateral.
--Stockholders - These are the shareholders and owners of the company.

Notice that the shareholders are at the bottom of the list. Unfortunately, they almost always are stuck with next to nothing after a company emerges from bankruptcy. So, where's the value? Let's take a look.

The Investment
Achieving above-average returns often involves thinking outside of the box - but where could money possibly be made in a bankruptcy? The answer lies not in what takes place before, but rather what takes place after a company goes bankrupt.

A stock's price is not only a reflection of the company's fundamentals, but also a result of the market's supply and demand for shares. Sometimes fluctuations in supply and demand can create deviations away from the true fundamental value of a company. As a result, the share price may not be an accurate reflection of the company's fundamentals. These are situations in which keen investors look to invest, and these situations can occur from bankruptcies.

When a company declares bankruptcy, most people are not happy because owners lose almost everything they have and creditors gain back only a fraction of what they lent. As a result, when the company emerges from bankruptcy reorganization and issues new shares to these two groups of stakeholders, the stakeholders are usually not interested in holding them in the long term. In fact, most of them dump the shares rather quickly on the secondary market. Overall, this results in excess supply of shares that are generated not from bad fundamentals, but rather from apathetic or unhappy stakeholders. Moreover, these new shares enter the market with very little fanfare (no road show, IPO, pumping, etc), which results in no added premium to the share price. It is this scenario that creates value for those willing to pick up the cheap shares and hold them until they increase in value.

The Risks
Despite how easy this process may seem, there is still a host of risks associated with investing in companies emerging from bankruptcy. For instance, a company's new shares might not accurately reflect the value of the new company, so selling may be justified. Perhaps the problems that brought the company into bankruptcy in the first place still exist, and the scenario may be likely to repeat itself.

Another threat to bankruptcy investing is so-called vulture investors. These are investment groups that specialize in buying large stakes (debt and bonds) in companies operating under Chapter 11 before new shares are issued so they are guaranteed a large amount of post-bankruptcy shares. These groups have already discovered the value, and are often the first sellers after the stock has recovered post bankruptcy.

So, when is a good time to invest? The key is doing some good old research (or due diligence, as investors like to call it). Look for companies with solid fundamentals that only entered bankruptcy due to extreme circumstances. Failed buyouts, unfavorable lawsuits and companies with identifiable liabilities (such as a bad product line) typically make good post-bankruptcy investments. Stocks with a low market cap are also more apt to be mispriced after a bankruptcy. Furthermore, stocks with low market caps and liquidity are often ignored by vulture investors and, therefore, may represent better values than those already picked up.

Conclusion
The bankruptcy reorganization process is long and complex; however, some public companies are able to emerge from it and become profitable again. These companies may represent some of the best undervalued investment opportunities for successful investors to profit from in today's market.

Resources
"You Can Be A Stock Market Genius" (1997) by Joel Greenblatt - This is one of the best books on the topic for individual investors seeking to get involved in bankruptcy investing and other not-so-common scenarios.

Originally Posted by Unregistered Can someone intelligent who has a large stake in this company and want the best for it give me a no BS assessment of what we're looking at here with the Chap11?

Sometimes, you may first learn about a business bankruptcy in the news. If you hold a stock or bond in your own name, you should receive information directly from the company. If you hold stock or bonds in street name with a broker, your broker should forward information from the company to you.

You may be asked to vote on the plan of reorganization, although you may not get the full value of your investment back. In fact, sometimes stockholders don't get anything back, and they don't get to vote on the plan.

If you are entitled to vote, you should receive from the company:

(1) a copy of the reorganization plan or a summary

(2) a court approved disclosure statement which includes information to help you make an informed judgment about the plan

(3) a ballot to vote on the plan and

(4) notice of the date, if any, for a hearing on the court's confirmation of the plan, including the deadline for filing objections.

Even if you are not entitled to vote, you should get a summary of the disclosure statement, and a notice on how to file an objection to the plan.

Originally Posted by Unregistered Can someone intelligent who has a large stake in this company and want the best for it give me a no BS assessment of what we're looking at here with the Chap11?

One of many links:
http://www.sec.gov/investor/pubs/bankrupt.htm

The odds are against us regardless, there want be a band of lawyers fighting for the share holders.

I hope I'm wrong.

Originally Posted by Unregistered Can someone intelligent who has a large stake in this company and want the best for it give me a no BS assessment of what we're looking at here with the Chap11?

Plasticon's future is essential dead from this deal. They had product that lost MILLIONS and MILLIONS of dollars each quarter. That doesn't change now that they cleared their debt.

The company is still a loser being led by a loser. If he isn't pulling this scam deliberately, Jim Turek has to be one of the most incompetent CEO's that have come around in a long time.

Too bad shareholders can't throw him out because Turek gave himself all the voting rights.

Now there isn't a business, supplier, or bank who would give Turek's a nickle worth of credit.

[sandra]

NEWS FOR PLNI SHAREHOLDERS!!!

Press Release Source: Plasticon International, Inc.

Plasticon International, Inc. Offers Exchange Program to Shareholders

Friday May 18, 8:30 am ET


LEXINGTON, KY--(MARKET WIRE)--May 18, 2007 -- Plasticon International, Inc. (Other OTC:PLNI.PK - News) announced today that the Company is offering a share exchange program to its shareholders. Plasticon International, Inc. will offer to exchange common shares of stock from shareholders, which they will value at $.001, which is premium to market price, in exchange for convertible preferred stock to be valued at $1.00 a share. This means for every 1000 shares of common stock offered back to the Company, shareholders will receive one share of convertible preferred stock valued at $1.00 for future conversion purposes.
Current shareholders must have their shares into First American Stock Transfer by July 3, 2007 in order to qualify for the exchange of common shares to convertible preferred shares. Shareholders must turn in a minimum of 1,000,000 shares in order to qualify. The convertible preferred stock will be protected from any future stock restructuring by the Company. For the complete terms and conditions of the stock buyback program, please visit the Company's Web site www.plasticonintl.com.

"We are very pleased to be able to offer our shareholders this exchange program. With our share repurchase program announcement today, we are reaffirming our confidence and optimism in the long-term future of the Company. As more information becomes available, it will be provided on our Web site," stated Jim Turek, CEO and President of Plasticon International, Inc.