Saturday, April 19, 2008

Planktos: They Sold the Weatherbird II (PLKT.PK)

I hadn't looked at Planktos in months. We had a post back in June '07 that started:
But first, one of my favorite examples of a stock scam
(I told you, I have a morbid fascination with the underbelly of the markets, it's like watching the lions approach the wildebeest at the watering hole, you don't want to see it but you can't look away):...
and ended:
Russ George is founder, president and CEO of Planktos, KlimaFa and HaidaClimate.

As they say on the nature shows:

"Sadly now, there can be but one outcome"

Here's the chart (via Yahoo):

Chart for Planktos Corp. (PLKT.PK)

and here's the 8K:

Sale of the Weatherbird II

On January 21, 2008, the Company entered into a letter of intent with the St Petersburg Environmental Research Center (“SPERC”) to sell its research vessel the Weatherbird II according to certain terms and conditions in exchange for a purchase price of $1,000,000 of which $100,000 was paid on acceptance of the letter of intent. Further to mutual agreement, the terms of the letter of intent were subsequently assigned to Sperc Explorer, Inc. The balance of the purchase price was paid to the Company on February 29, 2008 at which time title to the Weatherbird II passed to Sperc Explorer, Inc.

Not exactly a timely filing.

Russ George adiosed too.