uber darthium
11 months ago
U.S. Bankruptcy Court
WESTERN DISTRICT OF PENNSYLVANIA (Pittsburgh)
Bankruptcy Petition #: 22-21958-CMB
Assigned to: Bankruptcy Judge Carlota M Bohm
Chapter 7
Voluntary
No asset
Date filed: 10/03/2022
341 meeting: 03/06/2023
Deadline for filing claims (govt.): 04/01/2023
Debtor
Power Conversion Technologies, Inc.
789 E. Butler Road
Butler, PA 16002
BUTLER-PA
Tax ID / EIN: 25-1665712
represented by
Guy C. Fustine
Knox McLaughlin Gornall & Sennett, P.C.
120 West Tenth Street
Erie, PA 16501
814-459-2800
Email: mwernicki@kmgslaw.com
Trustee
Jeffrey J. Sikirica
Jeffrey J Sikirica, ESQ
PO Box 13426
Pittsburgh, PA 15243
724-625-2566
U.S. Trustee
Office of the United States Trustee
Liberty Center.
1001 Liberty Avenue, Suite 970
Pittsburgh, PA 15222
412-644-4756
Latest Dockets
Date Filed # Docket Text
11/30/2022 16 Certificate of Service of NOTICE OF PROPOSED ABANDONMENT OF ESTATE PROPERTY PURSUANT TO F.R.B.P. 6007(a) (with attached lists of property abandoned) Filed by Trustee Jeffrey J. Sikirica (RE: related document(s): 15 Notice of Intent to Abandon filed by Trustee Jeffrey J. Sikirica). (Sikirica, Jeffrey) (Entered: 11/30/2022)
11/30/2022 15 Notice of Intent to Abandon Inventory, office equipment (see attached list) and machinery & shop equipment (see attached list) Filed by Trustee Jeffrey J. Sikirica (Attachments: # 1 Attached lists of property abandoned) (Sikirica, Jeffrey) (Entered: 11/30/2022)
11/30/2022 14 Meeting of Creditors Adjourned. Debtor(s) were present. Requesting additional financial documents for review which may generate additional questions. Filed by Jeffrey J. Sikirica 341(a) meeting to be held on 3/6/2023 at 03:30 PM at 341 telephonic hearing. (RE: related document(s): 10 Meeting of Creditors Chapter 7 No Asset Business/Corporation). (Sikirica, Jeffrey) (Entered: 11/30/2022)
11/03/2022 13 The upcoming 341(a) Meeting of Creditors is scheduled to be held by a telephonic conference call only. Call 1-866-564-5706 and use access code 3737121 followed by the hashtag (# sign) on your phone. After joining the meeting immediately mute your phone to prevent background noise. (If your phone does not have a mute button then press *6 to mute your call, press *6 again when you want to unmute your call.) Again wait until your case is announced before unmuting your phone as there are multiple cases scheduled each hour. Creditors and other parties of interest, contact the Chapter 7 Trustee at 724-625-2566 or TrusteeSikirica@zoominternet.net to notify the Trustee if you plan on attending the telephonic 341(a) Meeting of Creditors. (Sikirica, Jeffrey) (Entered: 11/03/2022)
10/26/2022 12 Notice of Appearance and Request for Notice by Jeanne S. Lofgren Filed by Creditor Meraki Advisors, LLC (Lofgren, Jeanne) (Entered: 10/26/2022)
10/20/2022 11 BNC Certificate of Mailing - Meeting of Creditors. (RE: related document(s): 10 Meeting of Creditors Chapter 7 No Asset Business/Corporation). Notice Date 10/20/2022. (Admin.) (Entered: 10/21/2022)
10/18/2022 10 Meeting of Creditors 341(a) meeting to be held on 11/21/2022 at 01:00 PM at 341 telephonic hearing. (dpas) (Entered: 10/18/2022)
10/17/2022 9 Notice Regarding Modification to Mailing Matrix Filed by Debtor Power Conversion Technologies, Inc. (Fustine, Guy) (Entered: 10/17/2022)
10/17/2022 8 Petition Completed Filed by Debtor Power Conversion Technologies, Inc. (Fustine, Guy) (Entered: 10/17/2022)
10/05/2022 7 Declaration Re: Electronic Filing (RE: related document(s): 1 Voluntary Petition Chapter 7 filed by Debtor Power Conversion Technologies, Inc.). (dpas) (Entered: 10/05/2022)
uber darthium
11 months ago
Ever time I read this I get a good laugh -
Yes Brian CONway is a serial fraudster, a scammer and has utterly destroyed people lives and their livelihood
re: CEO has a history of "scams" and "pump and dump" - Brian Conway is an IR guy with a history of specializing in taking nearly failed companies and trying to restore them to shareholder value. Correlation doesn't equal causation. Logical fallacy, look it up. People like to say "Conway was the head of LIBE which failed and diluted, scam scam scam." LIBE is the one everyone remembers because it didn't succeed, but there were ones he did succeed at like GBRC and SHMP, and he is succeeding at OZSC now. Obviously a guy who primarily steps into nearly failed companies is going to have to do things like dilute, and when you are the one stepping in and taking over a company that is already in a very tenuous state, you can hardly be called the one to blame for its circumstances because you tried to turn it around and didn't succeed once.
2) re: OZSC was a surgical company a few months ago. Yes, it was. OZSC was a surgical company and it was headed by CEO - Michael D. Chermak until February 2020. Brian Conway (the founder of Waypoint) was the IR contact for OZSC and Chermak. Chermak essentially brought the surgical company to the brink of bankruptcy, took out an onslaught of convertible notes and then bailed. During the same time, Brian Conway had formed a relationship with Cathy Chis, president of PCTI.
Brian helped PCTI to transition from a private company to a public company. One of the cheapest and easiest ways to bring a private company into the public is via a reverse merger. Brian first tried to take PCTI public through the ticker ELTZ. However, that deal fell through because it turned out that ELTZ had significant undisclosed problems. Cathy then suggested Brian take the ticker public through OZSC. Brian advised Cathy against doing this because OZSC had significant debt and was a ticker with a lot of baggage instead of a clean ticker. Cathy and Brian took the ticker public through OZSC because instead of paying for a shell company, like most private companies would have to do to go public, Cathy and PCTI would receive 2 million in financing instead. For that reason, Cathy went with OZSC to take PCTI public.
PCTI has a 29 year history in the power conversion and electrical engineering markets with clients such as the entire US Military, BAE Systems, General Dynamics, NASA, Mitsubishi, etc. Their reputation in the industry is flawless, and they are the only US manufacturer of high MW power inverters with NO COMPETITION. PCTI had a difficult year in 2019 because Mihai Chis, the founder of PCTI and Cathy's husband passed away. Cathy decided to take the company public to honor him and build his vision into something even bigger. Brian stepped in reluctantly as CEO, and as soon as PCTI reverse merged into OZSC in June 2020, Brian began the pivot into the energy sector.
3) re: OZSC is a scam, fake company, etc. This ties into #2, but do you really think that a company with a flawless reputation like PCTI, and the US Military and the largest DoD contractors as ongoing clients would ever possibly be a scam? Do you think a company like this headed by someone with as sterling of a reputation as Cathy Chis would participate in a scam? Are you that foolish?
Do you know the amount of credibility and background checks you have to pass to have NASA and the US Military as a client? This shouldn't ever be brought up, because it's so absolutely ridiculous that it has no legs to stand on.
4) re: OZSC (and/or Brian Conway) is a dilution scam, and they're going to dilute even more! - See #1 regarding the types of companies that Brian steps into to fix them up, and #2 regarding the state of OZSC and the surgical company BEFORE Brian ever stepped into the role of CEO in February 2020. 90% of the convertible notes and dilution that took place between February 2020 when Brian stepped in as CEO and the present were taken out by Michael Chermak before Brian was ever on board. Brian renegotiated much of the legacy debt, and cleared up most of the rest of it. Additionally, as a growing company, Brian did take out a few more convertible notes for the following purposes: 1) Funds to pay Cathy Chis as part of the contract for the reverse merger to bring in PCTI to OZSC; 2) Funds for interim operations of business due to 2019 being a poor year for PCTI because of Mihai Chis' passing; 3) Funds to expand into energy storage and renewables and form the new subsidiary, Ozop Energy Systems, which has already secured the deal with WESCO and has far more on the way to make up for the brief debt.
Yes, there were a lot of shares diluted during this period of time, but none of the worst of it is on Brian, and the parts that are occurred for good reasons that will lead to far more development for the company.
https://www.reddit.com/r/OZSC/comments/kxb04m/to_all_the_bashers_of_ozsc_and_brian_conway_here/
OZSCAM
uber darthium
1 year ago
Isnβt he and Catherine getting sued by somebody? Missed payments or something ? For a company (PCTI) that was so special, so specialized, CONway certainly wasted no time destroying it. I knew the day I saw the photos of the warehouse, and checking the supposed date/time compared to the weather the alleged date it was alleged to have been taken, I checked against the published weather reports. It was a total scam. I reflect back and think of the CONway loyalist that criticized me, no I just look back and say yes, I told you so.
I am certain they wished they had listened
OZSC = CONway SCAM