SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): November 1, 2010
PLASTINUM
POLYMER TECHNOLOGIES CORP.
(Exact
Name of Registrant as Specified in its Charter)
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Delaware
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0-52128
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20-4255141
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(State
or Other Jurisdiction
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Commission
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(IRS
Employer
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||
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of
Incorporation)
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File
Number)
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Identification
No.)
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10100
Santa Monica Blvd., Suite 300
Los
Angeles, CA 90067
(Address
of Principal Executive Offices) (Zip Code)
Registrant's
telephone number, including area code: (310) 651-9972
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other Events.
As
previously reported in the Quarterly Report on Form 10-Q of Plastinum Polymer
Technologies Corp. (the “Company”) for the period ended June 30, 2010, a holder
of $3,860,000 of the Company’s Series B-1 Convertible Preferred Stock
("Preferred Stock") demanded its redemption in accordance with such holder’s
rights under the Preferred Stock terms. The Company was obligated to
make the applicable redemption payment on November 1, 2010, but failed to do so
due to a lack of cash on hand. In addition, on November 1, 2010, the
Company received a redemption demand from an additional holder of
Preferred Stock to redeem another $200,000 of Preferred Stock, which redemption
payment the Company is obligated to make by December 16, 2010, but for which the
Company does not currently have the cash on hand.
As of
November 2, 2010, the Company has not yet made the October 15, 2010 interest
payment due on outstanding Preferred Stock which the holders of Preferred Stock
have the right to receive.
As of
November 2, 2010, the Company has not made certain required interest payments on
an aggregate of $8,522,000 in convertible debt it has outstanding and $300,000
of principal of such convertible debt and which the holders of such debt have
the right to receive and such convertible debt is therefore in
default.
To the
Company’s knowledge, as of the filing of this report, none of the holders of the
Company’s Preferred Stock or convertible debt have taken any actions against the
Company to enforce their respective rights described above. However,
they could at any time seek to obtain a judgment against the Company to
enforce their rights.
As of the
filing of this report, the Company does not have sufficient cash on hand to make
the payments described above nor to continue the business operations of its
Dutch subsidiary and, accordingly, unless additional funding is obtained
imminently, the Company and its Dutch subsidiary will cease operations. In such
an event, the stockholders' equity in the Company will likely be rendered
worthless. Further, unless funding is obtained, the Company will not have
sufficient funds to pay its auditors and legal counsel and, accordingly, will
not be able to file further reports under the Securities Exchange Act of
1934. Non-filing of such reports will also eventually cause the
Company’s common stock to no longer be quoted on the OTC Bulletin Board, but it
may continue to be quoted on the Pink Sheets.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
| PLASTINUM POLYMER TECHNOLOGIES CORP. | |||
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Dated: November
3, 2010
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By:
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/s/ Jacques Mot | |
| Jacques Mot | |||
| President and Chief Executive Officer | |||