Nov. 5, 2010 -
PRLog -- Ted Staley former CEO of Palingenesis Manufacturing Inc. is still sulking because try as he may, his former long time live in girlfriend Sandie Lenton and equal business partner in both Palingenesis Manufacturing Inc. and Pathogenesis Inc. just will not shut up and go away. She discovered earlier this year that he was playing away from home with a Filipina antique dealer and at the same time he had diverted funds from their company to his new off shore entity which curiously has the same name Palingenesis but with the fancy 'Holding' tagged on to the end. When she started digging for information she discovered that he was busy 'selling' shares in Palingenesis Manufacturing Inc. even though this is a 200,000 Philippine Peso fully paid up company and therefore has no shares to sell. When she tackled him about it he blustered that everything was OK because he was switching the shares into the new Seychelles company - but the problem is that Palingenesis Holding (Seychelles)
has no assets! His story is that Holding owns both Palingenesis Manufacturing Inc. and Pathogenesis Inc. the processing company, but this is totally untrue. Some twenty or more hapless souls have been sold shares in an empty company. Sandie has held an EGM for Palingenesis and removed Staley from the Board and has scheduled an EGM for Pathogenesis next week. As Sandiesaid, she holds 49% and three others hold another 41% leaving Staley and a loyal Filipino with just 10% between them (Staley actually has just 1%). The latest news is that Staley has now formed yet another Filipino company called Palingenesis Hazardous & Toxic Waste Processing Inc. with the aim of processing waste - well what would you know! Of course he owns 100% of this other empty company as he has persuaded the local shareholders to assign their shares back to him and the rumour has it that he is intending to strip the assets from the original company and start all over again. Watch this space, things are hotting up in Manila.
# # #
About Palingenesis Manufacturing Inc. has been operating in Muntinlupa, Manila for over six years along with their sister company Pathogenesis Inc. which treats hazardous and toxic waste. Most of the hospitals in Metro Manila have their waste treated by Pathogenesis. The manufacturing company successfully supplied a 50 metric tonne machine to the City of Vladivostok and there are several potential orders in the pipeline.
