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China Chemical Corp. Message Board

  • steverosse48 steverosse48 Nov 15, 2011 10:36 AM Flag

    How can they decifer the source ?

    Would like to understand how they can determine the 1% that were normally sold in the market from the litigation shares? How can someone find out about the available resources capacity and character of both PAMCO and it's chairman? I've searched w/ GOOGLE and have not found anything of substance other than the recent Press Releases from China Chemical. Anyone here know anything of substance regarding this matter?

    "The Company previously engaged PAMCO as financial advisor, in connection with the Company’s share exchange and related transactions in September, 2010. The Company delivered cash and shares of its common stock to PAMCO as consideration for certain specified services, although the Company did not receive some of those services. After the Company’s unsuccessful attempts to resolve this issue with PAMCO and Po Sun Liu, PAMCO’s Chairman, the Company initiated the PAMCO Litigation in Shandong Province, PRC on September 22, 2011. Through the PAMCO Litigation, the Company seeks the return of $1.8 million cash paid to PAMCO, and either (i) the return to the Company for cancellation of 6 million shares of its common stock (the “Litigation Shares”) received by PAMCO or (ii) payment in the amount of $9 million for such shares. The Company will not make payment with respect to any of these shares until and unless it is determined upon the conclusion of this litigation that the shares in question are properly held by the parties who presently hold them. The Litigation Shares and the shares owned by the Contributing Stockholders account for over 99% of the shares of the Company currently outstanding. The stockholders are, therefore, urged to be certain of the source of their shares and prospective buyers of shares should confirm that the shares they are considering purchasing are not Litigation Shares. Since becoming a public company, other than the shares issued prior to the Company’s share exchange in 2010, since the share exchange, the Company has not conducted any offering of shares of its common stock and has not issued or sold any shares of its common stock. Consequently, shares available for purchase or trading by the public have entered the market principally as a result of re-sales by PAMCO or its affiliates of Litigation Shares and may be shares for which the Company seeks cancellation."

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    • I read in another posting on another site that the poster contacted the transfer agent and was told they can't track the source of where the shares transferred from. I sent a message through CHCC's website asking the same thing and never received a reply. Scam!

      • 1 Reply to cpaulandrews
      • Are you a shareholder? Did you attempt to resend the message using a stronger subject line? As to calling it "Scam"... elaborate some more. I'm in for 11k @$0.35, what's your position and costbasis? I wouldn't yet call it a scam unless they were to proceed to cancel shares without paying the $1.50 and being 100% certain of the origin. My broker said they cannot determine if shares were PAMCO shares...and Ieven if still may not be legal to cancel the shares without payment.

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