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I was not the only one p.....ss..ed
Tuesday, December 7, 2010
Sancon Resources Recovery (SRRYQ) in forced Chapter 7
Sancon Resources Recovery in Chapter 7
When a troubled business is badly in debt and unable to service that debt or pay its creditors, it may file (or be forced by its creditors to file) for bankruptcy in a federal court under Chapter 7. A Chapter 7 filing means that the business ceases operations unless continued by the Chapter 7 Trustee. A Chapter 7 Trustee is appointed almost immediately, with broad powers to examine the business's financial affairs. The Trustee generally sells all the assets and distributes the proceeds to the creditors. This may or may not mean that all employees will lose their jobs. When a very large company enters Chapter 7 bankruptcy, entire divisions of the company may be sold intact to other companies during the liquidation.[citation needed]
In this case it looks like that they are forced in Chapter 7 so not voluntary.
The case
The company involved in the following litigation.
Dragon Wings Communications Limited, a Hong Kong corporation and Wong Yee Tat, an individual are the first and second plaintiff. They filed a complaint on July 25, 2008 in the District Court of the Hong Kong special Administrative Region, Civil Action No. 3251, against the first defendant, Fintel Group Limited for breach of contract. The Company is the second defendant because plaintiff claimed Fintel Group Limited is a wholly owned subsidiary of the Company. Under the writ, the plaintiff claimed that pursuant to a written stock purchase agreement, the first defendant shall purchase the first plaintiff’s common stock by common shares of Financial Telecom Limited (USA) inc. (replaced by shares of MKA Capital Inc. from June 2006) or pay to the plaintiff cash of $94,172 in lieu of the shares. Plus the interest and cost of litigation, the total amount claimed by plaintiff were $104,966. The court adjudged that the first defendant do pay the plaintiffs damages on September 08, 2008 and also adjudged that the second defendant do pay the plaintiffs damages on December 10, 2008. The Company denied all allegations in the complaint because Fintel Group Limited is no longer our subsidiary since November 27, 2006. The Company accrued $104,966 of potential liability in the accompanied financial statements based on the letter of claim received from the plaintiff.
I guess these things happen more often with RTO's, so there is nothing to worry about. Even if they have to pay the claim nothing is lost.
Geplaatst door Dutch Trader op 8:48 PM
14 comments:
AnonymousDecember 11, 2010 at 5:19 AM
How come Sancon signed an Undertaking Agreement in August 2006 for this transaction ?
Reply
SWANGDecember 11, 2010 at 5:25 AM
The concern is that Sancon is not paying the creditor even they lost the court case. This is not the right attitude to do business. Will harm suppliers and investors' confidence.
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XMSDecember 11, 2010 at 11:29 AM
Why didn't the Management and Directors not taken enough measures to prevent this to happen. The petition is harmful to Sancon's business goodwill.
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SupplierDecember 11, 2010 at 11:45 AM
We shall be careful continue giving credit to Sancon if they have the habit of not paying creditors.
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DChDecember 12, 2010 at 1:31 PM
Who likes to invest in a company facing Chapter 7 ??? Management is hiding the case for so many years since 2008 when they were being sued.
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DLAMDecember 13, 2010 at 7:41 PM
Oh, that is a tragedy to Sancon's image. This petition will always stay in their history and big investors will not pick it in their portfolio.
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ABLDecember 14, 2010 at 6:43 AM
Loose and bad management is always the problem of Chinese company. No concept of business law.
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AnonymousDecember 14, 2010 at 10:29 AM
Is Sancon in essence a garbage collecting company? Looks like its management is also garbage.
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SunDecember 16, 2010 at 3:19 PM
That is a good comment. Garbage management team.
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WingDecember 16, 2010 at 3:28 PM
No, you are wrong. They are Chinese - no law concept.
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DKYMDecember 20, 2010 at 5:16 PM
Sancon will bankrupt. There is crisis going on with the company. David Chen and Jack Chen are brothers and controlling the company future.
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StpaJanuary 2, 2011 at 7:33 PM
The bankruptcy court case will be in January 2011. What if Sancon loses ?
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GayJanuary 18, 2011 at 5:57 AM
The bankruptcy petition court hearing is fixed on 23 June 2011 in Nevada, USA. The stock price will be affected from now to June 2011.
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AnonymousJanuary 10, 2012 at 7:50 PM
RE: THE CO. HAS EARNED A FEW CENTS A SHARE FOR LAST 3 YRS. ACCORDING TO INFO. I RECIEVED. THUS WE WILL STILL BE BUYING SHARES UNTIL THE CO. IS SOLD TO THE BROTHERS OR ANOTHER CO. W/GOOD REPUTATION. TO CARRY FORWARD A GREAT BUSS. OPPORTUNITY.
- See more at: http://chinainvestorking.blogspot.com.au/2010/12/sancon-resources-recovery-srryq-in.html#sthash.fT2vHNPM.dpuf
because this company is run by thieves.
why have you only posted in sept 2013
Why Have You Posted Here Since 2010?
On December 5, 2012, a Settlement Agreement was signed between the Company and Dragon Wings in which:
(i) Dragon Wings agreed to completely release and to forever discharge Sancon of and from any and all past, present or future claims, demands, obligations, actions, rights, damages, costs, expenses and compensation which Dragon Wings had, or which accrued in connection to the Claim.
(ii) In consideration of the release set forth above, Sancon agreed to issue to Dragon Wings 6.0 million of its common shares without cost and option to subscribe to 6.0 million of its common shares at $0.01 per share within 5 years from the date of the Settlement Agreement.
Per the Settlement Agreement, the Company issued to Dragon Wings 6.0 million common shares on January 4, 2013. The Company has not received any notice from Dragon Wings on the exercise of the option to acquire new shares of the Company. The Company believes that it has fulfilled all the other terms and conditions as stipulated in the Settlement Agreement which is included in this report as Exhibit 10.12.
Cancellation of Securities
During the year ended December 31, 2011, the Company had cancelled 10,100,000 common shares and the outstanding share issued is 12,864,996 (2010: 22,964,996).
Fabricated web sights (financials) and no activity or fabricated activity.
All Phan,Tang,Bok and the Chen brothers methods(corporate delusional's)
Another is spruiking up the stocks on investor blogs.
Forbes "you pay" to put your details in?
Salary $3,936
Total Compensation $3,936
I have known Tang and Co for a long time there is nothing new.
They cant make announcements for Sadcon "cause they don't have a plan.
They have no possibilities of ever running a legitimate business's
When your brain is caste in the scam world you cannot get it out of their.
am I meant to be impressed or are you just showing me what "sh....t" companies he commands?
its a mystery why this sadcon is not just shut down,what do you think?its got way to much baggage to be rebirthed
Bid and Ask spread is so wide. No volume. Play Mega Millions instead!
at a guess 20 million but I am not sure
What's The Float?
Yes very interesting,I think there are 20 million shares on issue (or thereabouts).
Dragons wings seemed to have got 6 million par value 3 cents,Roca 3 million at 1 cent PV.
I wonder if Tang,Bok or the Chens are still on the share register?
And Tang?Chen Tang and Phan
Dr.. Alan Phan, a Vietnamese-American millionaire (His own BS)who has spent four decades doing business in the United States and China, is a familiar name in the English press and at local and international conferences. Dr.. Phan is the author of nine Vietnamese-and English-language books on Emerging Markets. He serves as a Contributor Also at vd local publications as Vietnam Financial Review, Saigon Times, and VietnamNet. He currently chairs Viasa, a fund based in Hong Kong. Tuoitrenews Dr secured. Phan's approval before it drilled his translated English article "Need ... My Country Backpack" ("The country needs English Backpackers"), published on May 18 on HIS website.
Viasa
Chief Operating Officer: Mr. Stephen Tang
Mr. Tang served in senior management positions with regional merchant banks in Hong Kong before founding Financial Telecom Ltd. He was Chairman of Sancon Resources Recovery as well as Directors of Hartcourt, Elephant Talk Communications and MKA Capital, all listed companies in the US stock exchange. Currently, he is Chairman of Mega-Pacific Capital and Unity One Capital, which specialize in raising funds for start-up firms in China and help SME’s go public in Hong Kong and USA. His exposure included mergers and acquisitions, corporate finance, project finance and IPO’s. He handled clients in the shipping, logging, mining, manufacturing, steel and heavy equipment industries.
Mr. Tang holds a MBA from the Asian Institute of Management in Manila.
Everything associated with Phan was a scam and SRRY was associated with Phan. Signature Stock Transfer, Inc. and David Chen right there along side him, too.
MKA/SHAMCON's share trading has been a scam for ten years,its charts are just "cooked".Its share trading was also "cooked".The books were "cooked" by Russel Bedford and David Chen.
Russel is from Kabani
This group of people Tan-Bok,David Chen and Jack Chen have created activities and fabricated all transactions from 2002.
All of the "b.....st....d" love children of "Dr*" Alan Phan.A so called "corporate genius"who has been associated with a large number of penny stock scams.
*note qualifications from a university that never existed
It appears these are the Attorney's (Rocca LLP) based in Nevada who acted for Dragon Wings.
I am confused by the entry onto the share register but there may be a simple explanation.
In simple terms Jack and David Chen are thieves,they steal off people.
SRRY Some DD On Recent Filing:
Filing: http://archive.fast-edgar.com/20130919/AabW-hTnaab-AD1-f-dJ-p0v-vUYnk-k/
"Who Is Lewis Roca Rothgerber LLP?"
>>>>>>>>>>> http://www.lrrlaw.com/
SRRY pos someone Loaded a few for the Pump.
SoRRY
BUYER BEWARE~ STOP SIGN>> Share liquidation by insiders~ NO GOOD~ NO REAL BUSINESS~ HAS NO ASSETS~ DILUTION COMING~~
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9500963
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9343305
who's pumping this SRRY share sellin machine?
CEVEAT EMPTOR RATING NEXT
otc STOP sign
SRRY Registered Agent Change On 3/12/2013: http://nvsos.gov/sosentitysearch/corpActions.aspx?lx8nvq=I2lMQbXURsGzwzNVK6itlg%253d%253d&CorpName=SANCON+RESOURCES+RECOVERY%2c+INC.
SRRY Lewis Roca Rothgerber Firm Overview: http://www.lrrlaw.com/aboutus/xprGeneralContent2.aspx?xpST=AboutUsOverview#.UjtOez-Tbcg
SRRY Lewis Roca Rothgerber Real Estate Transactions: http://www.lrrlaw.com/realestate/#.UjtNvj-Tbcg
SRRY Lewis Roca Rothgerber LLP: http://www.lrrlaw.com/
http://archive.fast-edgar.com/20130919/AabW-hTnaab-AD1-f-dJ-p0v-vUYnk-k/
The crooks have finally dropped scamacon in the trash can
These crooks that run these penny stock companies try and create some price movements by buying their own stock (usually at the end of trade on friday).
Typically the stock is dumped shortly afterwards or stays up for a longer time.
In 07 and 08 there was small investor interest in exposure to china's growth.There were some 1350 penny stock listings, such as "scamercon"(nasdaq listed and domiciled in PRC).Buying of stock by directors would then create momentum and attract genuine investors.Eventually everyone who was a genuine investor lost his money.
"scamercon" is just a leftover piece of trash from 07 08.
Many of these small penny stock investors were also bloggers who also spruiked stocks on behalf of the directors (and were given free shares to do so).
"scamercon"directors fabricated its business activity,their parasite bloggers spruik it.
"scamercon" had Harleyman and Sanconfan just to name a few.
The current directors no "jack sh...t" about running a company and they are the same bunch of crooks that spruiked "scammercon"and MKA.
any idea what the deal is though? not sure why it's moving to be honest with you. Yes, down but moving nonetheless.... after such a long time with no activity i guess people are getting rid of their worthless paper.
hehehe, was that you who bought those shares? at this point any activity is good activity bro. I ain't gonna cry over my very small lotto ticket. I just miss out on a couple of happy hours to make up my devaluation. Nice to hear from you. I've actually gotten into options trading the last few months. Been good to me so far. Way better than SRRY I'll say that much. ;) I still think in the long run my 200 bucks will be about 500. Time will tell. Either way, glad you're keeping an eye out for this scam company... and I'm not being sarcastic.
Bud!!!!there's movement in scamerconn's value ????
ASH you bought TRASH.Your prudent accumulation has been "unwise".No financials or 10Q quarterly-filings-no notice of late filing?.Ash nothing there? just an empty shell.
Your SRRY management team is meant to be filing a quarterly report Jan,Feb,March.It has not posted a notice of late filing.
Your SRRY management team is meant to be filing a quarterly report Jan,Feb,March.It has not posted a notice of late filing.
LOL... :) I see your point. It still doesn't change my mind. It's nice to hear back from you. Looks like just me and you on this board....... for now.
Take care bud, gotta head to work.
Trash and treasure markets compete with Flea Markets?
The flea has not jumped this week?If you you at the historic charts of SRRY you will see a series of flea jumps going downhill over the last 7 years-bit like the back end of a tyrannosaurus?
The classic downhill run of a Chen/Tan stock.
do you know what a flea market is? it's a sh*t*y place to get good deals on junk. vendors at a flea market can sometimes make good money. that's what i was referring to. but if you want to talk about an actual flea... it can jump 8-10 inches, what is that? 100? 1,000 times it's own height? i'm not sure but it's the ability to jump that matters. guess the flea decides when to do it. anyway brother, hope you have a good day. gotta head out for work. take care homie..
A flea has no wings,it will never fly.
This flea has had over ten years to jump.
I flea needs blood,there is no blood inside this flea.Its and empty flea carcass.
One man's trash is another man's treasure. This is the flea market in the stock world. Lot's of money can be made at the flea market. This stock moves on almost no volume. Some are accumulating this thing slowly. Not sure if this will see a promotion or not but if volume ever hits this thing it will move up fairly quick, jmo. Enjoy the weekend brother...
you got trash
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Sancon Resources Recovery, Inc. (Sancon) is an industrial waste recycling company with operations based in Australia and China. The Company's main operations and services include industrial waste management consulting, collection and reprocessing of recyclable materials, such as glass, plastic, cardboard, and paper sourced from suppliers, such as Aperio Group and Astron. The recycled materials will then enter into the manufacturing cycles as raw materials. As of December 31, 2009, Sancon exported more than 4,000 tons of recycled industrial waste material annually to its processing partners and manufacturers in China. Sancon provides waste management solutions for manufacturing companies and focuses to recover recyclable materials instead of dumping them into land-fills. On March 31, 2009, the Company sold 100% equity interest of Guang Cheng Int'l Trading Ltd.
Company Contact | |
Address | 1507 Greenland Commercial Ct. 1258 Yuyuan Road Shanghai, SHA 200050 |
Telephone | (215) 155-3616 |
Fax | 0 |
Website | http://www.sanconinc.com... |
(TTM) Trailing 12 Months, (MRQ) Most Recent Quarter, (MRFY) Most Recent Fiscal Year
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