ParaFin Corporation (PFNO)

[IPdaily]

From Reuters Oct. 3 2011

LOS ANGELES, CA, Oct 03 (MARKET WIRE) --
ParaFin Corporation (PINKSHEETS: PFNO): ParaFin Corporation owns 800
Series FF ING 5.5% June 16, 2010 EUR 1,000,000 Bearer Bonds issued June
16, 2000. Each Bond converts to a US$ value of approximately US$2.1
million for a total value of the ING Bearer Bonds owned by ParaFin in
excess of US$1.68 Billion.

ParaFin is continuing efforts to negotiate a settlement of its US$1.68
Billion claim against ING Bank N.V., Amsterdam. ParaFin's lawyer in
Germany received a response from ING Bank's lawyer in Amsterdam that
stated that ING Bank N.V. did issue Series FF ING 5.5% June 16, 2010
Bearer Bonds issued June 16, 2000.

This is the first admission by ING that ING N.V. issued Series FF June 16
2010 Bearer Bonds in June, 2000 and it was received in a letter from the
attorneys for ING Bank N.V.

In the same letter to ParaFin's lawyer, ING's lawyer informed ParaFin's
lawyer that only financial institutions were entitled to hold and convert
the Series FF Bearer Bonds issued by ING Bank N.V. into a Global
certificate and all ING Series FF Bearer Bonds held by financial
Institutions have had their holdings in the Series FF Bearer Bonds
converted into a Global note. Others, like ParaFin, who are holding ING
Series FF Bearer Bonds have not been Offered the opportunity to convert
to a Global certificate.

Representatives, acting on behalf of ParaFin Corporation, have been
actively negotiating with financial institutions in Europe and Asia to
have them acquire the ING Bearer Bonds from ParaFin and then have the
financial institution that acquires the Bearer bonds convert to the
Global certificate or redeem them from ING Bank N.V.

http://www.reuters.com/article/2011/10/03/idUS124348+03-Oct-2011+MW20111003