Replies to post #1153 on Itoco Inc. (ITMC)

[Oscar13]

Ok Mrs Palterovich..

If you have the guts to leave up the message we will put it all on the blog for you once again.

[Oscar13]

Scottmba


In response to your request for a posting as to evidence of our findings:

Our first response will be in reagrds to the financial obligations to the company.


That information was obtained from the 8K


Case NO 24592/2009 was of particular interest

Exert from 8K


Item 8. Legal Proceedings

Golobtek is a party to the following proceedings in the Russian Federation:

In proceedings of the Arbitrage Court of Samara Region there is case No. ?9595/2009 initiated under the claim of Government institution – General Office of Pension Fund of RF in Syzran City and Oktyabrsk City, Syzran and Shigon District of Samara Region against Globotek ZAO concerning recovery of obligatory payments and penalties. As of December 31, 2008, the Company has accrued $8,000 as liability in the books.

In accordance with information placed on the site of the Arbitrage Court of Samara Region this suit has been satisfied. The amount to be recovered is not indicated.


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In proceedings of the Arbitrage Court of Samara Region there is case No ?55-15744/2009 initiated under the claim of the Ministry of Industry, Power engineering and Technologies of Samara Region against Globotek ZAO:1) On recovery of money in the aggregate amount of approximately $55,000(RUB 1,652,508) On termination of government contract No. 5 dated 28 May 2008. The Company is defending against this case and expects a favorable outcome. The Court declined the contract termination, but ruled that JSC Globotek to pay approximately $14 000. The Company has applied to another court to recover from the Ministry of Industry, Power Engineering and Technologies of Samara Region in the amount of $100 000

[u]No. 24592/2009 initiated based on the action brought by Lapkin Alexander Nikolaevich against CJSC “Globotek” and CJSC “VAZINTERSERVICE” to recognize surety agreement ? 2956 dated 28 November 2006 to be invalid; No. A55-23415/2009 initiated based on the writ brought by creditor CJSC “VAZINTERSERVICE” to initiate bankruptcy proceedings against CJSC “Globotek”. The Company guaranteed the loan by Vazinterservice to Aksutin Alexander. Aksutin Alexander lent these funds, in turn, to the Company. The loan is shown under note payable- related parties and as of December 31, 2008, outstanding balance was $804,000. The Company does not expect to pay more than this loan balance offset in settlement of this estimated liability. (refer to note 8) The Court determined that the guarantee was valid and declined its cancellation.