2015
Unsecured Creditors of Abakan, Inc. file Involuntary Chapter 11 in Florida; secured creditor moves to dismiss against Abakan and MesoCoat, Inc. or to alternatively convert Abakan filing to a Chapter 7. Proposed settlement offers being considered by Receiver and to be publicly addressed at federal court fairness hearing on December 16th, 2015 in New York.
BY PR NEWSWIRE
NEW YORK, Nov. 25, 2015 /PRNewswire/ — On November 5, 2015, certain creditors of Abakan, Inc. (OTC US: ABKI) (“Abakan”) and certain creditors of MesoCoat, Inc. (“MesoCoat”) filed a Chapter 11 involuntary bankruptcy petition in the Southern District of Florida. On November 19, 2015, the Honorable Judge Cristol ruled that an automatic stay does not arise upon the filing of an involuntary petition. The secured creditor George Town Associates S.A. and Judgment Creditor Sonoro Invest, S.A., moved to dismiss the petitions of the creditors of MesoCoat and Abakan, saying they were filed in bad faith, and they further requested that the Abakan petition be converted to a liquidating Chapter 7 petition. Petitioning creditors dispute these allegations.
At a hearing to be held on December 16,
Receiver over Abakan, Inc. appointed by Federal Judge in New York
BY PR NEWSWIRE
Robert W. Seiden, Esq. was appointed Receiver over publicly traded company Abakan, Inc. (OTC US: ABKI) by the Honorable Judge Denise Cote in federal court in Manhattan today.
Abakan, Inc. is the parent company of MesoCoat, Inc., a Euclid Ohio company that produces metal coating for the oil and gas industry using patented, award-winning technology. Seiden was previously appointed receiver over MesoCoat in August of this year after Abakan defaulted on a secured promissory note held by George Town Associates S.A. and the court found Abakan in contempt of court for actions that violated an injunction.
The court Order today provides the Receiver with broad powers to manage the day-to-day operations of Abakan and to preserve all assets. . .
U.S. Court-appointed Receiver Victorious over Sino Clean Energy’s former chairman Baowen Ren in getting his unauthorized bankruptcy filing dismissed
BY PR NEWSWIRE
Robert W. Seiden, Esq., Court-Appointed Receiver (“Receiver”) of Sino Clean Energy, Inc. (“SCEI”) has successfully beaten back Baowen Ren, the former chairman of SCEI, in the Nevada bankruptcy court where the Honorable Judge Bruce T. Beesley ruled today that Ren’s unauthorized bankruptcy filing of SCEI had to be dismissed. . .
U.S. Court-appointed Receiver for Sino Clean Energy Inc. (Nasdaq “SCEI”) Files Criminal Charges in Hong Kong against Chairman of Nasdaq-listed China energy company accusing him of fraud on U.S. and Chinese investors
BY PR NEWSWIRE
Robert Seiden, Esq., the Court-appointed receiver (the “Receiver”), over Sino Clean Energy, Inc. (“SCEI”) filed criminal charges with the Hong Kong Police Commercial Crimes Bureau on May 22, 2015 detailing that SCEI’s Chairman, Baowen Ren, undertook a fraudulent backdated-transfer of shares in the Hong Kong subsidiary of the company, Wiscon Holdings Limited (“WHL”) to a shell company in the British Virgin Islands that he controls, Dacona Limited (“Dacona”), thereby stealing the shareholders’ interest (including the shares held by many U.S. and Chinese citizens). The forms memorializing these actions were filed in November 2014, which was six months after the Receiver’s appointment and were filed secretly without the Receiver’s knowledge or approval and after the Receiver had effectively taken control over
The Wall Street Journal: Court Appointee Chases (and Finds) Investor Cash that Disappeared in China
BY MICHAEL RAPOPORT
For some U.S. investors trying to hold Chinese companies to account, Robert Seiden could be the last, best hope. . .
U.S. Court-appointed Receiver for Sino Clean Energy Inc. (Nasdaq “SCEI”) taking control of Chinese Company
BY PR NEWSWIRE
After exhausting nearly all avenues of cooperation with Chairman Baowen Ren, Robert W. Seiden, Esq., Court-Appointed Receiver (“Receiver”) of Sino Clean Energy, Inc. (“SCEI”) has taken decisive steps to