Nevada Court appointed Receivers to administer the estate of Energroup Corporation

Shareholder group will attempt to negotiate a settlement for the benefit of all former shareholders or proceed with an investigation of the Company and its CEO

Aug 03, 2015, 08:00 ET from Todd Conrow: court appointed Receiver of Energroup Corporation

CARSON CITY, Nev. and DALIAN CITY, China, Aug. 3, 2015 /PRNewswire-USNewswire/ -- On June 23rd, 2015, Judge James E. Wilson of the First District Court of the State of Nevada appointed Receivers to administer the estate of Energroup Holdings Corporation (Other OTC "ENHD"), a revoked Nevada corporation. Pursuant to Nevada law and the court's Order, the Receivers (Xu Fei, Jin Kun, Nelson Q. Tang, Todd Conrow and Alan T Hill), who are comprised of several shareholders of the company, are empowered, among other things, to "take charge of the estate and effects thereof, and to collect the debts and property due to the corporation." The Receivers have all the rights and privileges of the company and its board of directors.

Energroup Holdings Corporation filed SEC form 15 to discontinue SEC reporting in late 2010, and the shareholder group had attempted to contact Chairman and CEO Mr. Shi Huashan on numerous occasions beginning in 2012 to obtain financial information on Energroup and its subsidiaries, for the company to hold its legally required annual shareholder meetings and to make necessary filings with the Nevada Secretary of State to maintain its corporate charter. Mr. Shi failed to comply with all of these requests. The shareholder group filed suit against Mr. Shi and the Company in 2014 and obtained a Nevada court order to release its books and records for inspection. Mr. Shi also failed to comply with this order and was subsequently held in contempt of court for his failure to respond to the group's requests.

After exhausting all avenues of cooperation with Mr. Shi, the Receivers held their first meeting in July 2015, where Mr. Todd Conrow was appointed as Executive Receiver, with powers to act as the corporate executive. The Receivers then resolved to remove all former corporate officers, including removing Mr. Shi Huashan as Chairman and CEO of Energroup Corporation.

The assets of this corporate estate consist of a 100% ownership interest in Precious Sheen Investments Limited, a British Virgin Islands corporation, which in turn holds a 100% interest in Dalian Chuming Precious Sheen Investments Consulting Co., Ltd., a wholly foreign-owned corporation in the People's Republic of China, and its several subsidiaries. These subsidiaries are engaged in meat processing and packing operations in the People's Republic of China. The company's assets and operations are extensively described in the company's former SEC filings which are available on www.sec.gov/edgar.  

The Receivers intend to conduct a full investigation of the operations of Energroup and its subsidiaries to determine if the former officers or directors have diverted any of the entities' legal assets or otherwise breached their fiduciary duties. If necessary, the Receivers may request criminal probes by legal authorities in the United States, the British Virgin Islands and the People's Republic of China.

It is the intention of the Receivers group to first attempt to work directly with Mr. Shi and other former officers of the company to discuss an equitable settlement of all outstanding shares. If such a settlement is not possible, the Receivers are authorized under Nevada law to take any and all actions to secure the former corporate assets of this estate including the liquidation and sale of the corporation subsidiaries as necessary.

The receivers are providing this press release for informational purposes only. Shareholders and other interested parties should consult their advisors for specific advice concerning this matter. Any acts of the Receivers remain subject to change accordingly. For media inquiries please contact the Executive Receiver, Mr. Todd Conrow, at (310) 378-8318 x19 or email to tconrow@conrowcpa.com

 

SOURCE Todd Conrow: court appointed Receiver of Energroup Corporation