DENVER, Jan. 30, 2018 (GLOBE NEWSWIRE) -- The District Court for Denver County Colorado (“Court”) has ordered the dissolution of Longwei Petroleum Investment Holdings Ltd. (OTCMTDS:LPIH) (“Longwei” or “Company”), a Colorado corporation, the appointment of a Receiver, and the distribution of assets to shareholders of the Company as of March 22, 2013. The action in which the Court dissolved Longwei is captioned Okimoto v. Longwei Petroleum Investment Holdings, Inc., Case Number 2015cv32501, District Court, Denver County, Colorado. Pursuant to the Court’s December 12, 2017 Order, approving the distribution of Company assets, the Receiver issues the following notice:
NOTICE OF ASSET DISTRIBUTION PURSUANT TO CORPORATE DISSOLUTION
TO: ALL PERSONS WHO OWNED LONGWEI PETROLEUM INVESTMENT HOLDING LTD. (“LONGWEI”) COMMON STOCK AS OF MARCH 22, 2013
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the District Court, Denver County, Colorado, per the Honorable David Goldberg, that the Receiver shall distribute the assets of the Estate of Longwei. As of the date of this Notice the Estate has $100,000 for the Receiver to distribute to holders of Longwei as of March 22, 2013 (“Record Date”). The Receiver may pursue additional claims on the Longwei Estate’s behalf that add more funds to the Estate, requiring future distribution or distributions. Holders of Longwei as of the Record Date must prove their claims to their pro rata share of the assets of the Estate at this time. If you owned Longwei as of the Record Date and you do not submit Proof of Ownership Form by April 30, 2018, then you will forever forfeit the right to receive distributions from the Estate now and, if the Receiver recovers more for the Estate, at any time in the future.
On June 14, 2016, pursuant to C.R.S. §7-114-304, the District Court, Denver County (“Court”), granted default judgment in this action, ordering the dissolution of Longwei Petroleum Investment Holding Limited, a Colorado Corporation (“Longwei”). Also by the June 14, 2016 Order, pursuant to C.R.S. §7-114-302, the Court enjoined Longwei, its officers, directors, agents, servants, employees, attorneys, heirs, successors, and assigns from conducting any business of Longwei, including the disposition of any material asset thereof. Last, the Court ordered Plaintiff to recommend a receiver to wind-up Longwei’s business, liquidate its assets and distribute the proceeds of that liquidation, pro rata, to the public shareholders of Longwei, with certain exclusions. On June 22, 2016, the Court appointed Randel Lewis as “Receiver” for Longwei. On July 7, 2016, the Court issued an Order, detailing the responsibilities of the Receiver to supervise the dissolution of Longwei.
On December 12, 2017 the Court approved the distribution of $100,000 in assets to the shareholders of Longwei as of the Record Date. That is date on which the NYSE MKT filed a Form 25, Notification of Removal From Listing and/or Registration under Section 12(B) of the Securities Exchange Act of 1934, with the Securities and Exchange Commission, stating that, pursuant to 17 CFR 240.12d2-2(b), the Exchange had complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange. The shares of Longwei did not trade on the NYSE MKT after the Record Date. The Court excluded from participation in the distribution of Longwei’s assets Youngjun Cai, James Crane, Michael Toups, Yongping Xue, Douglas Cole, Gerald DeCiccio, Dora Dong, and Xiaoping Xue. These individuals are the officers and directors of Longwei who were named as defendants in the Derivative Action and who are believed to be the perpetrators of the fraud on the Longwei investors. Only three of these individuals were successfully served and are parties to the settlement agreement previously approved by this Court.
If you owned Longwei common stock as of the Record Date and you intend to participate in the distribution of the Longwei Estate’s assets, you must file a Proof of Ownership Form and supporting documents no later than April 30, 2018. You may obtain copies of the pertinent Court documents and the Proof of Ownership Form by writing to Longwei Distribution, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; calling (Tel) (866) 274-4004; or emailing info@strategicclaims.net; or going to www.strategicclaims.net.
If, however, you wish not to participate in any distribution from the Estate whatsoever, DO NOT file a Proof of Ownership Form. If you do not file a timely Proof of Ownership Form, the Receiver will for exclude you from participating in the current distribution of Longwei’s assets and in any future distribution.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.