Pacifoco Project
Blackstone formed Pacifoco, Inc. (Pacifoco), as a wholly owned subsidiary. In 2016, Pacifoco acquired $2.2 Million of SCOC Creditor Claims negotiated by Company Contractors for the benefit of Pacifoco. This acquisition resulted net after expenses, Pacifoco Inc. in excess of $400,000 in first quarter 2018; in exchange for approximately 8% Pacifoco of authorized Pacifoco stock outstanding, consisting of shares of Pacifoco Series A common stock and Pacifoco series A 7% convertible preferred stock. Certain Creditor Claim Sellers are also Blackstone/ Pacifoco Directors/Affiliates including: Robert Deller, Mark Dodge, Edward Lear, Fred Oliver, GlobalVest/ Steven Sogard and Larry Carpenter. In 2016, Blackstone granted Pacifoco 5 year Options to purchase up to 300,000 Shares of Blackstone Common Stock at $3 Share and an additional 30,333 Shares in 2019 capping Pacifoco’s investment at $1,000,000. By December 31, 2019 Pacifoco had exercised options to purchase 329,799 Common Shares of Blackstone, resulting in $989,397 to the Company. Blackstone currently retains approximately 30% ownership of Pacifoco, not including stock options to management after spinning-off 62% of prior ownership for 1.6 million Shares of Pacifoco Series A Common Stock and and $1.5 million dollars in debt on September 27, 2022.
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