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. Blackstone currently retains approximately 92% ownership of Pacifoco, not including stock options to management. Certain Creditor Claim Sellers are also Blackstone/ Pacifoco Directors/Afflicates 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. In December 2017, Pacifoco partially exercised options to purchase 185,000 Common shares of Blackstone, resulting in $555,000 to the Company.
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