Intercontinental Potash Files Civil Suit Against Shareholders

Intercontinental Potash Corp., a subsidiary of IC Potash Corp. (TSX:ICP,OTCQB:ICPTF) announced that it has filed a civil lawsuit against Intercontinental Potash Corp. (USA), Pangaea Two Acquisition Holdings XI, LLC and Pangaea Two Acquisition Holdings XIB, LLC.
As quoted in the press release:

Intercontinental Potash Corp., Pangaea Two Acquisition Holdings XI, LLC, and Pangaea Two Acquisition Holdings XIB, LLC are the shareholders of Intercontinental Potash Corp. (USA), a development-stage producer of potassium sulfate, a speciality fertilizer for high-value crops in arid or saline soil environments.
Through the Colorado lawsuit, Intercontinental Potash Corp. has requested that the Colorado court set aside a “capital contribution call” in the amount of $800,000, alleging that the “capital contribution call” was not properly authorized by operative agreements, nor did it comply with Colorado law. Intercontinental Potash Corp. further alleges that the “capital contribution call” was pursued and improperly passed by certain directors of Intercontinental Potash Corp. (USA), including Peter Yu and Paul Hong who are also principals of Cartesian Capital Group, LLC, the manager of the two Pangaea entities named in the lawsuit – both of whom allegedly had disclosed and undisclosed conflicts of interest.

Click here to read the full Intercontinental Potash Corp. press release.