My understanding is that AMC and VMC are two separate companies, with contractual agreements between each other.
Eh, I do not see how it can be accurate to call them separate companies. I'll post the same info here that I posted in the main AMC thread.
AMC is described as a wholly-owned subsidiary of VMC in the listing that they themselves prepared for both both Bitfunder and BTCT.
From the "Details" tab on BTCT for the passthrough shares:
Active Mining Corporation (AMC) is a Belize International Business Company DBA Active Mining Cooperative and
is a wholly owned subsidiary of Virtual Mining Corporation (VMC) a Delaware Corporation.
And from the "Private Placement Memorandum" on Bitfunder (
https://bitfunder.com/asset/AMC#pane_profile, which is only presented as a jpg, so I have to retype the content):
PPM, page 2: "AMC is a business unit of VMC"
PPM, page 6: "Shares of AMC on Bitfunder do not represent real world shares of the company. The shares are solely a distribution mechanism for rights to profits."