Pacnames deregistration and bulk transfer to net-chinese.tw?

Pacnames deregistration and bulk transfer to net-chinese.tw?
Anyone know how legit this is? Or anything about it? Secondary question: recommendations for a good tld registrar?

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  1. ICANN has authorized the bulk transfer of gTLD domain names from Pacnames Ltd to Net-Chinese Co., Ltd. due to compliance actions taken by ICANN that resulted in the de-accreditation of Pacnames Ltd.
    http://www.icann.org/en/news/announcements/announcement-2-04dec13-en.htm

    Please be advised that as of 8 October 2013, Pacnames Ltd. (“Pacnames”) is in breach of its Registrar Accreditation Agreement (“RAA”) with the Internet Corporation for Assigned Names and Numbers (“ICANN”) dated 26 February 2012 (“RAA”).
    http://www.icann.org/en/news/correspondence/serad-to-story-08oct13-en.pdf

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