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I believe in Florida, IHSI would have had to file a "Motion to Default" to move the case forward.
In its absence, TCA's Motion to Dismiss should prevail.
JMO
Devon's mantra: "This doesn't change anything"
If you think links to actual court documents are "noise"...
believe what you need to believe, I guess.
"They had to file something"
This TCA Motion to Dismiss and Counter-claims is more than just "something."
Read it.
It's a point-by-point refutation of all of IHSI's claims.
FYI, here's how to read it:
Go to:
https://www.browardclerk.org/Web2/CaseSearch/
Copy and paste CACE-18-000934 into the Case Number field.
Confirm you're not a robot and click "Search"
Click on the CACE-18-000934 hyperlink on that page.
Open the latest filing on top, filed 11/28/2018.
BTW, Devon must have known about this when he sent the last message response:
Understood and agreed.
That 10 Billion Shares Outstanding will be reduced...
...to 1 Million Shares after the 1:10,000 reverse split.
But the Authorized Shares (the number the company allows itself to issue) will remain at 11.6 BILLION.
Plenty of room for further massive dilution.
Family, IMO, should be out-of-bounds...
...even for a reprobate like Cellucci.
You should read the WHOLE Motion to Dismiss...
It's 175 pages, with Exhibits attached.
But the actual pleading is only 17 pages.
And it rips apart IHSI's claims on several grounds.
First, for being incompetently put together, with referenced documents omitted (like the Credit Agreement which is central to the case).
Also, for ignoring IHSI's agreement to forgo all rights to sue the lender, enough on its face to reject IHSI's claim.
But what's more is the specific lack of claims as to how they were injured, a point I made previously:
"What damages did they suffer?"
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143462083
But perhaps most valid is TCA's claim they they would need to be "returned to status quo", i.e., IHSI would need to return the $1.5MM to TCA.
TCA makes persuasive citations of previous precedent in this regard:
All this legalese boils down to:
"If y'can't make me whole again, y'still owe me the money."
A dismissal of IHSI's claims would not surprise me.
IHSI is toast, one way or another.
On the bright side (if you're a vengeful lot), TCA can't get blood from a stone. TCA may do no better than to receive full claim to Cresent. IHSI would still be left a debt-ridden shell, at the mercy of their toxic debt and ~$2MM IRS liens due.
Like I said, no Cresent, no PAS, no nuthin' but toxic debt and IRS liens.
Doesn't look like a "deal" in the works...
SEE:
TCA files "Motion to Dismiss" and Counter-Claims
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=145287575
Naaah. Remember the upcoming 1:10,000 split.
If BVTK is at .0001 when the split happens, 1,000,000 shares at .0001 will become 100 shares at $1.00.
Just psychologically, if for no other reason, folks won't see the potential to become millionaires buying just hundreds at $1.
But the Boltons and toxic financiers will see plenty of room to dump while they can.
Remember, Celluci didn't lower the Authorized Shares with the RS.
Wouldn't be surprised, but not buying it without a link...
Got a link?
If he's doing Mafia tours in Moscow, like he was in New York, he may never come back.
That 8K is irrelevant now, but OK, Burn...
...believe what you need to believe.
Enough.
Damn you, Tenkay! Y'made me Google "ADAR Bays"!
But now it's clear!
https://law.justia.com/cases/federal/district-courts/new-york/nysdce/1:2017cv01175/469205/62/
Buyout WHAT, Burn? A debt-riddled shell headed by two electricians with little to no managerial experience with a public company?
No Cresent, no PAS, nuthin'.
Except IRS liens close to $2MM, and toxic debt aplenty... not to mention 13+ Billion outstanding shares.
Sorry, Burn... IHSI would get laughed off "Shark Tank".
Not sure which "original 8k" you're referring to, but it's now irrelevant.
I can't go over this again, Burn.
VTXB, owner of PAS, has terminated any and all relationships, contracts and agreements with IHSI.
There is no PAS in IHSI's future.
Really... $.5B is fantasy for SOOO many reasons...
Think it through.
For sake of argument, let's assume the PAS units are real and will revolutionize the utility industry. JUST for the sake of argument.
IHSI's supposed right to install and maintain the units nationwide would NEVER approach $.5B or even $1MM.
Installation is a one-time cost, and these units are purportedly "plug-and-play".
Just how much could be made there? Answer: The cost of an electrician's labor for a few hours.
And maintenance? C'mon... could IHSI (or any company) maintain crews across the country for the sole purpose of fielding the (very) occasional maintenance call for this solid-state unit?
Answer:No. They would need to contract with sub-contractors.
Which is exactly why VTXB cut them out. VTXB can contract with sub-contractors on their own and cut out the middle-man.
SEE: https://www.otcmarkets.com/filing/html?id=13084890&guid=k2rbUK29eJbdjth
" ..the supposed acquisition of cresent was actually staged..?"
....or laced with puff talk from the very beginning to mislead and influence eager shareholders to buy IHSI shares.....
Sort of.
IHSI was desperate, as are most penny stocks.
TCA Global came along and made them an offer along the lines of...
"Look. We'll give you a $5MM credit line, and you can borrow against it to buy a company that WE'LL actually control. That will make your balance sheet look better [to the unsuspecting], your share price will jump, allowing some of your toxic financiers to cash out and reduce your debt, then you can buy us out eventually and take actual control of the company! WIN_WIN"
Not exactly, but along those lines.
IHSI's desperation made them fall for this deal, but it appears it will just leave them saddled with the debt to TCA, while TCA controls the company (pending a VERY unlikely surprise in the courts.)
TCA has pulled this routine with others, and it never ends well for the penny company.
Take Multi-Line Holdings (MLHC), for example:
https://backend.otcmarkets.com/otcapi/company/financial-report/207149/content
IHSI is already SEC-delinquent.
Failure to file an 8K re the VTXB Termination of Relationship won't make it any MORE delinquent.
However, had they failed to file today's 8K, explaining that the previous 10Qs and 10K were not to be relied upon in light of IHSI's lack of control of Cresent, they could have gotten in hot water with the SEC.
At least, it appears that was the advice they were given:
Today's 8K: "Ignore previous claims about Cresent revenue."
https://www.otcmarkets.com/filing/html?id=13091571&guid=-XrbUpqa-fA1Eth
That's what the latest 8K boils down to, for any confused by the announcement.
And it's apparent some ARE confused.
There are even claims that VTXB's "Termination of Relationship" with IHSI is actually an "amendment".
Wotta crock.
It's a "TERMINATION OF RELATIONSHIP AGREEMENT", period. It severs any VTXB (PAS) and IHSI relationship completely.
IHSI has lost all rights (however imaginary and/or pitifully small they might have been) to any PAS installation or maintenance.
And now, with the latest 8k, they admit you shouldn't depend on their claims regarding Cresent revenue either.
I've kinda been saying that all along.
Maybe more detail later, if I get a chance, for any who are being misled.
Wotta scam. Pitiful.
Exactly. 250 MM shares held before Tom got there...
...will be worth 1 share after this reverse split.
(I think those are the right numbers- 10x2500x10000).
That's Reverse Mapping to One-ionnaires.
Would be comical if so many innocent (and some not so innocent) folks hadn't been crushed.
That still doesn’t make sense to me.
The part I could never figure out is who buys the "dumpage" in that period after the RS, and before regular trading resumes, when "accredited investors" are selling and retail is shut out.
IHSI, Fazync, Jones, Kirkland- Kicked to the Curb...
...by Vortex, Tripac, Higley and Widner:
So much for the latest pump.
https://www.otcmarkets.com/filing/conv_pdf?id=13084890&guid=fn5bUarWJBTa83h
The "terms set forth herein" boil down to-
"Hey IHSI! Give us all your shares and rights. Here's $40k, now go away forever."
Like I said- IHSI is toast.
If I had to argue this...
... I'd argue that a "demand for payment" is not "pending litigation", nor is an exec of a company which is justly demanding payment necessarily "adverse" to the company.
Just a billing dispute, etc.
But I get your point. It looks contradictory.
The 1 for 10,000 reverse split s/b result enough.
On top of his previous splits.
Pathetic.
Back from Kazakhstan... picking up more laundry?
Kazakhstan is one of the biggest sources of funds needing laundering.
Just sayin...
Cellucci priming the pump machine again?
This rehashed article, courtesy of Chag on the BVTK board, is dated Nov 27, 2018.
https://www.hstoday.us/subject-matter-areas/infrastructure-security/perspective-innovative-public-private-partnerships-accelerate-technology-and-secure-critical-infrastructure/
To me it looks like a copy and paste of his government writings with a few new references thrown in.
You can tell they're new b/c they're not proofread as well as the rest of the article, i.e.:
There's Cellucci's signature "detail to attention" again!
(If you don't get that, see https://investorshub.advfn.com/boards/read_msg.aspx?message_id=138711113&txt2find=attention )
BTW, the "holy grail" highlighted isn't a typo- I just keep a rule of thumb that when I see this used in the pinky world it means- run away fast!
But he also added, at the end of what is otherwise a pretty sophomoric term paper which seems to be trying to reach a word count and include charts, this Acknowledgment:
Good find though, Chag. Wouldn't be surprised to see a PR referencing this soon.
Not that there is anything new here. It just shows which way the fluff PRs are going to be slanted... detection equipment, etc.
Going to post on the DPLS board, crediting you for the find of course.
Reads like a sophomore term paper...
One that had to meet a maximum word-count and include charts.
Cellucci is fine for what government calls "work"... just not for making money honestly in the real world.
Reminder to the board.
The topic of this board is DarkPulse.
Posts about other topics, people or boards will be removed as being in violation of IHUB Terms of Service.
Let's just keep it civil.
Thanks.
IHSI has had multiple failed pumps since then...
SEE:
"IHSI has NEVER had a run" because they could never even get their pumping act together.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=145087227
IHSI is just two electricians who had the misfortune to get tangled up with a seasoned penny stock manipulator, David Singer.
Singer is no longer with them.
At least in part, he's playing a new game with DPLS.
PAS/Fazync is a fraud, BVTK is going belly-up with a 1 for 10,000 reverse split, and IHSI is toast.
Any idea how the fanpage is taking it?
That exit door is gonna get mighty small...
...once the next round of toxic debt is taken on.
Amazing that folks can't understand there is just no company here.
Never was. Just a toxic note taking machine.
Knowing what Dennis knows is a low bar.
If the SEC spotlight gets turned on Cellucci...
... that suit may turn ORANGE soon...
I still believe there was some money-laundering involved.
Maybe not directly by Cellucci, but through his toxic financiers with perhaps some undisclosed paybacks...
...using the BVTK toxic debt as a vehicle to cloud the money trail.
I mean, the man has spent a LOT of time cozying up to Kazakhstanis and Russians...
He's getting compensated SOMEHOW.
But was Cellucci an unknowing PAWN? No way.
jmho
" IHSI has NEVER had a run..."
... because they could never even get their pumping act together.
Remember "Suncloak"? The magical marijuana grow lights they were supposed to make millions just from from installing?
And the $5 Million "Line of credit" (that was actually a toxic "put" agreement) from GHS investments?
Then they entered into a Marketing Agreement with Bravatek (BVTK) that was going to open up tons of jobs for them?
Bravatek is now sitting at .0001-.00002.
Then the scam with Cresent Construction which (by their own admission) they don't even control.
And now they're going to get rich by installing a plug-and-play non-existent energy-saver unit that no one has been interested in in over twenty years?
Give me a break. "IHSI never had a run" is just a sign of their incompetence, not a sign that they are "due."
They've boxed themselves in with dilution (13 BILLION shares+) and toxic debt, plus IRS tax liens of ~$2,000,000 that they'll never be able to pay off.
Just silly to think they're "due."