Thank you for this link. Good DD! https://emma.msrb.org/ES1239428-ES968453-ES1369383.pdf
However, after reading through all of that, and looking at the dates of the filing of the lawsuit(August 2018 almost a year ago), it makes sense that this could be at the tail end of the lawsuit potentially at this point. Plus, what you also said about the bonds etc being in default and the link you added was valuable also. It stated "The Majority of Bondholders declined to direct the Trustee to pursue remedial action at this time" which again implies the bondholders are still willing to be patient with the whole situation.
So what is my overall take on this? I am not a professional and of course as a small investor this is JMHO, but it looks like:
A. Integrity Aviation had good intentions, was legit, and was screwed.
B. Integrity Aviation made the decision to sue for the bondholders and the stockholders of TURA the parent to recoup the assets and revenue that were basically stolen from them.
C. Based on the link you posted, it appears Integrity Aviation has a pretty strong case in my laymans non lawyer logical review.
C. Integrity Aviation has been struggling because of the situation and thus has not been able to afford to have audited financials produced since they are expensive.
And finally, this whole company and stock hinges on this lawsuit you brought to light. If they win and get the assets and the revenues restored then they should potentially be able to update their financials by having them audited for the bondholders for the past few years. Thus, this will in turn allow them with those same audited financials to update the public parent company(TURA) and stockholders with the same financials. In a sense, the current stockholders would benefit piggyback by the requirement of integrity being forced to produce Audited financials for the bondholders. However, if Integrity Aviation ends up losing, well, then the whole thing is sunk IMHO. Guess we will see.
But, I actually feel more positive about this being real after reading all of that for the sheer reason that they have a good case it appears and it would be a windfall if they won and allow them to come out of the dark. And without digging into the case and looking at more recent case files, the case has been going on for roughly a year thus could be close to some sort of decision. And, that would also allow them to update everything(with audited financials) and maybe also get all the coupon payments caught up as well. Only time will tell in this also I suppose if in fact they are close to something.
Either way, as I have said and will say again, this is just my humble opinion for my stock as a small investor and should not be used for anyone else making decisions on their own stock IMHO and they should do their own DD. GLTAL.