ITEM 1.03. Bankruptcy or Receivership.
On September 12, 2018 the new interim management commenced a search for a bankruptcy chapter 11 barrister in Nevada. The new management mandate is to seek out and to settle all outstanding debts with the existing creditors on all cash and or cash and stock basis on a civil basis without seeking the Protections of the bankruptcy laws.
Since September 18, 2018 until October 2, 2018 the preferred shareholder and interim management were attempting in a private forum and a civil manner to resolve the return of all FLIT assets books and records bank records and bank access and all operations relating to FLIT. Mr. Mac Aro was afforded until October 3, 2018 to comply failing which the interim management and the preferred shareholder would commence legal action against Mr. Mac Aro personally.
The interim management is optimistic and of the opinion that it will be successful and able to overcome this corporate sabotage by ex-management Tobi Mac Aro and return FLIT to normal operations. The interim management is advised that the Chapter 11 filing will have a neutral or very nominal effect on existing FLIT shareholders.
The new interim management has successfully made a loan increase and available operating funds from $140,000 emergency bail out program initially sought out by Mr. Mac Aro through EMRY CAPITAL to $500,000 through the same financier. The interim management is satisfied that these funds should be sufficient to finance the Chapter 11 and all legal proceedings against the ex-management Mr. Mac Aro.
Mac Aro. Mr. Mac Aro is using all revenues generated by FLIT as his personal account with all debts being accrued to FLIT.
The new management has approached its corporate bank institution Bank of America in order to gather bank records and resume some operations. The new interim management is advised that the Bank of America account has been ceased by a creditor. The extent of that debt is unknown. Mr. Mac Aro in a written email or statement confirmed that he opened a second bank account under the Flit Holdings name in order to circumvent the obligations of the loan. FLIT new interim management has no access to this bank account and access is being denied by Mr. Mac Aro. Mr. Mac Aro is using all revenues generated by FLIT as his personal account with all debts being accrued to FLIT.
