iTeknik Holding Corporation (ITKH)

[meidiot]

The receivers first quarterly report on TCA is out.
A quick scan of the 85 pages and i found the following :



? Big Rhino Corporation, Iteknik Holding Corporation v. TCA Global Credit MasterFund,
LP, Case No. CV2017-003585 (Superior Court of Arizona, Maricopa County)
The Master Fund acquired all of the assets of a company called Arrowhead Advertising
through a UCC foreclosure sale. In December 2016, the Master Fund entered into an asset purchase
agreement to sell all of Arrowhead Advertising’s assets to Big Rhino Corp., a Georgia digital video
production company, financed by debentures to the Master Fund totaling $6 million, guaranteed
by Big Rhino, its property, and its parent company’s property. Despite defaulting on the
debentures, in April 2017, Big Rhino filed suit against the Master Fund in Arizona alleging
fraudulent inducement into the debentures. Master Fund counterclaimed against the guarantors for
the outstanding balance due.
In June 2019, the parties entered into a settlement agreement, but the Master Fund was
forced to move to enforce it. On January 9, 2020, the court entered a judgment in favor of the
Master Fund for approximately $5.7 million in principal and $3.6 million in interest, plus
attorneys’ fees. On March 30, 2020, the Master Fund completed a UCC foreclosure sale of its lien
on defendants’ assets, which the Master Fund acquired for $510,000.