LIG Assets Inc (LIGA)

[12yearplan]

khawk, we got an update that was long awaited.

The bulk of it was in regards to illegal stock trading/manipulation which resulted in a SEC ruling for $3M tax loss.

One of the other upshots was mgmt stated their hands were tied and now plan to bust a move.

Unfortunately, today marks another missed deadline of a sort (in bolded update).

Another thing I would like to see intelligently discussed are the comments about cancelling shares, buy backs, etc,.. .

The SS was not mentioned but after this update must surely be the elephant in the room again how 2B shares will be rectified.

I think "foreseeable future" and Dec 2020 were comments offered regarding a R/S and foreseeable future was quite a long time ago and Dec is fast approaching.

It sounds like this was a promise that would have been easy to make if their hands were in fact tied.

Nashville, TN - (NewMediaWire) - October 14, 2020 - LIG Assets, Inc. (OTC PINK: LIGA) (also known as the "Leader in Green Assets" or "LIGA"), announces primary accomplishments in 2020, including the SEC summary judgment against the individual and corporation for the unlawful manipulation and selling of LIG Assets shares and other companies’ stock illegally and the resolution with the IRS that concluded with a $3 million Tax Loss Carried Forward for LIGA.



In November 2017, the Securities and Exchange Commission filed indictments against an individual and corporation for unlawful manipulation of LIG Assets and included 38 other OTC companies’ stock. You can read the full SEC indictment @ https://www.sec.gov/litigation/complaints/2017/comp23992.pdf; and on August 20, 2020, the SEC won a summary judgment against the individual and corporation, here's the Litigation Release No. 24871 - See Link: https://www.sec.gov/litigation/litreleases/2020/lr24871.htm



In addition to the SEC lawsuit, LIGA has successfully negotiated with the IRS when we came to an agreement after refiling our taxes for the years 2010, 2011, 2012, 2013, 2014, 2015 and 2016. The IRS took the additional steps to file these as a NO CHANGE AUDIT which gave LIG Assets a $3 million tax loss carried forward instead of any assessed penalties that previous management failed to disclose nor deliver proper banking and tax documents to LIGA's current management. It should be noted that LIG Assets’ original management that launched the company in 2008 had properly filed all of the tax returns from 2008 to 2013 and it was at this point in 2013 that an interim management team took over. This interim management team decided to amend several of the previous tax returns and then failed to file 2014, 2015 and 2016 tax returns. Later, the IRS rejected the amended tax returns for 2010, 2011 and 2012. After LIGA's current management took over LIG Assets in July 2017, the IRS notified them that the previous management ignored and/or was complacent with these tax issues. Also, and it should be noted the previous management failed to inform LIGA's current management of any issues with the IRS. So the current management led by CFO Doug Vaughn, and aided by IRS Tax Advocate John Delladonna with the help of many others had to go back and reconstruct the taxes from 2010 through 2016, which LIG Assets did.



LIGA's CFO, Doug Vaughn, stated, "This complex tax issue was worked out with the IRS over the last 18 months and required thousands of man hours by LIGA's current management and thankfully we were aided by 2 current US Senators. The events with the IRS and SEC materially impacted our ability to close real estate transactions and many other deals during this time." The successful resolution of this issue allows LIG assets to begin moving forward quickly on the real estate side of the business.



As stated in our press release on Jan. 4, 2018, LIGA had frozen 140 million shares of stock in reference to the SEC Indictments and has done so for the entire 3 years of the SEC lawsuit. LIGA's plan is to cancel these shares and possibly others now that the SEC has won a summary judgment. All monies received from ill-begotten gains will be applied to share buybacks, dividend and/or reinvesting in fiscally prudent new projects that would produce a guaranteed minimum return of investment. As stated in previous press releases, LIGA and its current management team reserves the right to purchase shares on the open market at any time.



Starting in 2016, LIGA held a Sustainability Impact Conference annually in Nashville, TN where senior management and corporate advisors detailed the Company’s technologies, products and vision for the future. Unfortunately due to the Coronavirus, the city of Nashville banned gatherings such as our conference this year and management decided that in the best interest of our shareholders that we would put off the event until next year, granted that everything returns to normal.



LIGA's management is now negotiating to make a deal and/or joint venture agreement to take full advantage of our $3 million tax loss carried forward. Project specific news will follow very soon since resolution of these two issues frees up management to focus on all of our projects including but not limited to the development of the properties in Brentwood, Tennessee and Buck Lake Ranch in addition to building homes with Horton World Solutions. Please look forward to more updates over the next couple of weeks.