Intelligent Highway Solutions, Inc. (fka IHSI)

[Burn Notice88]

SEC / District Appointed Attorney (Receiver) Pressing To Reach A Settlement This Quarter May Have Something To Do With All The Stir. $IHSI

The receivers latest report November 5, 2020:
Quote:
Prior to the Receiver’s appointment, the trial court stayed the proceedings to permit the parties to negotiate a settlement. Borrower has since reached out to counsel for the Receiver, who is initiating settlement negotiations. If those negotiations fail or are delayed, the Receiver intends to re-open the proceedings to obtain outstanding discovery and move for summary judgment, as the pleadings are closed. GJB is also investigating the borrower’s and guarantor’s assets in order to advise the Receiver on settlement and future collection efforts.

Others Below is a list of other SPVs owned by the Master Fund that have no current operations and no significant assets. • TCA Royalty Foods I, LLC (FL) • TCA Crescent Construction Company LLC (FL).

https://tcafundreceivership.com/docs/DE070RecSecondQStatRep.pdf

FWIW, The receiver was appointed May 11, 2020:
https://tcafundreceivership.com/

The push is on, starting 6 weeks ago.

The New Reporting Period Began in Early November (last report closed November 5, 2020):
Quote:
CONTINUING WORK During the next reporting period, the Receiver and his professionals will continue to manage the Receivership’s SPV businesses, prepare them for sale, and employ a sales process designed to maximize value. The Receiver also expects to pare down the loan portfolio to a small number of performing loans through settlement or otherwise. Likewise, the Receiver hopes to settle as many of the open litigation matters as possible. The Receiver also currently plans time to submit a proposed claims and distribution plan during the next reporting period. This would allow the possibility of an early initial distribution during the receivership process, which is something the Receiver would like to be able to do for investors. The Receiver will, of course, continue to investigate third party litigation claims.
https://tcafundreceivership.com/docs/DE070RecSecondQStatRep.pdf