PACV has about 2 weeks before the TCA receiver's third quarterly status report comes out.
The second report did not look good for PACV and seemed they were 1 of the only who had not made a solid deal with the receiver.
TCA sounded impatient..
Pacific Ventures
Loan Origination: June 20, 2017
Loan Principal: $2,500,000
Loan Interest: $412,627
Total Balance: $2,803,813
Status: Further Communication and Review Required
Pacific Ventures (“PACV”) is a public company located in Southern California. PACV has
three divisions, San Diego Farmers Market, SnoBar and Seaport Meat. SnoBar is non-operational.
San Diego Farmers Market is a farmers market in San Diego, California. The Master Fund
entered into an agreement to provide a Senior Secured Credit Facility of up to $6,000,000 to
PACV. The Receiver understands from the parties that PACV used financing to purchase the
farmers market. Per the Master Fund’s books and records, the balance on the loan is $2,803,018.00
as of June 1, 2020. PACV also owes the Master Fund an investment banking fee of $2,500,000.00
for obtaining additional financing for PACV to purchase Seaport Meat, a meatpacking and meat
purveyor business. That additional financing, in the amount of $4,000,000.00 was provided by
TCA ICAV. Additionally, the Master Fund holds a security interest over the San Diego Farmers
Market.
Prior to the Receiver’s appointment, the Defendants permitted PACV to pay only $10,000.00 (not the required $75,000.00) per month, to avoid a default so PACV could attempt to do a capital raise. PACV is in the process of attempting to complete a capital or debt raise to pay
off the purchase debt for both San Diego Farmers Market and Seaport Meat.
The Receiver has communicated directly with counsel for PACV on a number of occasions regarding its attempts to
satisfy its obligations to the Receiver and has specifically reserved all rights available to the
Receivership in respect of seeking to recover against PACV based on the full $75,000.00 monthly
amount due.
