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Friday, February 19, 2021 8:48:04 AM
IHSI vs. TCA Global Credit Master Fund Lawsuit...
Latest Facts: (*A/O Feb 19, 2021):
https://tcafundreceivership.com/
Third Quarterly Status Report: Filed in early February and posted to receiver's website on/about February 18, 2021.
Page 52:
"Intelligent Highway Solutions, Inc. v. TCA Global Credit Master Fund, L.P. v. Cresent Construction Company, Inc., Philip Kirkland, William D. Jones, Broward County Circuit Court, Case No. CACE 18 000934 (02)
On April 30, 2018, the defaulted borrower (Intelligent Solutions), an Elk Grove, California company that services and provides energy saving technology for intelligent highway systems, filed a pre emptive lawsuit against the Master Fund Intelligent Highway Solutions vs. TCA Global Credit Master Fund, L.P., 2017-00219822-CU FR (Sac. Cty Sup. Ct., CA), asserting claims for unlicensed lending under California among other claims. The borrower alleged that the Master Fund failed to provide advisory services (for which it agreed to pay $1.5 million) in connection with the loan funds it received ($631,855). The court dismissed the California action due to a forum selection clause in the loan agreements. The borrower filed an identical action in Florida.
The Master Fund moved to dismiss the borrower’s claims, and filed counter and cross claims against the borrower, co-borrower and guarantors, seeking to recover for breach of the credit agreement, revolving note, and guaranties. The total loan amount was $631,000, but the borrowers also owed $1.5 million in advisory services fees, and interest. After motion practice,
Case 1:20-cv-21964-CMA Document 108 Entered on FLSD Docket 02/03/2021 Page 55 of 75 CASE NO. 20-CIV 21964-CMA 53
the borrower abandoned its affirmative claims for relief, filed its answer, and borrower’s counsel withdrew from the case. Borrowers have failed to obtain new counsel, in violation of the court’s order. The pleadings are closed, and the Receiver is preparing to file dispositive motions on its claims to foreclose on the borrower’s loan obligation. Counsel for the Receiver is also in direct contact with the borrower, to pursue settlement negotiations. GJB is also investigating the borrower’s and guarantor’s assets in order to advise the Receiver on settlement and future collection efforts.
CASE NO. 20-CIV-21964-CMA
Court Documents: https://www.tcafundreceivership.com/courtdocs.html
Status Report: https://www.tcafundreceivership.com/docs/DE108_3rd_STATUSREPORT.pdf
From the billing fees report:
"...push matter to final judgement."
Ref: https://www.tcafundreceivership.com/docs/DE111Rec3rdInterim0.pdf
Archived Information:
Withdrew Counsel: As quote, July 23, 2019: "IHSI is pleased to announce that we are in process of approving the withdrawal of our legal counsel for the TCA litigation. We are now in direct communication with TCA to settle outside of court and do not feel we need counsel moving forward. Thank you."
Source: https://twitter.com/ihsitweets?lang=en
New Lawyer: "Prior to the Receiver’s appointment, the trial court stayed the proceedings to permit the parties to negotiate a settlement."
Source: https://tcafundreceivership.com/docs/DE070RecSecondQStatRep.pdf
Source: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=160100179
Reached Out To Counsel: "Borrower has since reached out to counsel for the Receiver, who is initiating settlement negotiations."
Source: https://tcafundreceivership.com/docs/DE070RecSecondQStatRep.pdf
Source: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=160100179
Receivers latest report Nov 5, 2020: "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. [color=red]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)."
Source: https://tcafundreceivership.com/docs/DE070RecSecondQStatRep.pdf
FWIW, The receiver was appointed May 11, 2020:
Source: https://tcafundreceivership.com/
The New Reporting Period Began in Early November (last report closed November 5, 2020):
"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."
Source: https://tcafundreceivership.com/docs/DE070RecSecondQStatRep.pdf
....
Historical:
First Quarterly Status Report: August 4, 2020.
Page 63:
"Intelligent Highway Solutions, Inc. v. TCA Global Credit Master Fund, L.P. v. Cresent Construction Company, Inc., Philip Kirkland, William D. Jones, Broward County Circuit Court, Case No. CACE 18-000934 (02)
Case 1:20-cv-21964-CMA Document 48 Entered on FLSD Docket 08/04/2020
CASE NO. 20-CIV-21964-CMA
Source: https://tcafundreceivership.com/
Source: https://tcafundreceivership.com/docs/ReceiversFirstQuarterlyStatusReport.pdf
Latest Facts: (*A/O Feb 19, 2021):
https://tcafundreceivership.com/
Third Quarterly Status Report: Filed in early February and posted to receiver's website on/about February 18, 2021.
Page 52:
"Intelligent Highway Solutions, Inc. v. TCA Global Credit Master Fund, L.P. v. Cresent Construction Company, Inc., Philip Kirkland, William D. Jones, Broward County Circuit Court, Case No. CACE 18 000934 (02)
On April 30, 2018, the defaulted borrower (Intelligent Solutions), an Elk Grove, California company that services and provides energy saving technology for intelligent highway systems, filed a pre emptive lawsuit against the Master Fund Intelligent Highway Solutions vs. TCA Global Credit Master Fund, L.P., 2017-00219822-CU FR (Sac. Cty Sup. Ct., CA), asserting claims for unlicensed lending under California among other claims. The borrower alleged that the Master Fund failed to provide advisory services (for which it agreed to pay $1.5 million) in connection with the loan funds it received ($631,855). The court dismissed the California action due to a forum selection clause in the loan agreements. The borrower filed an identical action in Florida.
The Master Fund moved to dismiss the borrower’s claims, and filed counter and cross claims against the borrower, co-borrower and guarantors, seeking to recover for breach of the credit agreement, revolving note, and guaranties. The total loan amount was $631,000, but the borrowers also owed $1.5 million in advisory services fees, and interest. After motion practice,
Case 1:20-cv-21964-CMA Document 108 Entered on FLSD Docket 02/03/2021 Page 55 of 75 CASE NO. 20-CIV 21964-CMA 53
the borrower abandoned its affirmative claims for relief, filed its answer, and borrower’s counsel withdrew from the case. Borrowers have failed to obtain new counsel, in violation of the court’s order. The pleadings are closed, and the Receiver is preparing to file dispositive motions on its claims to foreclose on the borrower’s loan obligation. Counsel for the Receiver is also in direct contact with the borrower, to pursue settlement negotiations. GJB is also investigating the borrower’s and guarantor’s assets in order to advise the Receiver on settlement and future collection efforts.
CASE NO. 20-CIV-21964-CMA
Court Documents: https://www.tcafundreceivership.com/courtdocs.html
Status Report: https://www.tcafundreceivership.com/docs/DE108_3rd_STATUSREPORT.pdf
From the billing fees report:
"...push matter to final judgement."
Ref: https://www.tcafundreceivership.com/docs/DE111Rec3rdInterim0.pdf
Archived Information:
Withdrew Counsel: As quote, July 23, 2019: "IHSI is pleased to announce that we are in process of approving the withdrawal of our legal counsel for the TCA litigation. We are now in direct communication with TCA to settle outside of court and do not feel we need counsel moving forward. Thank you."
Source: https://twitter.com/ihsitweets?lang=en
New Lawyer: "Prior to the Receiver’s appointment, the trial court stayed the proceedings to permit the parties to negotiate a settlement."
Source: https://tcafundreceivership.com/docs/DE070RecSecondQStatRep.pdf
Source: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=160100179
Reached Out To Counsel: "Borrower has since reached out to counsel for the Receiver, who is initiating settlement negotiations."
Source: https://tcafundreceivership.com/docs/DE070RecSecondQStatRep.pdf
Source: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=160100179
Receivers latest report Nov 5, 2020: "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. [color=red]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)."
Source: https://tcafundreceivership.com/docs/DE070RecSecondQStatRep.pdf
FWIW, The receiver was appointed May 11, 2020:
Source: https://tcafundreceivership.com/
The New Reporting Period Began in Early November (last report closed November 5, 2020):
"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."
Source: https://tcafundreceivership.com/docs/DE070RecSecondQStatRep.pdf
....
Historical:
First Quarterly Status Report: August 4, 2020.
Page 63:
"Intelligent Highway Solutions, Inc. v. TCA Global Credit Master Fund, L.P. v. Cresent Construction Company, Inc., Philip Kirkland, William D. Jones, Broward County Circuit Court, Case No. CACE 18-000934 (02)
Case 1:20-cv-21964-CMA Document 48 Entered on FLSD Docket 08/04/2020
CASE NO. 20-CIV-21964-CMA
Source: https://tcafundreceivership.com/
Source: https://tcafundreceivership.com/docs/ReceiversFirstQuarterlyStatusReport.pdf
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