Intelligent Highway Solutions, Inc. (fka IHSI)

[FullDeck]

Just means the Debt Collector is even closer...

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. After motion practice, 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. During this Fourth Reporting Period, the Receiver has been investigating the borrower and guarantors’ assets to seek potential recovery. Counsel for the Receiver is also preparing motions to obtain a final judgment on its claims on the Note, in order to collect on any remaining assets subject to execution.