Receiver posted new filings (well I got an email from them...not posted online as of this morning).
Important Updates:
1. We know that ITKH will be sold as part of "the portfolio" of loans.
2. The receiver has met with investors interested in purchasing the portfolio and plans to set final bidding rules in the next few weeks.
Someone correct me if I'm wrong, ITKH ticker will be part of this loan portfolio sale. Whatever is left of the assets of Big Rhino and ITKH...who knows the value. The credit bid amount has never been disclosed by receiver. According the last ITKH filings in 2019 there is basically no intellectual property. They stated no trademarks or patents. They did own several website urls. They reported over 5 million in assets...most of that being "good will"...is that amount related to Big Rhino/acquisition value from back in 2016? probably...but who knows what it is left of Big Rhino and it's value now. The earlier receiver filings say they were trying to track down the assets and figure the value of those assets. The current filing does not state this....just says the loan will sold as part of the loan portfolio. Maybe they were never able to track down the assets....IDK
Someone smarter than me....what does a buyer of this ticker/loan do with it? How do they collect on the loan? Would the load become null and void and the only value be left in the shell?
So we wait....happy holidays
Page 32 of receiver filings.....
iTeknik Holding Corporation
Loan Origination: December 2016
Loan Principal: $5,698,064
Loan Interest: $3,642,686
Fees w/ Interest: $5,102
Total Outstanding: $8,760,852
The Master Fund and iTeknik entered into a Securities Purchase Agreement and a Senior Secured, Convertible, Redeemable Debenture for $5 million effective December 20, 2016. As a result of existing defaults and other disputes between the parties, litigation was commenced on April 4, 2017. On June 21, 2019, the parties entered into a settlement agreement for $4 million. TCA appears to have purchased all the property of iTeknik Holding Corporation and Big Rhino Corporation via a credit bid at an auction in March 2020, including furniture, accounts receivable, and intellectual property. The loan will be included for sale as part of the loan portfolio.
AI
