Here's the latest update from the receiver. The court doc shows info on ITKH. ITKH was acquired by TCA after all of Big Rhino's assets were sold for $510,000 in March. I'm guessing ITKH is pretty much a clean shell now. The last quarterly report filed showed little liabilities except for the TCA loan and interest. ITKH has value and should be sold...typically $250,000 and up for a clean shell.
Big Rhino Corporation, Iteknik Holding Corporation v. TCA Global Credit MasterFund, LP, Case No. CV2017-003585 (Superior Court of Arizona, Maricopa County) The Master Fund acquired all of the assets of a company called Arrowhead Advertising through a UCC foreclosure sale. In December 2016, the Master Fund entered into an asset purchase agreement to sell all of Arrowhead Advertising’s assets to Big Rhino Corp., a Georgia digital video production company, financed by debentures to the Master Fund totaling $6 million, guaranteed by Big Rhino, its property, and its parent company’s property. Despite defaulting on the debentures, in April 2017, Big Rhino filed suit against the Master Fund in Arizona alleging fraudulent inducement into the debentures. Master Fund counterclaimed against the guarantors for the outstanding balance due. In June 2019, the parties entered into a settlement agreement, but the Master Fund was forced to move to enforce it. On January 9, 2020, the court entered a judgment in favor of the Master Fund for approximately $5.7 million in principal and $3.6 million in interest, plus attorneys’ fees. On March 30, 2020, the Master Fund completed a UCC foreclosure sale of its lienon defendants’ assets, which the Master Fund acquired for $510,000.
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