Merry Christmas, FullDeck.
Sure, you're aware of how everything was put on ice and then fell apart with the lawsuit? To recap, IHSI entered the line-of-credit deal with TCA. Everything business-wise was purportedly humming along. Then the deal with fell through. In between, a $500,000 payment was sent directly to Kenneth Dewey (former Cresent owner) for purchase of Cresent. $131,000 then changed hands apparently internally within TCA for fees and services? Followed by IHSI's $5 million line of credit being withdrawn by breach of contract (similar to a dozen or more small businesses in the TCA receiver's report).
Along the way, IHSI was advised by their attorney, to officially forego and un-claim any and all Cresent revenue and assets in their financial statements. Further, TCA transitioned to a locked-box methodology for managing Cresent's official documents (bills, invoices, checks, communications, etc.) going directly to TCA advisory, cutting off: IHSI access to the critical documents needed to run and manage the company and for completing all financial reports.
In segway, this question has been raised before, but I'll raise it again, with variance of opinion, but...
Who really owns Cresent Construction Company, Inc.?
Is it TCA? Or is it IHSI?
One could make the case that if IHSI NEVER owned Cresent, then why go through all the trouble, time and expense of operating, placing project bids, PR'ing, accounting, filing, auditing, etc. for Cresent and then opening a $5 million line of credit needed to carry out those $10.6 million (and ongoing) backlogged projects?
Further, if IHSI never owned Cresent, instead reluctantly taking the side that ownership shifted directly from Kenneth Dewey to TCA Global Credit Master after the $631,000 transaction, then why would TCA ever have involvement with IHSI at all, why would the $131,000 service and fees have shifted to IHSI (and their financial documents as liabilities), and a legal team on-retainer by TCA, placed into action to defend themselves vs. an IHSI lawusit, then why would TCA go on the offensive to file a counter-lawsuit vs. IHSI? None of this would have taken place, but only if IHSI owned Cresent Construction Company, Inc. on paper in the first place.
So now if the ownership argument is solved, I fall back on "the pause" (or putting company and shareholders "on ice") these past 3 years. If IHSI owns Cresent "on paper," they appear to be guilty of causing damages to IHSI through their predatory lending practices. If that is the case, which I strongly believe it is, it may likely lead to a positive case settlement in the favor of IHSI, resulting in: The turnover of all documents to IHSI and reinstatement of all lost Cresent financial data (so IHSI reporting can be brought up to date and certified by auditor). Then, moving forward, IHSI has the option of moving forward with the operation of Cresent Construction Company, Inc., obtaining bids and revenue, by leveraging their 30+ year business history, professional reputation and contacts in the established community.
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