Replies to post #50064 on Intelligent Highway Solutions, Inc. (fka IHSI)

[Burn Notice88]

Are they eyeing this one (IHSI) too? Because IHSI vs. TCA Global Credit remains under a lawsuit, which has impacted IHSI business operations and the SEC is intimately aware of it. Case pending:

https://www.browardclerk.org/Web2

Facts:
SEC is intimately aware of both lawsuits involving TCA that IHSI wrapped up within. Company officers and the SEC and the SEC/federal court appointed attorney (receiver / staff) have been in direct communication with one another. Check the TCA Receiver's website and the FINTEL letters / telecon exchanged between IHSI and the SEC regarding the reason for late / absence of filings. This is a very-unique situation due to both lawsuits.

Case: SEC vs. TCA Master Fund Group Case 20-CV-21964-CMA
Source: https://tcafundreceivership.com/
Source: https://tcafundreceivership.com/docs/ReceiversFirstQuarterlyStatusReport.pdf

Source: "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

Fintel Letters / Communications Between IHSI and the SEC on Reporting:
Quote:

Devon Jones,
Chief Executive Officer
Intelligent Highway Solutions, Inc.

October 29, 2018


U.S. Securities and Exchange Commission
Att: Miss Claire DeLabar
Division of Corporation Finance,
Office of Telecommunications

Re: Form 10-K for the year ended December 31, 2016 Filed
June 29, 2017
File No. 000-55154

Dear Miss DeLabar:

Reference is made to your October 11, 2018 letter to the undersigned, and concurrent phone call discussions. First, we wished to take a moment, as a small public company interacting with your Division, to thank you for the cooperation and clarity, and to say you have been very helpful.

As a summary of our position, discussed in more detail in our calls, we have obtained the counsel of our litigation lawyer as it relates to the status of our case with TCA Global Master Fund, a litigation that directly impacts our business and accounting issues centered on “Crescent Construction.” Based on the advice just supplied to us, we can conclude our direction moving forward.

We have had a series of litigation battles on issues, in certain respects, centered on agreements, loans, defaults, etc. that impact the question of ownership and control of Crescent.

Lately, we filed suit in Florida against “TCA,” but TCA has repeatedly obtained extensions to answer with their legal position, though we can now reasonably conclude they will claim ownership and or control, thus thwarting us from solid footing unless and until we were to 1. settle the case, 2. obtain a judicial determination, or resolve the impasse otherwise.

From a business and litigation standpoint versus accounting and financial standpoint, we conclude now that Crescent should not be consolidated and intend our pending Form 10-K filing to reflect the decision. We also intend, within approximately 24 hours, to file a Form 8-K on this position. Our counsel advises we can, nevertheless, retain our court claims and rights to Crescent.

Thank you,


Sincerely,

/s/ Devon Jones
Devon Jones
Chief Executive Officer
Source: https://fintel.io/doc/sec-ihsi-intelligent-highway-solutions-corresp-2018-november-01-17949

The receiver is diligently working to end the dispute between IHSI vs. TCA in a settlement. If a settlement can not be reached, the receiver plans to direct this case to court for a summary judgement.

Source: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=161773603

[Lugnut]

FYI and this could be already be updated but I think IHSI is safe.

https://www.tdameritrade.com/retail-en_us/resources/pdf/cesecuritylist.pdf