Touche. Refer to Items 27 to 32. There was no intent to mislead. It's been two years since perusing these documents. Then skip to Items 37, 49, 52, 53, 54, 57, 61, 62, 63, 64, and 71 to 76. Then read the full Prayer of Relief on page 12.
More on that "two-step" predatory lending practice?
TCA extending a LOC to IHSI on paper, but IHSI never directly receiving the funds? Instead, the seed money meant to fund the $10.6 million in "secured" (yes, "secured") bids won by Cresent Construction Company, Inc. NEVER touched IHSI hands, EVER. TCA, for whatever infinite wisdom, elected instead, to send $500,000 of the funds DIRECTLY to Cresent's former owner, then backpeddled and elected to put the funds in escrow to TCA Cresent's lawyer?
IHSI NEVER in the process was given control of the capital needed to fund their operations. Essentially, TCA never lending IHSI a cent to carry out the $10.6M construction bids won so they could generate income to repay on a LOC that was never given to them, in the first place. But yet IHSI loses control of Cresent? IHSI is on the hook for the money lent? For what? Signing a bunch of papers with the anticipation of receiving a $5M LOC FOR monies they (IHSI) never received? Makes perfect sense, right? Right! ;-)
This is exactly why negotiations are still ongoing.
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