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Replies to post #23238 on West Coast Ventures Group Corp (fka WCVC)
08/19/24 11:14 AM
On October 8, 2018, the creditor holding the First Amended Senior Secured Note from Illegal Burger, LLC filed suit in Broward County, Florida. The Company expects to either negotiate a settlement agreement or to vigorously defend this action. In May 2020 the U.S. Securities and Exchange Commission, (SEC), filed a civil action alleging fraud against this creditor. The SEC also appointed a court supervised receiver of this creditor, who has stayed all current litigation involving this creditor. The Company expects to reach a settlement with this receiver when they lift the stay.
On October 8, 2018, the creditor holding the First Amended Senior Secured Note from Illegal Burger, LLC filed suit in Broward County, Florida. The Company expects to either negotiate a settlement agreement or to vigorously defend this action. In May 2020 the U.S. Securities and Exchange Commission, (SEC), filed a civil action alleging fraud against this creditor. The SEC also appointed a court supervised receiver of this creditor, who has stayed all current litigation involving this creditor. The Company expects to reach a settlement with this receiver when they lift the stay.
TCA Global Credit Master Fund, L.P. v. Illegal Burger, LLC, J&F Restaurants, LLC,
James M. Nixon, and Perla L. Nixon, Broward County Circuit Court, Case No.
CACE-18-023812 (14)
On October 8, 2018, the Master Fund brought an action against the borrower, a Colorado
restaurant chain, and against the Nixons, as guarantors, seeking $565,267.07 in unpaid principal,
fees and interests due to borrower’s default on a credit agreement and note. The borrower, Illegal
Burger LLC, is a restaurant chain based in Denver, Colorado. Through GJB’s efforts, the trial
court lifted the stay and set the matter for trial in November 2020, upon the Receiver’s
representation of its intent to vigorously pursue recovery of the monies owed. Thereafter, Illegal
Burger agreed to negotiate a settlement. Based upon financial statements secured by Receiver’s
counsel, Illegal Burger’s restaurant business was struggling as a result of the current COVID-19
pandemic. GJB and the Receiver ultimately entered into a settlement with Illegal Burger in the
amount of $150,000, payable in full to the Receiver within 90 days of execution. The parties
executed the settlement agreement (which contains remedies and penalties if Illegal Burger fails
to pay) on November 24, 2020, and on the same day the Court entered an order dismissing the
case, reserving jurisdiction to enforce the terms of the settlement agreement. The settlement
amount has now been timely paid, in full.
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF FLORIDA
CASE NO. 20-CIV-21964-CMA
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff,
v.
TCA FUND MANAGEMENT GROUP CORP.,
et al.,
Defendants.
AI
