Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Congrats. ITKH matched its 52 week low today. What a POS. Dead money. Actually losing money.
That’s a while ago (relatively with what’s occurred)
Latest filing by ITKH still indicates Fred Wicks as the man in command. The filing was dated 11/17/2019.
https://backend.otcmarkets.com/otcapi/company/financial-report/234963/content
Same here:/ let’s see what happens
Then anything is possible. It's still basically a shell regardless who holds it. TCA probably has more of a reason to sell it or use it. They may need the money. There was not much debt in ITKH other than what was owed to TCA. Let's see what happens. Not like we have much of a choice....sell or hold and see what happens. I'm willing to be patient and see....as always I never buy more than I'm willing to lose with any stock...especially unpredictable OTC.
From what I’ve heard from former BR employees, Fred gave ownership to TCA post litigation per controlling C shares. Apparently Fred no longer owns/operates ITKH.
We dont know anything because the details of the settlement are not available. Initially, ITKH paid 300k in escrow....that money may never be recovered.
What I am thinking regarding the settlement is ITKH gave Big Rhino to TCA. But Big Rhino was falling apart before the settlement was enforced anyways...per the court minutes. I'm hoping Fred still controls ITKH which will become a shell now that there is little to no revenues without Big Rhino. Won't know anything until we see the details of the settlement.
I’ve sent messages to Fred. He refuses to respond to the most recent occurrence with TCA and directed any inquiry to Daniel Sherlock at TCA. I’d post the screen shot of our messages but I can’t figure out how on the Mobil app.
If anyone has questions I’d direct them to Daniel Sherlock at TCA.
i) ITKH wanted some funds back from TCA - thats down the drain for a while but ii) more importantly does anyone know here if in the business dealings with TCA the debt that was not disclosed to ITKH is a responsibility of ITKH still?
IMO Fred has been dragging this on in hopes that TCA will just go belly up.
the Investment Manager has determined that the continued operation of the Funds is no longer commercially viable," the letter said.
SEC probes Florida private lender over accounting questions
Lawrence Delevingne
NEW YORK Jan 23 (Reuters) -
TCA Fund Management Group Corp, a Miami-area business lender that produced nearly a decade of virtually uninterrupted gains, is liquidating its main investment fund amidst a U.S. securities investigation related to its accounting practices, according to a client and documents reviewed by Reuters.
A TCA letter to investors on Tuesday said it was suspending clients' access to cash as they had asked for more money than was available.
"In light of these redemption requests and the increasing illiquid nature of the Funds ... as well as issues relating to accounting and revenue recognition policies that have been raised in connection with an ongoing SEC investigation ... the Investment Manager has determined that the continued operation of the Funds is no longer commercially viable," the letter said.
The letter, previously reported by Bloomberg here, said the liquidation of the fund's positions would take "up to 12 to 18 months."
NBC News reported here on Wednesday that TCA employees had filed a whistleblower complaint with the U.S. Securities and Exchange Commission over the fund's accounting practices, saying its assets and returns were overstated.
A spokesman for the SEC declined to comment. TCA and its founder, Bob Press, did not respond to calls and emails from Reuters seeking comment.
TCA attorney Carl Schoeppl said in a statement to NBC News on Wednesday that TCA “treats this matter very seriously and has taken immediate steps to address the SEC whistleblower complaint by launching an internal investigation ... and has been in contact with the SEC and has offered full cooperation."
Schoeppl did not respond to additional Reuters questions related to TCA.
Direct lenders like TCA make high-interest rate loans, usually to fledgling or struggling businesses passed over by banks. Despite risks here, direct lending has attracted more interest from large investors like pensions and endowments as they seek investments not tied to from traditional bets like stocks and bonds.
A TCA fund investor contacted by Reuters said by email that the SEC investigation referred to in the letter was a "known issue with regards to internal processes for revenue recognition and has been referenced in previous auditor reports."
A spokesman for TCA's last known auditor, Grant Thornton, declined to comment.
Citing employee whistleblowers, NBC reported that Grant Thornton raised questions in 2019 about some of the fund's 2018 figures and issued a qualified opinion.
The investor in contact with Reuters said TCA was soliciting additional money for the troubled fund in November and December by offering fee discounts.
A TCA marketing email sent to another prospective investor in December, seen by Reuters, said the TCA Global Credit Master Fund, launched in 2010, targets net annual returns of 8% to 12%. It also noted gains every month between January 2017 and November 2019, with annual returns of 8.12% in 2017, 8.75% in 2018 and 7.07% in 2019 through November.
Reuters reported in July 2017 that the same fund had produced nearly 90 straight months of positive returns here
The current accounting questions are not the first faced by TCA.
In June 2015, accounting firm BDO International issued a qualified opinion for its 2014 audit of the TCA Global Credit Fund, LP. The firm noted, in a report seen by Reuters, that it was unable to obtain "sufficient, appropriate audit evidence" to support assumptions on more than $9 million in loans; that certain investment banking and service fees charged to borrowers were not in accordance with international accounting standards; and that it was unable to verify a valuation analysis of past loans.
A spokeswoman for BDO declined to comment.
https://mobile.reuters.com/article/amp/idUSL1N29S114
https://mobile.reuters.com/article/amp/idUSL1N29S114
TCA fund is being liquidated as its insolvent. Tough catch here. Hopefully Fred will stay away from TCA and sell the shell.
ITKH wont collect anything if the feds liquidate. Fred should give it back to TCA. And start fresh
wow really about time screw management
That would suck
Well that certainly isn’t good!
Looks like TCA is in some hot water with the feds.
https://www.nbcnews.com/business/markets/whistleblowers-say-florida-investment-firm-has-inflated-value-earnings-its-n1120746
I guess everyone should brace themselves
Looks like you're not going to be called back.
I’ve been calling TCA all morning, got the number for council to the settlement Bradley pack, left him a message, I’ll post here once he calls back.
I would caution anyone making quick decisions on ITKH. We don't have all the details yet....and the share structure is awesome here. There is always possibility of a merger. Need to see filings and terms of settlement before jumping to conclusions. As always anything is possible with OTC.
That’s not known at this point, there are some serious concerns but I’m trying to get answers from all parties. Like times2 stated. Even as a shell its a fairly decent candidate for a RM. I’ll post more as i find, if I get official emails I’ll copy paste them here.
Bankruptcy around the corner - its over folks - i had hopes but, dang, wish I would of sold at the end of last year! ouch! we are screwed!
no opinion yet...but I like surprises on preserved SS tickers with a low float that would always make a nice shell for a merger scenario...the big rhino info is concerning but per se a settlement will likely be rather beneficial in any scenario...sorry I cant give a more knowledgeable answer
That’s the problem I ran into, i was told all of this was public information so either Fred is hiding it or it’s buried in legal documents that I can’t find.
Unfortunately none of this info is backed by documents. But the whole thing doesn't sound great with Big Rhino employees resigning. Will have to wait and see what settlement looks like.
What are your thoughts on new posts?
Yup we’d all be screwed!
It’s confusing I admit, but from what I understand.
TCA and ITKH/BR (against BR opinion) settled for $4M (from what I understand it was the sole decision of Fred to take the settlement) because of this all BR employees quit.
There was also mention of Fred either having or owing a loan but I won’t make assumptions since there’s no documentation of that given to me so that’s up in the air.
So as it looks now ITKH is an empty shell, and TCA has full control of the public co. Fred may still own shares or not I have no idea. Not sure if there are any 13gs filled for the common
Yes it’s pretty confusing. I hope TCA will have a statement about the litigation
Wow that sucks. Doesn’t really add up but that would suck if that’s what happened. Did kyle eng reply to your email? Big rhino has been posting on holiday parties and a couple holiday pics on Twitter. I wonder what happened
So TCA paid Fred Wicks 4 million dollars for ITKH? That doesnt make sense. TCA had counter claim against ITKH. And if Big Rhino folded what is TCA paying for? An empty shell for 4 million? It's not adding up to me.
I’m skeptical of the outcome here, after some calls and email exchanges it seems the settlement is done.
Fred took $4 million and gave TCA the controlling c shares then he quit.
Big rhino was the only subsidiary making the company any money and all of their employees quit a few months ago. So ITKH is now an empty shell who has then given the control to TCA. Seems to be that Fred just wanted a check for the settlement.
The value of the company was well over 4M since they were posting those kinds of numbers yoy and the old employees at BR had internal conflicts with ITKH/Fred which caused their leaving.
Not sure what all this does for shareholders but it seems we got stuck with a bag. And Fred told me he can’t talk about the case so I assume he’s under some NDA or is hiding things from shareholders. I’ll reach out to TCA tomorrow when markets are open and see if they can confirm the transition of control ITKH to them.
As long as there's not huge toxic debt conversions as part of the settlement I'm hoping we will be fine. Market seems slightly excited about the settlement news...just a few buys since all of this made public. Would really like to see ITKH run back up near 003 then take off from there...hoping for the best!
exactly...004/003 spikes OR potentially multiple cents
I have flipped this stock many times but I always thought it was worth 2 cents plus on settlement news as long as its favorable. I wont hold my breath but I hope TCA loses.
summary to the initial litigation:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=149099105
Do you think ITKH will keep Blue Rhino? It appears a settlement has been made. We will find out in 8 days?
ITKH: Last 10Q was fantastic
Sales 876,303
Gross profit 714,161
Total shares authorized: 975,000,000
Total shares outstanding: 233,145,275 a/o 6-30-2019 and 1-10-2020 UNCHANGED!
Public Float2: 163,725,720 a/o date: 6-30-2019 and 1-10-2020 UNCHANGED!
https://backend.otcmarkets.com/otcapi/company/financial-report/231463/content
Based upon evidence that Plaintiff is in danger of not continuing as a viable entity, including resignations of senior employees in the last few weeks, the Court orders that Daniel Sherlock shall immediately take the position of CRO, as contemplated in the Settlement Agreement.
Hopefully ITKH gets their money back and TCA gets that shit Corporation back. It would be fair.
Would love to see terms of settlement. Appears Big Rhino is probably giving up assets to TCA...as the TCA rep was appointed CRO during most recent court date. Also said most of their senior employees had resigned. Maybe ITKH comes out of this without being totally disemboweled...lol.
looks like enforcement is for real this time...judge had it...high reward/risk ratio here...no brainer to buy as many ITKH as the wallet allows for short to midterm hold
Lots of updates hitting the docket now. looking like this could wrap up pretty quickly. Very curious on the settlement terms. Especially if ITKH signed off on it. If everything went well, then hold on guys this will take off. $ITKH LONG
Lol yeah i noticed that phone comment. I’m hoping that itkh/ big rhinos evidence proved that the action TCA took put them in hardship and that is why they enforced motion for settlement. Itkh last quarterly stated that they signed settlement 6/21 and court ordered that it is enforceable. Just waiting on the terms now....
That’s probably why I haven’t gotten a response yet from Big Rhino CEO
Thanks for posting here. Big Rhino's lawyer tried to withdraw but court wouldn't let him...then he's playing on his cell phone during the case...LOL. Sounds like court was tired of the games back and forth and just ordered the settlement. Big Rhino is going under from the looks of these court minutes. Notice TCA rep that was there is now the acting CRO.
The testimony of the witness is interrupted by the Court and Mr. Woods is directed to put his cellphone away while court is in process.
Followers
|
200
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
30291
|
Created
|
09/30/07
|
Type
|
Free
|
Moderators |
7750 Okeechobee Blvd. Suite #4-561 West Palm Beach, Fl. 33411 Website: http://www.iteknik.com Phone: (561) 459-3809 idirect support line: (800) 405-9027 Email: fwicks@iteknik.com Commerce site: http://www.bigrhino.agency/ http://arrowhead.agency/ GoBig@bigrhino.agency Fredrick W. Wicks CEO | ![]() The ITKH Bulls are back! | ![]()
Latest Report Mai 2018, 1Q2018 Quarterly Report CIK 0001290416 Fiscal Year End 12/31 Share Structure Details OTC Markets |
iTeknik Holding Corporation's (ITKH) strategy is to acquire/merge with companies that provide leading edge products for the wholesale, retail and consumer markets. |
![]() | We are Big RhinoThe needs of our clients can change in the blink of an eye. That’s why we maintain a nimble in-house creative team with a unique talent for delivering the highest quality creative that is on-strategy and faster than anyone else. When combined with our digital, interactive, and media teams, you have a completely integrated, strategic, and responsive advertising machine at your disposal. No matter the medium, Big Rhino gives you what you need, and right when and where you need to deliver your message. |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |