Major Profits
2 weeks ago
I thought I was up-to-date with things here (like knowing the latest concerning Vik) but I'm wondering if I missed something. That is, wasn't the court supposed to have ruled on the recommendations provided to it by the Temporary Receiver in his "Initial report"??
https://www.courtlistener.com/docket/60664181/232/grover-v-net-savings-link-inc/
VI. RECOMMENDATIONS AND NEXT STEPS
As set forth above, the Temporary Receiver’s preliminary analysis reveals that NSAV does
not have any material assets that could be used to satisfy the Grover Judgment. The only access
to working capital or any kind that NSAV appears to have is the sale of shares on the OTC Markets.
However, because the Q2 Report does not reflect the accurate financial condition of NSAV—
based on the Temporary Receiver’s preliminary analysis—the Temporary Receiver respectfully
submits that the issuance of new shares bears too high a risk of noncompliance with the securities
laws for him to authorize such issuance. Given the severity of the gap between the Q2 Report and
the Temporary Receiver’s view of the actual financial condition, it is not clear that any restatement
of the financial reports would be reasonably possible.
Given that NSAV appears to be, based on the preliminary review of the Temporary
Receiver, deeply insolvent without any ability to satisfy the Grover Judgment and with significant
concerns about the raising of capital via the public markets, NSAV and its stakeholders may benefit
from filing for protection under Chapter 7 of the Bankruptcy Code. A Chapter 7 bankruptcy will
preserve the Grover Judgment as an unsecured debt of putative bankruptcy estate, and will protect
NSAV shareholders and other stakeholders by allowing for an orderly wind down of NSAV’s
affairs consistent with the Bankruptcy Code and federal securities laws. The potential NSAV
causes of action against Silverbear (if meritorious and economical) will also pass into the estate
and could be brought if a court-appointed Chapter 7 trustee determined to do so. Filing for Chapter
7 liquidation is not, in the view of the Temporary Receiver, within the scope of his powers under
Case: 1:21-cv-05054 Document #: 232 Filed: 10/31/24 Page 23 of 26 PageID #:3063
24
the Receivership Order and would require further Order of the Court—subject as well to the views
of the Parties—to so authorize such a filing.
Otherwise, there are not sufficient assets in NSAV to continue to fund a receivership. The
Temporary Receiver and his team will prepare a fee application to file with the Court, with the
understanding that any approved fees and expenses will likely be an unsecured debt of NSAV. In
the event that the Court authorizes the Temporary Receiver to file Chapter 7 on behalf of NSAV,
the Temporary Receiver will remain available to hand over all documents collected to the court-
appointed Chapter 7 Trustee (who will also have the benefit of this Initial Report).
In the interest of full disclosure to the markets, the Temporary Receiver will also serve a
copy of this Initial Report on OTC Markets and on Pacific, although what OTC Markets and
Pacific do with the Initial Report are beyond the scope of the Temporary Receiver’s powers and
duties. The Temporary Receiver will also serve this Initial Report on the Securities and Exchange
Commission, and will be available to provide the Court with any additional information.
Dated: New York, New York
October 31, 2024
I mean, is that it? So the court said nothing and the agencies the report was sent to did nothing? The end?
Just wondering
Oh, anyone know if Tilton is associated with B*DS in any way?
TIA
$NSAV
nicehit
3 weeks ago
Wonder what all parties to be at NSAV will handle this?
The SEC is implementing new filing rules for OTC (over-the-counter) markets, specifically with the launch of OTCID and the elimination of the Pink Current market. These changes, effective July 1, 2025, mandate greater disclosure from companies seeking to qualify for the OTCID Basic Market. Companies will need to submit an annual Management Certification to confirm basic information, including registration, reporting, shell status, beneficial ownership, and convertible debt. Additionally, the SEC is updating Rule 15c2-11 with new guidance on the publication of quotations in the OTC market.
jack7377
3 weeks ago
NSAV#$$: Hey Bulba, the court awarded JT's shares to Vik , but JT said Hell to the "No!" , thus still has the shares . Vik hope to sue the Transfer Agent, Pacifica , to force the transfer and hold JT in content . Posession is 9/10ths of the law . So Hell will freeze over before JT hand over those shares and financial books . So Vik crushed NSAV Shareholders as he promised. He cut off his Nose despite his Face and got nothing. He won the Battle and JT has won the War thus far. If Vik had a Brain . He would reach a settlement with JT . IMO , NSAV will be returning, but it will take some time. Thanksgiving or Christmas.