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LIG Assets, Inc. Agrees to Settlement that Significantly Reduces Debt with No Dilution to Shareholders
LIG Assets, Inc. Agrees to Settlement that Significantly Reduces Debt with No Dilution to Shareholders.
About this update from Lig Assets, Inc.
[{"type":"text","content":"\n \n \n LIG Assets, Inc. Agrees to Settlement that Significantly Reduces Debt with No Dilution to Shareholders\n \n \nLIG Assets, Inc. Agrees to Settlement that Significantly Reduces Debt with No Dilution to Shareholders\n\nSettlement with TCA Global Credit Master Fund settles debt incurred by previous management over 3 years ago\n\n \n DALLAS, TX--(Marketwired - Nov 22, 2016) - LIG Assets, Inc. (OTC PINK: LIGA) (also known as the \"Leader in Green Assets\" or \"LIGA\"), focused on residential and commercial real estate acquisition and development, today announced that it has entered into an agreement with TCA Global Credit Master Fund (\"TCA Global\") to settle the significant majority of the company's current outstanding debt. \n The settlement agreement reduces the outstanding debt to TCA Global by approximately 75% and essentially allows LIG Assets to begin its new business ventures with a fresh start and build assets from this point unencumbered by liens or the potential of ever-increasing debt owed to this lender. Additionally, LIGA shareholders are expected to see no dilution through this settlement. \n Terms of the settlement allow LIGA to engage in revenue generating activity for almost 6 months before commencement of monthly payments to pay off the settlement amount. Payments to TCA Global are anticipated to be generated from multiple new business ventures and revenue streams.\n Over three years ago, previous LIG Assets management borrowed $500,000 from TCA Global. The debt subsequently accrued interest and penalties that ballooned to over $1 million. It is noted that TCA Global did receive some payments against the original loan.\n TCA Global was by far LIG Assets, Inc.'s largest creditor, and all other creditors or claims against LIG Assets have been settled, are in the process of being settled, or management believes can be settled amicably. \n Aric Simons, Chief Legal Counsel for LIG Assets, was instrumental in negotiation of the amicable settlement with TCA Global and their representation. Mr. Simons stated, \"We are pleased to come to an agreement that benefits all parties, and appreciate everyone related to TCA Global for working with us on a fair settlement.\" \n Previous management of LIG Assets, Inc. will be responsible for paying over half of the reduced negotiated settlement o...