GLOBAL TECH INDUSTRIES GROUP, INC.: going-concern / distress — Court appoints receiver for Global Tech Industries; former management removed

GLOBAL TECH INDUSTRIES GROUP, INC.

On Sept 18, 2024, Nevada District Court appointed Paul L. Strickland as receiver over all assets of GTII.
Receiver removed all officers/directors: David Reichman, Kathy Griffin, Frank Benintendo, Donald Gilbert, Ashfin Luke Rahbari.
Court ordered receiver to cure SEC/OTC delinquent filings; former management enjoined from issuing securities or disposing assets.
Receiver authorized to be compensated 10% of value of recevership assets (excluding stock) plus 10% of recovered stock.

item 1.03 item 5.01 item 5.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

GLOBAL TECH INDUSTRIES GROUP, INC. entered receivership in Clark County, Nevada, District Court (petition 2024-09-18).

Proceeding: receivership
Court: Clark County, Nevada, District Court
Petition: 2024-09-18

Exact text from the filing

On September 18, 2024, in a case styled White Rocks (BVI) Holdings Inc., et al., v. Reichman, et al., Case No.: A-24-896359-B , Clark County, Nevada, District Court, the Court entered an Order Appointing Receiver (the “Receivership Order” ) of Global Tech Industries Group, Inc., a Nevada corporation (the “Company” ).

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Source: SEC EDGAR

accession 0001493152-24-042616

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