Pelorus Fund REIT Files Complaint to Place StateHouse Holdings into Receivership

Rhea-AI Summary

Pelorus Fund REIT, , a significant debt owner of StateHouse Holdings Inc. (CSE: STHZ) (OTCQB: STHZF), has filed a complaint in the Superior Court of California requesting the immediate appointment of a Receivership over StateHouse. This action follows StateHouse's default on four existing loans. Pelorus aims to have a court-appointed Receiver assume control of all StateHouse assets and operations.

Dan Leimel Jr., CEO of Pelorus, stated that this action is intended to protect StateHouse's employees, customers, business partners, and vendors, allowing the business to continue operating across its production and distribution footprint. Pelorus believes that a Receivership will better position StateHouse to produce and deliver high-quality products more effectively. The company is requesting the Court to act swiftly in appointing a receiver to guide StateHouse towards a more efficient and appropriate structure.

Positive

• Potential for improved operational efficiency under Receivership
• Aim to protect key stakeholders including employees and customers
• Intention to continue business operations across production and distribution

Negative

• StateHouse has defaulted on four existing loans
• Loss of control over assets and operations for StateHouse management
• Indication of significant financial distress for StateHouse

NEWPORT BEACH, Calif., Sept. 26, 2024 /PRNewswire/ -- Pelorus Fund REIT, LLC., ("Pelorus") – a private mortgage real estate investment trust and significant owner of debt issued to StateHouse Holdings Inc. ("StateHouse" or the "Company") (CSE: STHZ) (OTCQB: STHZF), a California-focused, vertically integrated cannabis company, today filed a complaint requesting the immediate appointment of a Receivership over the Company in the Superior Court of The State of California (the "Court").

This action follows the Company's default on four existing loans and seeks the immediate appointment of a Receivership to assume control of all StateHouse assets and operations. Pelorus is in active communication with StateHouse management and expects that they will support the appointment of a receiver. 

"As the largest lender to StateHouse, we recognize the inherent value in the Company's operations, employees and assets," said Dan Leimel Jr., Chief Executive Officer of Pelorus.  "We believe that a court-appointed Receivership will better position StateHouse to more effectively produce and deliver high-quality product for the benefit of its key constituents.  Importantly, this action is intended to protect StateHouse employees, customers, business partners and vendors, enabling the business to continue to operate across its production and distribution footprint.  With those goals in mind, we are respectfully requesting the Court to move quickly in appointing a receiver so that StateHouse can be directed towards a cleaner, more efficient and appropriate structure moving forward."

About Pelorus Capital Group and Pelorus Fund REIT, LLC
Pelorus Capital Group offers a range of innovative transactional solutions addressing the diverse needs of real estate investors and portfolio managers. Our flexible acquisition and bridge lending programs are the direct result of our involvement in more than 4,700 transactions of varying size and complexity. Since 1991, our principals have participated in more than $1 billion of real estate investment transactions using both debt and equity solutions. We draw on our extensive experience to rapidly understand an opportunity, structure a logical solution and execute a timely close. For more information, please visit https://peloruscapitalgroup.com/.

Contact Information
ASC Advisors
Taylor Ingraham / Elizabeth Amory
tingraham@ascadvisors.com / eamory@ascadvisors.com
203 992 1230

View original content:https://www.prnewswire.com/news-releases/pelorus-fund-reit-files-complaint-to-place-statehouse-holdings-into-receivership-302260622.html

SOURCE Pelorus Fund REIT, LLC.

FAQ

Why is Pelorus Fund REIT filing for Receivership of StateHouse Holdings (STHZF)?

Pelorus Fund REIT is filing for Receivership of StateHouse Holdings (STHZF) due to StateHouse's default on four existing loans. The action aims to protect stakeholders and improve the company's operational efficiency.

What will happen to StateHouse Holdings (STHZF) operations under Receivership?

Under Receivership, StateHouse Holdings (STHZF) is expected to continue its operations across production and distribution, with the aim of more effectively producing and delivering high-quality products under new management.

How will the Receivership affect StateHouse Holdings (STHZF) employees and customers?

The Receivership is intended to protect StateHouse Holdings (STHZF) employees and customers, allowing the business to continue operating while aiming for a more efficient structure.

What is Pelorus Fund REIT's role in StateHouse Holdings (STHZF)?

Pelorus Fund REIT is the largest lender to StateHouse Holdings (STHZF) and a significant owner of debt issued to the company.