Global Tech Industries Group Faces Receivership Order as Former Management Removed

On October 28, 2024, Global Tech Industries Group, Inc. filed a Form 8-K with the Securities and Exchange Commission, reporting significant changes within the company. The event, which occurred on September 18, 2024, highlighted the appointment of a Receiver, Paul L. Strickland, following a case styled White Rocks (BVI) Holdings Inc., et al., v. Reichman, et al., Case No.: A-24-896359-B in Clark County, Nevada, District Court.

The Receivership Order mandated the removal of the former management team, including David Reichman, Kathy Griffin, Frank Benintendo, Donald Gilbert, and Ashfin Luke Rahbari, from all positions they held with the company. The Order also entrusted full control of Global Tech Industries Group to the Receiver.

Additionally, specific directives in the Receivership Order included the assumption of full control over the company, the appointment as equity receiver over all company assets, and prohibitions on various actions by the company and former management, such as issuing securities and incurring debt outside the ordinary course of business.

Furthermore, the Court required cooperation from all company personnel, including former management, and ordered the Receiver to address the company’s delinquent filings with the SEC and OTC Markets. Upon successful recovery of assets, the Receiver is authorized to receive compensation as per the Order.

Effective September 18, 2024, the former management team was terminated from their roles, while Paul L. Strickland assumed the position of Receiver for the company. This substantial change in control and management structure has been reflected in the company’s recent filings with the SEC. The full text of the Reveivership Order can be found in Exhibit 99.1 of the current report.

This event signifies a significant development within Global Tech Industries Group, requiring close monitoring of further actions and repercussions as the Receiver takes control and navigates the company through this transitional period.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Global Tech Industries Group’s 8K filing here.

About Global Tech Industries Group

Global Tech Industries Group, Inc does not significant operations. Previously, the company was engaged in operation of an online cryptocurrency trading platform in the United States. It intends to acquire companies with significant growth opportunities. The company was formerly known as Tree Top Industries, Inc and changed its name to Global Tech Industries Group, Inc in July 2016.