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Microcap & Penny Stocks : International Automated Systems
IAUS 0.0400-9.1%Jul 8 5:00 PM EST

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From: TEDennis3/1/2022 4:19:18 PM
   of 7572
 
The Court appointed Receiver has begun to (or continues to?) file a "writ of garnishment" against several of the people/organizations he sued to recover funds from those who profited from their involvement with IAS/RaPower3.

This is not good news for those who haven't paid their "ill gotten gains" back yet.

Definition of "writ of garnishment" -

A writ of garnishment is a process by which the court orders the seizure or attachment of the property of a defendant or judgment debtor in the possession or control of a third party. The garnishee is the person or corporation in possession of the property of the defendant or judgment debtor.

Some (all?) of those "writs" involved garnishing funds in the defendants' bank accounts, thus denying the Defendants access to their checking accounts, etc.

The garnishment amounts are enough to cover the Defendants' debt to the IAS/RaPower3 Receivership Estate. In some cases, that amounts to tens of thousands of dollars. Even hundreds of thousands for some Defendants.

If there aren't enough assets (cash or property) to cover the debt, the Defendants' assets will be "garnished" until their debt is paid off.

Ouch.

Sure is a pretty day.

TED
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