Current Report Filing (8-k)
22 November 2018 - 2:57AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (date of earliest event reported):
October 31, 2018
International
Automated Systems, Inc.
(Exact
Name of Registrant as Specified in its Charter)
Utah
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33-16531-D
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87-0447580
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(State
or other jurisdiction of
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(Commission
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(IRS
Employer
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incorporation
or organization)
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File
Number)
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Identification
No.)
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P.O.
Box 1836
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Salt Lake City,
Utah
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84110
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
Telephone Number, Including Area Code:
(801)
824-9616
2730
W 4000 S
Oasis,
Utah 84624
(Former
name, former address, and formal fiscal year, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (
see
General Instruction A.2. below):
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
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Item
1.03 Bankruptcy or Receivership
On
November 23, 2015, the United States filed a lawsuit (the “Lawsuit”) styled
United States of America v. Rapower-3,
LLC, International Automated Systems, Inc.; LTB1, LLC; R. Gregory Shepard; Neldon Johnson; and Roger Freeborn
, Civil No. 2:15-cv-00828-DN,
in the United States District Court for the District of Utah, Central Division (the “Court”). The Lawsuit sought to
enjoin International Automated Systems, Inc. (the “Company”), and the other defendants, from organizing, promoting,
and selling the solar energy system they had been promoting since 2010, and seeking to disgorge from the Company and other defendants
all gains from the promotion and sale of the system.
On
August 22, 2018, the Court entered a
Memorandum Decision and Order Freezing Assets and To Appoint a Receiver
in the Lawsuit,
in which the Court took exclusive jurisdiction and possession of all Company assets, froze all Company assets, and authorized
the appointment of a receiver.
On
October 31, 2018, the Court entered an Order in the Lawsuit: (i) appointing R. Wayne Klein as the receiver for the Company’s
estate (the “Receiver”), (ii) terminating the directors, officers, professionals and other agents of the Company,
(iii) stripping all officers, directors and agents of authority to act on behalf of the Company, and (iv) authorizing the Receiver
to take control of the Company and its assets.
The
Receiver is in the process of assessing the nature, location and value of all Company assets. The Receiver will, either directly
or through his agents, manage, operate, liquidate and recover all receivership assets, under the direction and approval of the
Court.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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International Automated Systems, Inc.
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Dated:
November 21, 2018
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By
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/s/
R. Wayne Klein
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Court-Appointed
Receiver for Company
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