The receiver’s site is a little behind on uploading new documents. I know because I checked Pacer late last night and sure enough, the receiver filed his 3rd report on May 27th, and the second round of billings on June 7th. I pretty much blew through the last of my $15 free Pacer usage for the quarter downloading them. The last fifteen days of the month are going to be tight on the downloads, folks!
So why the fatalistic title? The fees actually went up. UP. This time around, the receiver had to spend a lot of time getting the tax forms out and trying to get a handle/their hands on the Relief Defendant’s stuff. The Relief Defendants seem to be more complicated than previously thought. Initially, only Oasis was really mentioned but now there’s at least six other related companies coming up in these filings. They finally got Keller (of Oasis) into a deposition in March and it really helped locate assets. Unfortunately, it doesn’t sound like they’ve cooperated much beyond that. ::sigh:: I’ll update the By the Numbers page with the new figures early next week. The way I set things up on my spreadsheet isn’t meshing as well with this report as the last.
Onto the ATM operations. What a pain in the butt! Only 215 of the ATMs are operating with the other 26 either outdated or in need of major repairs. The ATM income dropped this past quarter simply because the busy buying season is over, which we figured would happen. The Receiver expects that it’ll pick back up this summer when people start traveling. As for finding a buyer for the business? Some of the ATM vendors have expressed interest but have not submitted any proposals.
Oasis was funded entirely by NASI. Oasis used to own all the equipment, but at some point sold some of the trucks and trailers to third-parties in a leaseback arrangement. Oasis has been dragging their feet with the Receiver. I think I’ve mentioned that here before. Joel and Ed may have owned most of the Oasis assets, but haven’t given up much information on it. Keller was the one who ran the day-to-day with help from Ed ‘s staff. Keller still hasn’t produced the books for the Receiver. In an interesting turn of events, Ed’s lawyer told the Receiver that he was unable to compile the Oasis documents and to have the Receiver come to Ed’s office to review the Oasis stuff. This was early April. Then a few days before the D-day, Ed’s lawyer claimed that Ed compiled all the documents and they shipped them to the Receiver. The Receiver showed up anyway and found more Oasis and NASI stuff to take.
So it sounds to me like Ed was trying to hide something. I hope the Receiver found some really juicy bits in those boxes he collected. And where did that extra NASI stuff come from? I could have sworn the Receiver already went through Ed’s and NASI’s offices to find everything they needed. Was Ed or Joel holding these documents elsewhere?
Also, Oasis made various loans and transfers to third parties. I’m counting at least six other entities listed in the documents that have some kind of tie-in with Oasis. The Receiver is working at locating and pursuing repayment of the assets has already recovered $50k from Keller’s sister. Nice to see they were making personal loans with the victims’ money. Dicks.
The Receiver filed an extension of time to file the 1099-MISC forms because the books aren’t caught up enough yet to do it. I didn’t even know you could file an extension for 1099s. Probably because I’d never needed to.
So far, 1,150 investors have completed the Investor Questionnaire (not the tax one). Out of about 2,400. If you know of someone who hasn’t done it, please help them complete it.
Speaking of Questionnaires… if you have questions about taxes or the 1099-MISC, you can fill out the Tax Questionnaire. You’ll first receive an automated response confirming that you filled it out, but the Receiver’s office will try to get back to you within 3 business days.