The Receiver has managed to recover $28,969,711 from 164 net winners, with another $984,379 due in payments. So we’re looking at close to a $30 million recovery…on IIRC $125 million in losses. There are another 100 demand letters still out there and there are 16 cases still in court.
There are now only 158 ATMs still in service. Remember, we keep losing them because contracts expire and the ATMs are too expensive to replace or because they’re just too old. Honestly, guys, this ATM business is dwindling. We’ve lost almost half of what we started with. And there’s no mention of a sale, not that I expect to be one.
The Receiver seems determined to go after Oasis to sell of any viable assets as well as get back large amounts money that Oasis wrongfully took from NASI and Oasis. They have been dragging their feet with the paperwork, only sending part of what was requested and the Receiver offered them a settlement. They did not bite and now the Receiver is suing them. As for Studio Maui, they only have four trailers, which I gather are all crap. Richmand (Studio Maui’s principal) agreed to purchase two for $9,250 but they have not reached an agreement on the remaining two.
The Receiver states that the clawbacks are expected to wind down towards the end of Quarter 2, 2017/beginning of Quarter 3, 2017. For those who don’t think in terms of fiscal years, that’s July-ish. At that point, the Receiver will file a procedure with the court and once that’s approved, the checks will likely go out thereafter.
I will be following up this weekend with the lawsuits against CNB. That’s where the bad news lies.