Great news everyone! I updated the docket today! That’s not it. Keep reading.
The Receiver filed his plans for the claims process on October 31st.
Per the filing, there’s about $34 million sitting in the Receivership and the amount keeps going up thanks to recovery efforts, mainly in the form of clawbacks and court judgments. The Receiver has identified 1,350 investors (or investor groups) who ended up with a loss.
I need to make it very clear that what you’re about to read hasn’t been approved by the court yet and this ball doesn’t roll without approval from the court.
Within 30 days of approval from the court, each of the 1,350 investors should receive:
Information about the process.
- The proposed claim amount
- A schedule showing their transactions
- A W-9 (All investors need to return the W-9).
If the investor doesn’t agree with the proposed claim amount, they have 60 days to reply in writing with supporting documentation.
For any claim disputes, the Receiver will review and attempt to resolve them. If they can’t be resolved then the court will have to intervene.
It’s pretty simple, but there’s still no quite telling how much you’ll get or even when it’ll start coming. The proposed claim amount that the Receiver will send out is just what he figured you lost. This is by no means the amount you can expect to recover. Perhaps if it was possible to recover every dime that was stolen, you’d get back nearly 100% of what you lost. But that’s so incredibly rare with Ponzi schemes. As it stands, there’s only $34 million on a collective loss of $124 million. And then there’s claims by vendors who were owed money by NASI.
Of course, if what you receive from the Receiver contradicts what I’ve said, go with what the Receiver says. Especially if he has better news than I do 🙂