On October 31st, the Receiver filed a plan to begin the claims process. Unfortunately, it was denied on December 4th. Without the court approval, the plan cannot proceed.
The good news is that the victims are a lot closer to seeing checks than they were three years ago when this long process started. With the mess that Ed & Joel made of the books, I’m not shocked that it’s taken this long.
The plan filed was basically confirming the victim’s claim amount with the victims. If a victim disagreed with the claim amount, they’d have 60 days to reply in writing with documentation to back it up. The Receiver and the victim would then try to resolve any discrepancies and if they couldn’t then a judge would resolve it for them.
So, we’re in a holding pattern again until a plan is approved by the court.