I apologize that this update has taken so long. I’ve been pulling between 50 and 60 hours at work a week and the shifts keep bouncing around. We’re all zombies.
The Receiver’s fourth report is fairly short this time around (as is the legal report), mostly because it seems that they’re just continuing to chug along doing what they’ve been doing There have been some developments to report on though.
There are now 205 ATMs in use and 36 not in use because they’re outdated or need repairs. Didn’t the Dickwad Duo say that their ATMs were top of the line or something? Ah, surprise! More bullshit.
ATM income increased in the 2nd Quarter and the Receiver thinks that it’ll be about the same for the 3rd Quarter. The Receiver is actively seeking to sell. Cardtronics and National Link were initially interested but now the Receiver is in talks with a different buyer. They hope to complete the sale by the end of the year. This will decrease the amount of monthly income the receivership takes in, but it will also cut back on the expense of operating the ATM business.
The Receiver is continuing to figure out which equipment Oasis owns. It sounds pretty tangled. It appears that there are several more companies involved, including Studio Maui and Fiji Rentals and more equipment. Robert Keller, the guy running Oasis doesn’t seem all that cooperative and I think we’re lucky if Wishner knows how to rub two dimes together much less how to keep a ledger. Also, Oasis made loans to third parties, of which the Receiver has managed to recover $172,000. One particular loan is currently being paid back on an installment plan of $1,500 per month.
Of note is that Oasis transfered $160,000 to KER, LLC., a company associated with Keller’s sister. The Receiver has managed to recover all of that. And if you look through the billings, it appears that they’re investigating real estate owned by KER, LLC. Speaking of Keller, that bastard is dragging is feet and the Receiver will be seeking relief.
The office equipment has been sold. You know, when the receiver said he would get less than $10,000 for the equipment, I figured that it’d bottom out around $5,000. They got $500. That’s quite a bit of difference. I suppose they couldn’t buff out Joel and Ed’s residue.
Thanks to the court-approved settlement offer, the Receiver has recovered $227,541.65 in Quarter 2 and $891,804.24 from investors in July for a total of $1,119,345.89. He plans on filing complaints against anyone who chose not to accept the offer. There are three specific court cases listed in the Receiver’s billings, so he’s already started filing complaints.
While it doesn’t seem like a lot has gone on in the last quarter, it does seem like the ball is starting to roll. We’re seeing the first round of recoveries and the Receiver is going after at least some net winners in court. The Oasis nightmare will likely go on for some time while the Receiver tries to chase assets and money to get the victims back some more money.
thank you very much for the info… when can we expect some type of recovery?
Are you kidding, the receiver will eat up any monies recovered. Maybe you’ll get a check for 4 cents.
Recoveries are a long way off. Not many winners took the deal with the receiver. Several were taken to court in July and are fighting it.
Did you read all the letters asking the Judge to give poor little Joel a lite sentence. They were all from friends and family saying, they never thought he was capable and was a good man who gave to charity,(yea sure with our money) and he’s so sorry. The poor shmuck only made 7 0r 8 million via pay check over the life of the scam. Who knows how much he embezzled.
If this guy gets a light sentence, I’ll open my own deal, only raise 10 mill, get caught and get a slap on the wrist. LOL.12 years would be a good sentence, by the time he got out, he wouldn’t know where he is anyway.
Let me get this straight. Two crooks steal millions of dollars. All investors lose.
Then a receiver is hired to “recover” the money.
The receiver creates a massive project, bills the case for his costs.
Net result is whatever money is recovered goes to the receiver.
My question; who is the bigger crook, the con artists who conned me out of my money, or the receiver who “recovered” money on my behalf but keeps the money for himself?
Question two – how do I become a receiver? I want a court to ORDER me to take whatever money I can find.
Both.
Question 2
We would all love that job. It’s a license to steal. The receiver works at a very slow pace so that they can charge more money for whatever they do. I believe that if the FED’S shut this down, it’s their responsibility to recover the money for the investors, not hire a private entity.