On February 6th, the court finally approved the claims process! So, if you were a “net loser,” you should be receiving your packet within thirty days. I’ve updated the SEC docket to reflect the changes.
Things have been pretty quiet otherwise. The Receiver filed another status report but it’s really just more of the same.
How do we know if we are a “net loser”? I invested and I lost money! But how do I know if i am a “net loser”? Did we need to register?
Thanks, BG
You shouldn’t have had to register to be considered a net loser, since the Receiver would have found out anyway while going through the books. But I would absolutely contact the Receiver with questions since he’s the only one who knows for sure if you’re on the list. His email is Receiver@Nasi-Receivership.com
What about “Clawback”?? Do we have to answer anything they send us?
Just wondered if anyone had received their packet yet? We live in Australia so it will take longer to get here but just wondered if they had been sent out. Thanks
Not yet, I am in California.
how about now? wasn’t it supposed to be received (or certainly mailed, presumably from CA) within 30 days of Feb 6? did anyone contact receiver to find out more?
I re-read the claims procedure and they said that the notices had to be mailed within 30 days of the entry of order (not received, as I originally said). The order was entered on February 8th, and thirty days from that is March 10th. March 10th was Saturday so that might extend the deadline to March 12th (today). If he waited until last possible second to mail them, which doesn’t make a whole lick of sense, then tomorrow is the earliest you guys could see anything.
The reason it doesn’t make much sense to wait until last minute to mail these letters is because he filed his original claims motion on October 31st. So, in theory, he should have been just about ready to send these letters for months now since at least the end of December, since that was when the original deadline would have been.
Make sure that when you receive your packet to save the envelope. You have 60 days to respond by the postmark date on that envelope.
anyone receive anything yet? if so, what documents were included and any noteworthy details about timing or process?
I received mine yesterday via certified mail (you have to sign for it). Inside is a 2 page cover (I’ll include text in next post) along with their estimation of loss including details of deposits and withdrawls. Also included is a 2 page FAQ, W9, and a claims submission form.
If you want, you can email me any docs you want posted. I’ll sanitize them and host them on the blog.
Dear Investor,
As you may know, on February 6,2018, the United States District Court approved
procedures for the administration of investor and creditor claims against the Nationwide
Automated Systems, Inc. (“NASI”) receivership estate. Accordingly, this letter provides you
with notice of the Receiver’s calculation of your claim amount, i.e. your net loss (or profit) from
your investments with NASI as reflected on the enclosed Schedule of Investor Payments To and
From NASI (“Investor Schedule”).
Your receipt of this letter does not mean that you are an investor with a loss entitling you
to a distribution of the Receivership Estate. The Receiver is required to send this Notice and
enclosures to all investors EXCEPT, investors: (1) who have entered into a Settlement
Agreement for Clawback Profits, (2) against whom a judgment for Clawback Profits has been
entered, and/or (3) have filed for personal bankruptcy and the Receiver has an allowed claim.
If you do not wish to dispute the Receiver’s calculation of your claim amount, you can
simply indicate that you do not dispute the Receiver’s calculation on the enclosed Claim
Submission Form, complete the enclosed W-9 tax form, and send both documents to the
Receiver’s office, preferably by email, but fax or regular mail is also accepted. These documents
must be sent to the Receiver’s office within 60 days of the date of this letter.
If you do dispute the Receiver’s calculation of your cldm amount, you must indicate that
you dispute the Receiver’s calculation on the enclosed Claim Submission Form and state the
basis of your dispute where indicated on the form. You must also gather and make a copy of all
documents in your possession or available to you (including, if applicable, from your bank) that
support your calculation of your claim (i.e. your net loss from your NASI investments).
It should be noted that fees, costs, or other indirect losses you may have incurred in
connection with your NASI investments (such as IRA fees, attorney fees, taxes, or interest
charges) may not be included in investor claim amounts. Finally, you must complete the
enclosed W-9 tax form. The completed Claims Submission Form, copy of all supporting
documents, and completed W-9 must be sent to the Receiver’s office, preferably by email, but
fax or regular mail is also accepted. These documents must be sent to the Receiver’s office
within 60 days of the date of this letter.
If you are contacting the Receiver regarding your claim, please reference your Claim’s
Number XXX.
Also enclosed is an explanation of the Court-approved procedures for the administration
of claims, as well as answers to frequently asked questions regarding the claims process. Please
review these documents carefully before contacting the Receiver’s office with questions or
concems.
anyone here any news/updates on this process?
Hi. Shouldn’t the claims process resulted in responses from all investors and creditors by now? I wonder if anyone is refusing the receiver’s calculations. Does anyone know what’s happening now/next?
I know when I got their calculations they had missed one of the ATMs (19800) off ours so sent back with the correct amount and paperwork to prove, but havent heard anything since so Im sure if there are a few of us that are out a bit they may have to do more digging 🙂
Has anyone received a payout yet?
No nothing as yet!!
Thanks, same here, Kay. 🙁
Hi everyone, I just looked on the receiver’s website http://www.nasi-receivership.com/claims-process/ and looked under Schedule of documents received (which was updated 1st June) and it shows what the receiver has received from each investor, re the claims,
“The Schedule has a “CSF” if a Claims Submission Form has been received from the
investor, a “W-9” if a W-9 tax form has been received from the investor, and “CSF/W-9″if both forms have been received from the investor.”
At least you know then if you are on the list 🙂
Has anybody received any updates on what’s going on?
Nothing. Crickets… Has anyone else heard anything or know what’s happening?
NASI-Lawsuit.com has a 60 plus page report. A lot of good info in it.
anyone hear about time frame to get check from receiver?
What a long wait it has been.. Haven’t heard anything yet.
Anyone else receive a registered letter today regarding a potential payout on the class action suit?
Yes, I just received a registered letter regarding (2) class action suits that the “net losers” are eligible to participate. The names were provided by NASI-Receivership if we still have net loss…even after our distribution from separate NASI claim. However, I still have received…nor heard from…the NASI-Receivership about my original filing (they do show all my documents have been received)! Now, we have at least (2) claims — potential payouts!
Are they from one attorney or 2? Do we need to contact the receivership to see if we join those or is it through the receivership?
Thanks Kay
anyone hear anything more? what’s timing of everything?
New info posted on receivers website. Unlike this one.
has every received payments from Receiver? how about from the CNB class action?