From what I can tell Novo is finally engaged. The problem now lies with the fact that bank no longer has access to needed software that enables it to interface with Novo on sending out the wires. Key contracts expired, mainly due to the fact that no one anticipated the Novo freeze, so this access was not expected to be needed in April of 2023. I don't now that much about how this works, having never been involved with the operations of the bank, and my involvement is very limited now. Also, the Receiver had no banking experience prior to being appointed, so he is︀ learning on the job. Now the Receiver and Qetna are trying to work out a︁ solution to get al the funds paid out to the opt outs, or transferred to︂ Qetna. My hope is that Novo can just send the wires on its own. If︃ not the process will take longer for the bank to work with the counterparties necessary︄ to process these wires. I think worst case all funds will be transferred from Novo︅ to a new correspondent bank account, and then the wires will be processed from there.︆ I hope that can be avoided as it will likely add time and cost to︇ the process.
The real problem stems from the fact that the OCIF Commissioner refused to︈ allow any of the highly qualified and interested parties to buy the bank, contribute additional︉ capital, assume all of its liabilities, and operated it with new management, a new board,︊ and new ownership. That was in everyone best interest, especially mine. Yet the OCIF commissioner︋ insisted that liquidation of the bank was the only option, despite it clearly being the︌ worst option for customers. Had the Commissioner approved the sale of the bank to Qenta︍ on June 30th of 2022, instead of putting the bank into receivership and holding a︎ press conference where she allowed the IRS and other J5 reps to discuss money laundering️ and tax evasion, no customer deposits would have been tied up for even one minute. Anyone not happy with the new ownership could have withdrawn 100% of their deposits ten months ago.
