Creditors aren't payed the same amount or percentage normally so I guess there is no such rule. There's a hierarchy of who gets payed first and who last or not at all.
Euro Pacific bank is a scam
- Thread starter sonato
- Start date
- Status
You are. You also come before other creditors. When the bank went into foreclosure there were about $500K in trade payables. I reduced that $300K for quick payments. But the receiver refused to authorize payments. So my guess is none of these creditors will be paid unless customers are made whole. At the time I negotiated those discounts, there would have been $ 2-$3 million in cash left over after all depositors where made whole. But given the delay I have no idea︀ if any money will be left over for me, or if depositors will be made︁ whole or not. If they are not other creditors will get nothing, and neither will︂ I. However the bills the receiver incurs after he took over get paid, as does︃ the receiver himself. They take priority.
Correct. That figure includes the $1.25 million that was to be paid to the bank by Qenta. The first $500K was received. The rest is still due. The receiver did blow a $500K receivable though gross negligence. So we lost that money. Also there was a $300K bogus fine that was owed to︀ OCIF. It was for operating the bank without a license. Though the bank filed its︁ 2022 renewal on time, and paid the annual fee, OCIF decided to reject the renewal︂ over 5 moths after it was filed, and retroactively fine the bank $5K per day︃ for unknowingly operating without a license. The original fine was $700K, but I negotiated it︄ down. I think the sole reason for the fine was to make the bank look︅ bad in the media, as the fine was a big part of the stories that︆ where written. Of course it also generated revenue for OCIF.
"While we cannot provide a firm timeline at the moment, all efforts are geared to commence this
liquidation process within the next upcoming weeks"
liquidation process within the next upcoming weeks"
Yes, thank you for sharing!
However, I remember having seen this phrase over a year ago. So, for the time being, that makes me a beautiful leg 🙂. Explanation: this is what we call FrEnglish and
consists in "translating" a French expression by just substituting words. "Ca me fait une belle jambe" in fact means something like "So what? That does not affect me at all"
However, I remember having seen this phrase over a year ago. So, for the time being, that makes me a beautiful leg 🙂. Explanation: this is what we call FrEnglish and
consists in "translating" a French expression by just substituting words. "Ca me fait une belle jambe" in fact means something like "So what? That does not affect me at all"
Hopefully "commence the liquidation process" isn't just the beginning of a long, drawn out process. Frankly I thought the liquidation process began over two years ago. Apparently it's only just beginning now. I hope customer funds are returned within the first few months of this process. Hopefully what was intended to be a 90 day process, with 100% of customer funds returned in the first 30 days, will be wrapped up in under three years.
Very much so, Peter !
"Hopefully, what was intended to be a 90-day process, with 100% of customer funds returned in the first 30 days, will be wrapped up in under three years."
Plus a year or so of investigation, to catch the dangerous TE, TF and ML, yet to be seen. That changed considerably the Bank's
quality of service - I could feel it. What a shame indeed !!
"Hopefully, what was intended to be a 90-day process, with 100% of customer funds returned in the first 30 days, will be wrapped up in under three years."
Plus a year or so of investigation, to catch the dangerous TE, TF and ML, yet to be seen. That changed considerably the Bank's
quality of service - I could feel it. What a shame indeed !!
The bank went into Receivership to be liquidated. The receivership process had begun two years ago which leads to liquidation process. This is normal order of events btw.
Receivership
Legal process where a receiver is appointed to take control of a company's assets and manage its affairs.Liquidation
Process of winding up a company's affairs and distributing its assets to creditors and shareholders.This might be true under a normal situation where a bank goes into receivership because its actually bankrupt. Therefore there is a lot to sort out and unwind. But in this case the bank was only︀ put into receivership as a PR stunt. It was completely solvent. There were no loans︁ to sell off, no debts to repay. The cash alone balance sheet exceeded all monies︂ owed. The only liability on the balance sheet other then a few hundred K in︃ outstanding bills was the money owed to depositors. It was likely the simplest bank liquidation︄ in history. It should have been able to have been done in one day.
https://www.irs.gov/pub/irs-ci/j5-report-7-25-2024.pdf : page 4: "Euro Pacific Bank....has since been liquidated"
The winding up "process" of the bank has nothing to do with IRS. Understanding receivership and liquidation process is not the IRS's competence to be fair. It is indeed a bad choice of words or journalism so don't be easily misguided by that.
The professional in this process is the appointed receiver whether you like him or not. Just be patient until the process is finished as nothing you say or complain about here will have any change on the outcome of the process.
The professional in this process is the appointed receiver whether you like him or not. Just be patient until the process is finished as nothing you say or complain about here will have any change on the outcome of the process.
Probably true. But the IRS is the reason the bank is now in receivership. The︀ OCIF Commissioner had already decided to allow Qenta to buy and continue to operate the︁ bank, which would have been seamless for customers. But the IRS and J5 needed to︂ publicly save face for their highly publicized Atlantis Investigation, which ended up finding that the︃ bank did nothing wrong. They also likely wanted to help the "journalists" who broke the︄ story they leaked save face too. So the IRS got the OCIF Commissioner to do︅ them a favor. Other than a pat on the back during the press conference, I'm︆ not sure what else she received in return.
- Status