So many words and so little substance!!
As usual, a lot of hot air, nothing concrete, and no documentation for the usual blah blah blah.
Dear Clients and Members,
We had a very good and productive meeting with Mike yesterday morning for around two hours.
We have not had a chance to catch up over the weekend following his visit to the law firm´s office, so it was nice to get some news.
Mike wanted me to update all channels together so that everyone can see the bigger picture here. He wanted to share with you the reason for the delay in the transfer of funds from the Wealth Management Bank to the Lawyers Escrow account.
It seems the IRS was making another play for the funds and decided that Mike owed a further 25% fee for late taxes.
For several days it seemed that this would mean further court work to fight this absurd new penalty.
Thankfully the law firm was able to move swiftly and point out that all taxes have been settled and there should be no more to pay at all. MIke spent a few tense days before finding that the IRS had finally backed off. It has now been dealt with and he currently awaits news of the transfer of funds.
Can I remind you this is a large sum of money, and it is not the push of a button type of transaction. Moving large amounts of money is complicated, especially out of the US: Getting funds from the US to Canada is going to be a challenge and Mike has just to let the lawyers handle the situation. There is a small concern that the US will find fault with something else that will delay the transfer. We really pray that will not happen.
This transfer may take a little more time and Mike does not want to contact the lawyers too much while they do this process. Mike said that the final item on the agenda will be when he is summoned to the Law Firms head office to sign off the distribution of the funds. This will be a very momentous date and will be one for great celebration.
Once it is done it will be huge news and we wait with great anticipation for this to happen. But for now, he has to wait some more and hope and pray the funds get through so he can get his advance and then make his way home.
This will be followed by organizing the first people to be paid out. This is a small group of people that are first on the List and there are only about 7 people involved.
We have been told that the GFM payments will be paid out after Mike has his full amount paid. These payments are not part of his advance, which will only be enough for him to go home.
Then the Bullion investors will be contacted. I will update again before this happens to make sure you are ready to watch for the emails. I do not yet know what the process will be but by then we will have made contact with the lawyers.
Mike spoke on our behalf at the meeting and authorised them to contact us which will happen in due course.
As a matter of interest, Mike shared with us about a year ago who the law firm is, where they are and who the agent is that Mike deals with. We have seen correspondence from his lawyer and have never had reason to doubt Mike in anything. That said we are not privy to everything that goes on. There is a lot that Mike cannot share as he has a Non-Disclosure Agreement with the lawyers as well. This is fine with us, and we are told wath we need to know.
My partner and I are here for you the members, as a go between to Mike as he cannot possibly handle all the enquires himself. If we can lighten his load a bit so that he has the headspace to deal with the law firm, then that is better for all.
Both Admin G and I are Grams and E-65 members, so we are just as keen to see this project done as everyone else.
I would also remind that this is the Bullion funds we are talking about here from the five Gold programs. This is not E-65 funds nor the Traded Gold. Some people have mistakenly thought that the E-65 payout will begin immediately following the arrival of the Bullion funds. It will not, and I need to ask for your patience while we get this phase done. The process may begin fairly soon but there is much to be done first.
We have all watched and waited and seen how this first phase has taken all this time for a much smaller amount. of money and for only 270 clients. E-65 is really a large fund, and I am sure it will present the lawyers with its own set of problems given the age of the program and the different circumstances under which it started. There is nothing as we as admins nor Mike can do to change how we do forward. I know some of you will not be happy to hear this, but my inbox fills every day with questions from members that think their E-65 money is only weeks away. It will happen, but no one can tell you when. Not I, nor the lawyers nor Mike.
I know many of you are in dire straits but there is nothing we can do. Again I get a great deals of emails from those doing it tough or in need of funds for some emergency and my heart goes out to you all but it is plain to see that no one has given more nor suffered more than Mike in all this. The E-65 program has to follow process and will be a monster of a job.
That said the lawyers have certainly been on a learning curve themselves in sorting all this out so maybe they can fast track things. I really don´t know.
You will however have some gratification as you wait once you see the first clients paid out. This should give you some hope that things are progressing.
Just to give you an idea on the complexity of E-65 I will give you some numbers. There are 15,851 active members. Many of these membres are no longer contactable due to emails bouncing. 4,032 members have registered on the Google forms and to date 1,221 are registered on the Channels. Those members that are contactable will be processed first but I do not know what the lawyers will do about the rest. It will be up to them to decide.
Even the 4,032 members on the Google forms are going to be a large job to process. Each of you have a dozen questions and a dozen different circumstances since you first joined.
Everyone will need to know what to do about family members that have passed and where is the best place to put their funds and the list goes on. It will take a team of many people to process all this.
The FAQ has been waiting for this update and and will now be completed and should be up in the next few days. I just need to add a few more items to it.
I hope it will ease the amount of questions that I get that I cannot answer regarding E-65. All is in the hands of the lawyers, and I cannot help you.
Thank you all for your patience as we wait to get through this first phase.
Warm regards,
Admin D
As usual, a lot of hot air, nothing concrete, and no documentation for the usual blah blah blah.
Dear Clients and Members,
We had a very good and productive meeting with Mike yesterday morning for around two hours.
We have not had a chance to catch up over the weekend following his visit to the law firm´s office, so it was nice to get some news.
Mike wanted me to update all channels together so that everyone can see the bigger picture here. He wanted to share with you the reason for the delay in the transfer of funds from the Wealth Management Bank to the Lawyers Escrow account.
It seems the IRS was making another play for the funds and decided that Mike owed a further 25% fee for late taxes.
For several days it seemed that this would mean further court work to fight this absurd new penalty.
Thankfully the law firm was able to move swiftly and point out that all taxes have been settled and there should be no more to pay at all. MIke spent a few tense days before finding that the IRS had finally backed off. It has now been dealt with and he currently awaits news of the transfer of funds.
Can I remind you this is a large sum of money, and it is not the push of a button type of transaction. Moving large amounts of money is complicated, especially out of the US: Getting funds from the US to Canada is going to be a challenge and Mike has just to let the lawyers handle the situation. There is a small concern that the US will find fault with something else that will delay the transfer. We really pray that will not happen.
This transfer may take a little more time and Mike does not want to contact the lawyers too much while they do this process. Mike said that the final item on the agenda will be when he is summoned to the Law Firms head office to sign off the distribution of the funds. This will be a very momentous date and will be one for great celebration.
Once it is done it will be huge news and we wait with great anticipation for this to happen. But for now, he has to wait some more and hope and pray the funds get through so he can get his advance and then make his way home.
This will be followed by organizing the first people to be paid out. This is a small group of people that are first on the List and there are only about 7 people involved.
We have been told that the GFM payments will be paid out after Mike has his full amount paid. These payments are not part of his advance, which will only be enough for him to go home.
Then the Bullion investors will be contacted. I will update again before this happens to make sure you are ready to watch for the emails. I do not yet know what the process will be but by then we will have made contact with the lawyers.
Mike spoke on our behalf at the meeting and authorised them to contact us which will happen in due course.
As a matter of interest, Mike shared with us about a year ago who the law firm is, where they are and who the agent is that Mike deals with. We have seen correspondence from his lawyer and have never had reason to doubt Mike in anything. That said we are not privy to everything that goes on. There is a lot that Mike cannot share as he has a Non-Disclosure Agreement with the lawyers as well. This is fine with us, and we are told wath we need to know.
My partner and I are here for you the members, as a go between to Mike as he cannot possibly handle all the enquires himself. If we can lighten his load a bit so that he has the headspace to deal with the law firm, then that is better for all.
Both Admin G and I are Grams and E-65 members, so we are just as keen to see this project done as everyone else.
I would also remind that this is the Bullion funds we are talking about here from the five Gold programs. This is not E-65 funds nor the Traded Gold. Some people have mistakenly thought that the E-65 payout will begin immediately following the arrival of the Bullion funds. It will not, and I need to ask for your patience while we get this phase done. The process may begin fairly soon but there is much to be done first.
We have all watched and waited and seen how this first phase has taken all this time for a much smaller amount. of money and for only 270 clients. E-65 is really a large fund, and I am sure it will present the lawyers with its own set of problems given the age of the program and the different circumstances under which it started. There is nothing as we as admins nor Mike can do to change how we do forward. I know some of you will not be happy to hear this, but my inbox fills every day with questions from members that think their E-65 money is only weeks away. It will happen, but no one can tell you when. Not I, nor the lawyers nor Mike.
I know many of you are in dire straits but there is nothing we can do. Again I get a great deals of emails from those doing it tough or in need of funds for some emergency and my heart goes out to you all but it is plain to see that no one has given more nor suffered more than Mike in all this. The E-65 program has to follow process and will be a monster of a job.
That said the lawyers have certainly been on a learning curve themselves in sorting all this out so maybe they can fast track things. I really don´t know.
You will however have some gratification as you wait once you see the first clients paid out. This should give you some hope that things are progressing.
Just to give you an idea on the complexity of E-65 I will give you some numbers. There are 15,851 active members. Many of these membres are no longer contactable due to emails bouncing. 4,032 members have registered on the Google forms and to date 1,221 are registered on the Channels. Those members that are contactable will be processed first but I do not know what the lawyers will do about the rest. It will be up to them to decide.
Even the 4,032 members on the Google forms are going to be a large job to process. Each of you have a dozen questions and a dozen different circumstances since you first joined.
Everyone will need to know what to do about family members that have passed and where is the best place to put their funds and the list goes on. It will take a team of many people to process all this.
The FAQ has been waiting for this update and and will now be completed and should be up in the next few days. I just need to add a few more items to it.
I hope it will ease the amount of questions that I get that I cannot answer regarding E-65. All is in the hands of the lawyers, and I cannot help you.
Thank you all for your patience as we wait to get through this first phase.
Warm regards,
Admin D
