Claims Process
On January 20, 2023, the Receiver filed his Motion to (1) Approve Determination and Priority of Claims, (2) Approve Plan of Distribution, and (3) Establish Objection Procedure (“Claims Determination Motion”). A copy of the motion is available here. This motion contains the Receiver’s recommendations on the 1,877 claims received and reviewed by the Receiver and his team. The Claims Determination Motion and Exhibits do not reference specific Claimant names. Rather, the Receiver has assigned each claim a number and has submitted a separate cross-reference list to the Court under seal so that the Court may match claimants to their claims while protecting the privacy of investors and their financial repercussions. Only the Court and a limited number of attorneys will have access to the cross-reference list.
After the Court rules on the Claims Determination Motion, the Receiver will send individual letters for each claim, which will identify the claim number assigned to that claim. The letter will allow the claimant to review the pertinent claim determination. You will not be able to determine the Receiver’s recommendation of your specific claim until you receive this letter. To minimize expenses to the Receivership and conserve resources, please do not contact the Receiver’s team to ask questions about your determination while the motion is pending. No information on the recommended determinations, including the assigned claim number, will be provided until after the Court enters an order on the motion.
The Receiver proposed an objection procedure in the Claims Determination Motion. Once the Court approves a procedure for handling objections, the Receiver will provide that information on his website and in the letters sent to claimants with their respective claim numbers. There is no need for the submission of any objections at this time.
The Receiver will make every effort to make a prompt distribution after the objection period has ended and he and his team have reviewed all timely-served objections. The timing of the Receiver’s first distribution will depend on the number and nature of objections received and may have to be delayed if the Receiver determines an objection warrants such a delay.
The Receiver has tried to make the claims process as simple and unintrusive as possible. Each claim has been carefully considered, and the Receiver believes that all claims have been afforded fair and equitable treatment. Unfortunately, the claims process is not an expeditious one, and your patience is appreciated.
Court Grants the Receiver’s Motion to (1) Approve Procedure to Administer Claims and Proof of Claim Form, (2) Establish Deadline for Filing Proof of Claim Forms, (3) Permit Notice by Mail and Publication, and (4) Approve the Retention of Omni Agent Solutions.
On June 16, 2021, the Receiver filed a Motion to (1) Approve Procedure to Administer Claims and Proof of Claim Form, (2) Establish Deadline for Filing Proof of Claim Forms, (3) Permit Notice by Mail and Publication, and (4) Approve the Retention of Omni Agent Solutions (the “Motion”). A copy of the Motion can be found here. The Court entered an order granting the Motion on July 8, 2021. A copy of the Order can be found here. By granting the Receiver’s Motion, the Court has approved a procedure for each person or entity who thinks that he or she may have a claim against any Receivership Entity to submit a claim to the Receivership assets. If you believe you may have a claim arising out of or in any way related to the acts, conduct, or activities of the Receivership Entities, you MUST submit a Proof of Claim Form by one of the approved submission methods as set forth in the Claim Process Instructions and Proof of Claim Form. The Proof of Claim Form must be received by the Receiver on or before December 22, 2021. FOR INVESTORS, THIS IS THE PROCEDURE BY WHICH YOU MAY SEEK TO RECOVER FOR YOUR LOSSES FROM THE RECEIVERSHIP.
On September 23, 2021, the Receiver mailed each known investor, other known potential creditors, and certain other individuals a letter advising of this procedure, a Proof of Claim Form, and the Claims Process Instructions. Click here for a sample copy of this letter. If you did not receive a letter from the Receiver and you believe that you should have received one, please contact Omni, the Receiver’s claims administrator, by emailing: equialtclaims@omniagnt.com or by calling 866-956-2142. Alternatively, you may obtain information regarding the claims process, including a Proof of Claim Form and the Claims Process Instructions at: www.omniagentsolutions.com/equialt.
THE CLAIMS BAR DATE IS DECEMBER 22, 2021. ANY PERSON OR ENTITY WHO FAILS TO SUBMIT A PROOF OF CLAIM TO THE RECEIVER ON OR BEFORE THE CLAIMS BAR DATE (DECEMBER 22, 2021) SHALL BE FOREVER BARRED AND PRECLUDED FROM ASSERTING A CLAIM AGAINST THE RECEIVERSHIP OR RECEIVERSHIP ENTITIES.
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