Court Grants Receiver’s Request for First Interim Distribution
On October 11, 2023, the Court granted the Receiver’s motion requesting approval to make a first interim distribution of $100 million to investors with allowed claims. A copy of the Order is available here. The Receiver and his team are diligently working to promptly send out distribution checks by U.S. Mail. The Receiver will update this website when mailing has been completed.
Motion Filed for Approval of First Interim Distribution of $100 Million
On September 18, 2023, the Receiver filed a motion seeking approval to make a first interim distribution to investors with allowed claims. A copy of the Receiver’s motion is available here. The Receiver is seeking permission to make an interim distribution of approximately $100 million as set forth on Exhibit 1 attached to the motion, which would provide claimants entitled to participate in the distribution approximately 67% of their allowed amounts. If the motion is granted, the Receiver will make every effort to promptly send distribution checks by U.S. Mail. This website will be updated once the Court enters an order on the motion. If you have any questions regarding this motion or the claims process, you may contact the claims administrator, Omni Agent Solutions, at: firstname.lastname@example.org or (866) 956-2142.
Court Grants Receiver’s Motion to Approve Determination and Priority of Claims
On July 26, 2023, the Court granted the Receiver’s Motion to (1) Approve Determination and Priority of Claims, (2) Approve Plan of Distribution, and (3) Establish Objection Procedure (“Motion”). A copy of the Motion is available here and a copy of the order is available here.
On or about August 8, 2023, the Receiver will mail individual letters for each claim to the respective claimant by U.S. Mail. Each letter will identify the claim number assigned to that claim, the claimant’s name, and the claim determination approved by the Court. The letter also will contain detailed instructions regarding the Court-approved objection procedure. To minimize expenses to the Receivership and conserve resources, please do NOT contact the Receiver’s team to ask for your claim number until you have allowed sufficient time to receive this letter. If you do not receive the letter within a few days of the mailing date, please contact the claims administrator, Omni Agent Solutions, at email@example.com or (866) 956-2142 to request a copy of your letter and verify your address.
Please review the information in the letter carefully. If you submitted more than one claim, you should receive a letter for each claim you submitted. Take note of the claimant’s name and the assigned claim number. This name and number will be used throughout the claims process. The letter includes the Receiver’s Court-approved determination of the claim as set forth in the Exhibits to the Motion. More information regarding claim determinations and the Receiver’s plan of distribution can be found in the Motion itself. Claims have been approved in full, approved in part, and denied. Some claims require additional information or documents be provided to the Receiver on or before twenty days of the date of mailing of the aforementioned letter or the claim may be denied.
- Exhibit 1 – Investor Claims – Allowed
- Exhibit 2 – Investor Claims – Allowed in Part
- Exhibit 3 – Investor Claims – Denied
If you agree with the Receiver’s Court-approved determination of your claim and the claim determination does not expressly require any additional information or documents, you do not need to take any further action. As set forth more fully in the Motion and the letter, if you wish to dispute the Receiver’s Court-approved determination of your claim, you must submit a written objection in accordance with the procedures described in the letter and Motion. All objections must be served on the Receiver, Burton W. Wiand on or before August 28, 2023 at 114 Turner Street, Clearwater, Florida 33756 and should not be filed with the Court. An objection may also be submitted by email
Failure to properly and timely serve an objection to the determination of your claim, its priority, or plan of distribution shall permanently waive your right to object to or contest the determination of your claim, its priority, and plan of distribution and your final claim amount shall be set as the Allowed Amount determined by the Receiver and approved by the Court.
After the objection deadline, the Receiver will evaluate any objections and work to resolve or litigate those objections. The Receiver’s ability to make a first interim distribution to claimants with approved claims will depend on the number and nature of objections. The Receiver cannot predict a distribution date or amount until any objections have been received and evaluated. Hopefully, the objection process will proceed smoothly and the Receiver and his professionals can distribute funds in the not-too-distant future. For more information, please continue to monitor the Receivership website and the Receiver’s interim reports.
Receiver’s Pending Motion For Approval Of Various Settlements
The Court recently granted preliminary approval of the motion filed jointly by the Receiver and Investor Plaintiffs regarding their settlement with Paul Wassgren and law firms DLA Piper and Fox Rothschild. (Doc. 787) This approval also pertained to various settlements reached with a number of sales agents and various bar orders related to these settlements. (Doc. 788) Pursuant to the Court’s Orders, the Receiver was ordered to mail a legal notice regarding the Court’s handling of the motion to all interested parties. You can read the full notice here. Please note the requirements for objecting to the relief sought.
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: firstname.lastname@example.org 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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