How FeederFund’s liquidation will be processed
June 4, 2007
Now that FeederFund has closed down, investors will be busy taking part in the liquidation of the remaining assets of the company.
Here's how FeederFund's liquidation is expected to progress, as explained by the company.
General Process
1. All Members who wish to make a claim against the assets must logon to this website. By doing so, your claim, as outlined on the claim details page, will be automatically submitted.
2. Members will have until the cutoff cate, August 31 to logon to the website and thereby submit their claim. No further claims will be accepted after this date.
3. By September 7, the total claim amount will be divided into the present assets and a settlement amount will be calculated and shown on the claim details page for each claiming Member .
4. From September 7, Members may request payment of the settlement amount via the payment digital currency. FeederFund is presently reviewing a number of these e-currencies and will provide more details of options nearer the cutoff date.
5. If there are still existing assets that have not been liquidated by this time, Members may wait until such time as they have been liquidated and added to their settlement amount.
6. From September all settlement amounts will be traded through their offshore regulated fund which has averaged a return of 3-4% per month over the last 12 months. Members who wish to wait for any further assets to be liquidated and DO NOT wish their settlement amount to be at risk during this time, will be able to opt out of this investment risk.
Present Assets
The following are details of all assets of the company as it presently stands.
FXIG
Approximately $50,000 on Account with a third party organisation dealing with the remaining FXIG assets. These funds are being aggressively traded at high risk in an attempt to make back some of the losses. The balance will be transferred out of its present position in early June to secure its value. While some FXIG investors might be happy to run a high risk strategy on the remainder of their investment, the prospect of a total writeoff is now an unacceptable position in regards to the liquidation of FeederFund assets.
PSHI
It would appear that there is very little chance of any recovery of assets from PSHI. Mr Blake Prater is presently in prison in the US for some 10 years and is unlikely to disclose any further information on the whereabouts of PSHI assets.
ITS
An account exits with its.com for over a substantial amount. No withdrawals are being processed by ITS, but it is expected that funds will be released before the end of this year.
SAF, NSFG, JOYFUND, CASH ACCOUNT
These programs were liquidated in April and e-gold purchased to make full payment of the balances. E-gold was indicted in late April. Shortly thereafter, the account holding these funds was frozen by the Secret Service and FBI in the US as part of their continued action against E-gold. These funds have been seized with no chance of their recovery and are written off.
CONTRIBUTION FROM THE DIRECTORS OF FEEDERFUND
In addition to the Reserve Fund of $19,000, a further contribution of $31,000 has been made for a total contribution of $50,000 from the Directors of Feederfund.
Total assets as of 26 May are approximately $100,000 cash, plus any proceeds from the ITS account which is substantially larger than that.
Claim Details - How your Claim is calculated
Your Claim is based on the sum of all your Deposits minus the sum of all your Withdrawals as shown below.
If your Withdrawals have exceeded your Deposits then your Claim will be $0.
Your Claim is NOT what you will be paid. It is only used to calculate what percentage of the remaining assets are to be paid to you in a Settlement Amount. The Settlement Amount will be calculated taking into account all Member Claims up to August 31 and all liquidated assets at that date.
What to do now
There is nothing Members need to do now until after September 7, when a Settlement Amount will be available for them to withdraw. If there is any specific news relating to the liquidation, it will be placed on the news page of the FeederFund liquidation site.
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September 23rd, 2007 at 11:54 am
They’ve postponed this, apparently. The new cutoff date is October 30 and the settlement should begin November 7. So they say.