12DailyPro refunds FAQ
March 13, 2007
The latest breakthrough 12DailyPro news came in November 2006 but recently, however, there still are no major updates regarding the receivership status of 12DailyPro or the possibility of refunds.
We might hear some 12DailyPro updates in April 2007, though, once the Receiver submits a 2nd Interim Report to the Court.
While waiting for the report, let's recap some Frequently Asked Questions (FAQ) about 12DailyPro and 12DP refunds, as posted in the website of Thomas F. Lennon, the Court-appointed receiver.
About the Receivership
- Why did the SEC request that the Court order the shut down of 12 Dailypro?
The SEC investigated the 12Daily Pro operation and found sufficient information to indicate the probability of securities law violations to convince the Court that such an action was justified.
- Why did the (SEC) Securities and Exchange Commission ask the Court to appoint a Receiver?
The Receiver is an independent fiduciary who becomes an agent of the Court upon his appointment. As such he undertakes the appropriate investigations and reporting as directed in the Court's Order.
- How long will the Receivership last?
Cases of this nature usually last several years at a minimum. At least until the Receiver has completed the investigation required by the Court and whatever other activities the Court directs him to take regarding the case and any monies in the case.
- Will the Receiver put anyone in jail?
The Receiver is not a prosecuting authority. Only an agency of the state or federal government can bring criminal charges with jail as a possible penalty.
About the Refunds
- When will I get my money?
It is impossible to estimate at this time when distributions will be made. Pursuant to the Court's February 28, 2006 Permanent Injunction Order, the Receiver is to "conduct such investigation and discovery as may be necessary to locate and account for all of the assets of, or managed by, 12DP . . ."and "to make an accounting, as soon as practicable, to this Court . .." Once these tasks are accomplished the Receiver will request direction from the Court as to when and if there will be a distribution.
- Will I get all of the money I paid in? How much will I get?
The amount of funds, if any, which may ultimately be distributed to creditors and investors, is not known at this time. The Receiver will recover 12 Daily Pro funds as directed by the Order. Recovered funds are held in money market accounts with interest accruing to the case. Subject to the Court's approval, the Receiver will recommend a distribution based upon a claims process to be established. In situations such as this the Receiver generally recommends that distributions to investors be made based upon "Net Claim."
A Net Claim is the amount of cash the investor paid in to 12 Daily Pro less the amount of cash the investor received. Once all Net Claims have been determined and there are funds available for distribution, then the Court usually approves payment based upon a pro-rata percentage derived from the individual Net Claim divided by the total Net Claims. The percentage determined by this calculation is then used to specify the actual amount of funds of the total funds available to be paid for each Net Claim. The following is an example for purposes of illustration only and is not based upon Court decisions in this case.
EXAMPLE: If an investor paid in cash of $6,000 and subsequently received cash back of $1,500 then the investor's Net Claim would be $4,500. If all of the Net Claims from all of the investors totaled $1,210,000 then the investor whose Net Claim was $4,500 would be entitled to receive .003719 % of any funds the Court determined were available for distribution. If $250,000 was the amount available for distribution then the investor shown above would receive $929.75.
Please note that all of the numbers used in this illustration were only examples and are not intended to represent actual or estimated amounts.
- About International 12DailyPro investors
If I am an investor from outside the United States how do I know I will be treated the same as U. S. citizens.
The laws and regulations that govern matters of this type do not permit investors to be treated differently based upon their citizenship. The Receiver does not however, have the resources to provide information in any language other than English. The Receiver encourages investors who do not understand the information posted on this site to have it reviewed by someone who understands English and can describe the information to the investor.
- About Egold and EMO investments in 12DailyPro
What if my investment in 12 Daily Pro was made through EMO or E-Gold. Will I be treated the same as those investors who used Storm Pay?
At this time the Receiver knows of no reason why investors that used EMO or E-Gold would be treated differently from investors that used Storm Pay. EMO was placed in Receivership by the State of Texas. EMO members have being contacted by the EMO Receiver to handle claims for EMO. Go to http://emoweb01.emocorp.com/resources/html/Receivership.html . This site will provide you with information on the EMO Receivership if you were an EMO member and did not receive a letter from the EMO Receiver. Mr. Lennon is not the Receiver for EMO.
- What if I used Storm Pay, EMO or E-Gold to invest in an auto-surf website other than 12 Daily Pro?
The Receiver cannot help you and you do not have a claim in this case for any monies you placed with any entity other than 12 Daily Pro. The Receiver's authority in this case is limited to 12 Daily Pro, Charis Johnson and Lifeclicks. Based on his investigation to date, the Receiver does not believe that Ms. Johnson had any connection with any other auto-surf sites at the time of his appointment.