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  • #241
  • Apr 24, 2008 6:36am Apr 24, 2008 6:36am
I emailed Lillian Lee, at Robb Evans & Associates to see where things are at as we get close to the end of April. It looks like we are still on track for them to recommend distribution of our funds to the court at the end of May. Here is her reply...
------------------------------------
It is still the Receiver's intention to file the motion re: distributions by the end of May. Based on the information gathered from Interbank and Forex Asia, the Receiver is clear about its position and is in the process of preparing the motion/ the next report. We are also tracing additional assets based on additional information subpoenaed. The details will be discussed in the next report.

Regards,
Lillian Lee
Deputy to the Receiver
  • #242
  • Apr 25, 2008 10:28am Apr 25, 2008 10:28am
What did they mean by "interim" distribution? Are we talking about a partial distribution to be motion end of May? It's nice that they found more money though, helps though.

Quoting TripTrap
I emailed Lillian Lee, at Robb Evans & Associates to see where things are at as we get close to the end of April. It looks like we are still on track for them to recommend distribution of our funds to the court at the end of May. Here is her reply...
------------------------------------
It is still the Receiver's intention to file the motion re: distributions by the end of May. Based on the information gathered from Interbank and Forex Asia, the Receiver is clear about its position and is in the process of preparing the motion/ the next report. We are also tracing additional assets based on additional information subpoenaed. The details will be discussed in the next report.

Regards,
Lillian Lee
Deputy to the Receiver
  • #243
  • May 9, 2008 3:59pm May 9, 2008 3:59pm
I spoke to her last week, and it appears that the recommendation is to return 100% of customer funds... of course it's up to the court to approve this motion.

only 20 days to go... hopefully we see something earlier.

Quoting forexedge
What did they mean by "interim" distribution? Are we talking about a partial distribution to be motion end of May? It's nice that they found more money though, helps though.
  • #244
  • May 12, 2008 8:13am May 12, 2008 8:13am
Hehe, make sure you read the documents to see how much the reciever is actually charging for all this work.

I know last time I went through something like this, everything was itemized. You can probably find the line item where she responded to your email.
The basis of a democratic state is liberty. ~ Aristotle
  • #245
  • May 23, 2008 5:41pm May 23, 2008 5:41pm
Greeting Lillian,

I was hoping to get an update before the long weekend on FXLQ. Have any major snags come up? Does it still look like your firm is going to recommend to the court distributions of funds to us the customers at the end of this month? What percentage of our funds are we likely to receive back?

I can't tell you how important this is to me. Thank you for your help.

----------------------------------------------------------------------------------

Hi ------,

We will file the report and the motion re: distribution by the end of May. We are recommending that the Court make the distribution to customers first. If this is not opposed by any parties and it is approved by the Court, customers will get 100% of their closed balance with FXLQ.

Very truly yours,

Lillian Lee
Deputy to the Receiver
  • #246
  • May 24, 2008 9:32am May 24, 2008 9:32am
Oh good that you checked in.. I was going to call next week. I'm looking forward to judge stamping motion approved next Friday May 30, and seeing our money sometimes in June/July.

I wonder if they are going to charge us recovery fees, receivership fees etc... that would suck.



Quoting TripTrap
Greeting Lillian,

I was hoping to get an update before the long weekend on FXLQ. Have any major snags come up? Does it still look like your firm is going to recommend to the court distributions of funds to us the customers at the end of this month? What percentage of our funds are we likely to receive back?

I can't tell you how important this is to me. Thank you for your help.

----------------------------------------------------------------------------------

Hi ------,

We will file the report and the motion re: distribution by the end of May. We are recommending that the Court make the distribution to customers first. If this is not opposed by any parties and it is approved by the Court, customers will get 100% of their closed balance with FXLQ.

Very truly yours,

Lillian Lee
Deputy to the Receiver
  • #247
  • May 28, 2008 8:32pm May 28, 2008 8:32pm
Hi ------,

I know how you must feel. I am sorry I have to send you the news:

It was our intention to file the motion re: distribution and our 2nd report by the end of May. Due to the last-minute unexpected events, there will be a delay in the Receiver's motion. Please see our notice posted on May 28, 2008 at the following link:

http://www.robbevans.com/pdf/forexlqnotice04.pdf

Lillian Lee
Deputy to the Receiver
------------------------------------------------------------------

Robb Evans & Associates LLC
Receiver of Forex Liquidity LLC

Notice to Customers and Creditors of Forex Liquidity LLC

May 28, 2008

The Receiver has communicated with many of you that it intended to file a motion this week with the United States District Court seeking approval of an interim distribution.
In the last few days certain unexpected events have taken place that will cause a delay in the Receiver’s motion. Those events involve creditor and other related issues which may or may not impact the ultimate distribution proposal to be made by the Receiver. The Receiver is not currently able to disclose the nature of what has transpired, but hopes to have these issues resolved very soon.
If these issues can be resolved, the Receiver should be in a position to make a distribution recommendation to the Court by mid-June.
  • #248
  • May 28, 2008 8:47pm May 28, 2008 8:47pm
ugh...
  • #249
  • May 29, 2008 5:59am May 29, 2008 5:59am
What I particularly don't like is the line...."IF these issues can be resolved..."
  • #250
  • May 29, 2008 7:17am May 29, 2008 7:17am
Quoting TripTrap

------------------------------------------------------------------
In the last few days...
...unexpected events..
...which may or may not impact the ultimate distribution proposal to be made by the Receiver.
If these issues can be resolved....
Basically they are saying "We do not know nothing. We can't do anything."
After six months we are still in the land of nowhere. This is scandalous!
Robert Gray is a gangster, but Robb Evans & C. appears to be a good partner for FXLQ.
  • #251
  • May 29, 2008 11:07am May 29, 2008 11:07am
This sucks... Trip - isn't there anything we can do... it's stuck with the receiver, so basically, anyone can try to block the distribution with enough claim to the money. There has to be a time limit to this b.s.
  • #252
  • May 29, 2008 6:30pm May 29, 2008 6:30pm
Are you kidin me,,This is rubbish!!! I can't believe their delaying this further now. Bet it's our old buddies IBFX trying to recoup their scammed funds prier to clients getting reimbursed..
  • #253
  • May 29, 2008 9:23pm May 29, 2008 9:23pm
Dear Lillian,

Thank you for keeping me updated, good news or bad.

Of particular concern to me in the notice is the statement starting with "If these issues can be resolved.......", as opposed to when these issues are resolved.

It sounds like it's anyone's guess when this will happen now.

Sincerely,

-----
------------------------------------------------------------------------------------
-----,

I am sorry that we can't disclose the details, which will be public information when our report is filed. In order to maximize the chance that the investors will get 100% and minimize the chance for others to oppose to our motion, we have to resolve the unexpected claims/issues first as funds are commingled. These issues must be resolved. Worse comes to worse, it will end up in Court.

Thank you for your understanding.
Lillian
  • #254
  • May 30, 2008 1:02am May 30, 2008 1:02am
The fact of the matter is forget about it, if and when we get anything back consider it an early Christmas present if we get it before then. That's one of the reasons why you never put any money in unless your comfortable with losing it.
  • #255
  • May 30, 2008 1:15am May 30, 2008 1:15am
Common guys, I know how you all feel but we all know that these matters take a hell of a long time to get resolved. I have never seen early resolution to this type of situation to date. Not wanting to sound negative, but I cant remember people in this situation getting 100 per cent of their money back either. The distribution to small accounts is always much less after the big sharks have been fed.
  • #256
  • Jun 2, 2008 2:45pm Jun 2, 2008 2:45pm
These are the same gyrations and delays we went through with Refco... took nearly two years to get the distributions... If you plan on that and it happens sooner you will probably be much more relaxed than if you expect it sooner and it takes longer.

Hang in everyone, it will eventually get resolved.
Trade Small. Be Patient. Learn to Survive.
  • #257
  • Jun 12, 2008 1:03pm Jun 12, 2008 1:03pm
As we approach the middle of June, I sent another email today to Lillian Lee to get an update on the situation. As it turned out Robb Evans and Associates had just filed a 2nd report to the court. Here is Lillian's email to me with the link to the report. We'll see what happens come July but I won't be holding my breath....
-------------------------------------------------------------

The Receiver just filed the 2nd report with the Court this week. Below please find the link to our report:

http://www.robbevans.com/pdf/forexlqreport02.pdf

We are filing the motion for the distributions with the Court in a very near future. Once the Court approves our motion, distribution can be made. The hearing date will most likely be scheduled on July 14th. As required by law, the hearing for the motion is required to be scheduled within a reasonable timeline from the time the motion is filed to allow all parties to have a chance to review/oppose to the motion. Therefore, if we file the report in mid-June, the earliest the Court can approve the motion would be somewhere around mid-July.

Very truly yours,

Lillian Lee
Deputy to the Receiver
  • #258
  • Jun 12, 2008 1:35pm Jun 12, 2008 1:35pm
Lillian,

Thank you for the fast reply and all the news!

Do you think it is likely for those that have claims will oppose the motion to distribute funds delaying us even more? Also, how long in these cases does it generally take for the checks to be sent out to the customers once the court approves of the motion?

Sincerely,

---------
--------------------------------------------------------------------------------------------------------------

---------,

I really do not know who will oppose to our motion or how the Court will decide at this point. The possible parties who may oppose to the motion would be FXLQ's shareholders, mainly Mr. Gray, brokers and creditors (as they won't receive 100% of their claims, at least not now). Let's hope that it will not affect the Court's approval for the distribution to customers.

Based on our other cases, typically the distribution can be made within few weeks (many times within a week) from the Court's approval.

Regards,
Lillian Lee
Deputy to the Receiver
  • #259
  • Jun 12, 2008 4:48pm Jun 12, 2008 4:48pm
Thanks for the update, TripTrap. Really appreciate it.
  • #260
  • Jun 13, 2008 7:25am Jun 13, 2008 7:25am
Quoting darmasdt
Thanks for the update, TripTrap. Really appreciate it.
You're quite welcome......I just hope there is an end in sight.
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