Zeek Claims Portal Is Closed; Filing Deadline Passes; [Updated To Include Sept. 6, 2013, Link To ‘Letter From The Receiver’]
UPDATED 3:37 P.M. EDT (SEPT. 6, 2013 U.S.A.) The portal for filing claims in the Zeek Rewards Ponzi-scheme case is closed. The deadline for filing claims passed at 11:59 p.m. EDT on Sept. 5.
The website of the Zeek receivership remains online. On Sept. 6, receiver Kenneth D. Bell” posted a new “Letter from the Receiver.” (See comments thread below for some of the highlights.)
Zeek receiver Kenneth D. Bell has published another letter from the receiver. It is dated today:
http://www.zeekrewardsreceivership.com/pdf/ZRWUpdatefromReceiver9.6.13.pdf
Highlights:
* “As of the close of the claims process on September 5, 2013, 173,782 individual, final claims were submitted on the Claim Portal by almost 200,000 individual registrants. The overwhelming majority of the claims submitted, approximately 99%, were asserted by Affiliate-Investors and Retail Auction Users. As of September 5, 2013, the aggregate total of all final claims was in excess of $550 million. Please note this data is preliminary, unaudited, and subject to change.”
* “Throughout the claims process, we have been working with our forensic accountants and claims advisors at FTI and our claims agent, Garden City Group, to begin the claims reconciliation process. The reconciliation process will establish the amount of a Claimant’s claim against ZeekRewards that we believe is legitimate. In this process, we will also determine the amount of cash the Claimant received from ZeekRewards.
“Due to the overwhelming response to the claims process and the volume of claims submitted, we cannot estimate how long this reconciliation process will take to complete. However, we are undertaking every effort to complete the process as soon as is practicable. To the extent Claimants submitted complete information supporting their claims, we will be able to reconcile those claims more quickly. Once a material number of claims have been reconciled, we will begin issuing Claim Determination letters. We will issue these Claim Determination letters on a rolling basis thereafter, and they will state whether a Claimant’s claim(s) has been allowed or disallowed, the amount allowed (if applicable), any amounts the Claimant received from ZeekRewards during its operation, and how the Claimant may object to the Claim Determination. These amounts established in the reconciliation process will be used to determine the distribution that will be paid to a Claimant.”
* “It is still my intention to make an interim distribution to Claimants who hold allowed claims as soon as possible. The amount available for distribution, the timing of the distribution, the distribution reserves, and the method of distribution all must be approved by the Court.”
* “Finally, as we have previously reported, I intend to pursue court action beginning this fall against those who profited from ZeekRewards because those profits came at the expense of ZeekReward’s victims. Potential targets of such action include “net winners,” former insiders, and anyone else who knew or should have known of the inappropriate nature of ZeekRewards’ activities and yet facilitated those activities for their own gain. Funds recovered from any such actions will be used to further compensate ZeekReward’s victims.
“As always, thank you for your continued patience in this process. I continue to be dedicated to returning to you the greatest percentage of the amount of your claims as is possible.”
Sincerely,
Kenneth D. Bell
Receiver for Rex Venture Group, LLC d/b/a ZeekRewards
I still have not seen an appeal filed from King and Gilmond regarding their denied Motion to Dissolve. And, I can hardly wait until Robert Craddock resurfaces and expounds voluminously once more.
Great job Judge Mullen and Ken Bell, Receiver. Let the clawbacks commence. We the people cannot set back an allow these ponzi schemes to thrive. My hope is all guilty people are punished. This dishonest activity must to be stopped.