Recent content by Pschiff

The bank didn't pretend anything. The bank did not make a recommendation either way. It just presented the alternatives without making any recommendations. Neither the bank nor I had anything to gain by customers choosing to go with Qenta. So the option was provided purely as a curtsy to...

Due diligence was done prior to my decision to sell the bank to Qenta, as I was accepting mostly Qenta stock. But OCIF and the receiver had to approve the asset sale, which they did. Even if you claim the bank should not have given customers the choice of going with Qenta and you somehow win a...

There is no viable lawsuit against me. I didn't do anything wrong and neither did the bank. There are several bad actors with legal liability. But I'm not one of them. Also customers weren't sold. The bank sold assets to Qenta. Customers had to Opt In for Qenta to acquire them. That choice was...

If Qenta does not have the funds or metals, they can be sued. Qenta and their subsidiaries assumed all the liabilities for customers who did not opt out and whose funds or metal were transferred to Qenta. So unless the subsidiaries and Qenta file for bankruptcy, customers have a good lawsuit...

Yes, customers who owned gold, but who did not want to go ti Qenta, had to sell their gold so the bank could wire out their money. The gold was sold almost 3 years ago, but much of the proceeds only stated going out to customers last week. I only know this from this board. The Receiver never...

I have no idea. I can't get any confirmation. They are not a public company and have not seen any recent financials.

Qenta did not give me a way out. I made nothing by agreeing to sell the bank's assets to Qetna. I did that as I thought it would be helpful to the bank's customers who did not withdraw their funds to another bank.

Nothing shows the insolvency of the bank, as it was completely solvent, as confirmed by OCIF and the Receiver in the initial liquidation order. The bank had no debts, and held millions in cash and gold than was owed to depositors. I have not dodged anything. I have told everyone on this board...

I don't think so.. The receiver just decided on his own to transfer all the deposits to a U.S. bank that could only handle U.S. dollars. I objected to this. I think it was done simply to complicate and delay the process. The longer it takes, the more money the receiver makes.

What was held by IB in securities should still be there in customer accounts. I don't see how Qenta would have been able to withdraw that. The metal was transferred from Silver Bullion in Singapore. That's where the bank held it after it was moved from the Perth Mint in Australia.

If the bank is still holding some of the funds that belong to Opt Ins, and has not sent those funds to Qenta, then the purchase transaction has not yet closed. In fact, failure to deliver those funds would be a breach of the contract, but if Qenta has gone dark in the process, that breach may...

What do you think OCIF needs to approve regarding Qenta after it receives all the cash and metals that belong to the Opt Ins? OCIF already approved the transfer of those liabilities to Qenta. Once they transfer I don't see what role OCIF would play.

Once all the funds and metals that belong to Opt In's are transferred to Qenta, the Receiver has no more responsibly to those customers. He is only responsible for returning funds to Opt Out customers. Qenta is responsible for returning funds to Opt In customers. So Opt In customers must direct...

When the receiver initially wanted to move the funds form Novo to the bank in California, a move which I opposed, his plan was to mail out checks to all Opt outs. I told him that was a bad idea as many customers would not have a way to deposit U.S. dollar denominated checks. Hopefully he has...

My preference was leaving the money at Novo bank and figuring out how to have it wired from Novo directly to customers. That would have been much quicker and easier, which is why the trustee didn't do that.