Recent content by Pschiff

Also, it just occurred to me, but since Qenta never actually bought the bank's assets, including the gold and silver, it never acquired legal title. All that changed was custody, not ownership. That is 100% clear from the contract Brent signed. So if Qenta refuses to return the bank's property...

Dear Opt-in customers, I have been apprised by some of you that the Receiver has been sending emails to Opt-In customers that precious metals and other assets transferred to Qenta were excluded from the liquidation process, that those assets have never been under his administration, and that...

well I sent him a lot of emails, all short, to update him on new information as I found it. He never acknowledged receiving a single one. The lawyers also demanded that I stop posting false information on this chat about the bank or the receiver. I replied twice asking them to identify any...

I am taking care of it myself. I have fully apprised the Receiver of the situation by email. His lawyer threatened me with legal action if I sent him any more. So he has received them, and should have read them. So he has no excuse if he agrees to allow Qenta to misappropriate any of the bank's...

Yes, the current market value of the assets listed is about $80 million . Qenta wants to keep $42 million and return $38 million to the bank, to distribute to customers. That is why its offer is so outrageous. Since the Purchase and Assumption agreement is terminate, Qenta is required to return...

Yes, the current market value of the assets listed is about $80 million . Qenta wants to keep $42 million for itself and return just $38 million to the bank, to distribute to its customers. That is why its offer is so outrageous.

In Qenta's letter to the receiver they hide those gains. They listed the value of "liquidated" assets as of Sept 30 2022, without any reference to the current liquidation value of those assets. Qenta clearly hoped the receiver had no idea that gold and silver prices had basically doubled since...

That is correct. The current market value of what Qenta lists as the assets is about $80 million. So Qenta wants to return less than half. Legally they are required to return 100%. All they can keep is $500K, which was what they paid the bank to purchase those assets and the corresponding...

That is correct. But they are stating the values at Sept. 2022 prices. They've gone way up since them. But over $500k belongs to the bank. It's part of the bank's capital. So yes Qenta wants to steal that.

Qenta is not being honest in this letter, as it has lacked the capacity to onboard Opt-In customers for over a year. That is likely why it sabotaged the migration process itself. G-Commerce DMCC's business license expired in Oct. 2023, and the company is no longer operational. G-Mint Sarl went...

Thanks. Qenta has no legal right to steal those gains. Since the Purchase and Assumption Agreement has been cancelled, Qenta has to unconditionally return all of the bank's assets that where transferred into its custody under the assumption that the transaction would close. All Qenta is entitled...

Some people are blaming me for choosing to sell the bank to Qenta in the fist place. Put yourself in my position. The bank's business is imploding. It's losing 250K to 300K per month. I am covering those losses out of my own pocket each month. I've got thousands of customers (though about 70%...

Sure. I could not take a chance on letting this deal happend. But I have no say it whether it does or doesn't. The receiver won't communicate with me so I'm completely in the dark. I hope he does the right thing, but I didn't want to keep quite and rely purely on hope.

It can't go that far. if they fight they will lose in arbitration. There will be no appeal. There is no argument they can make to defend an indefensible position.

Well Qenta was required to add $8 million in capital. That would have resulted in the bank having over $10 million total. So its hard to say. They would have been regulated, with independent audits every year. But after the sale to Qenta was rejected, and before we did the asset sale to Qenta, a...