Recent content by Pschiff

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.

If that's the case the trustee can just share the bank's KYC file with Axos. We collected all this information at the time the accounts were opened.

I came up with the idea in case people were not able to withdraw their funds in time. OCIF had wanted to keep any funds not sent to customers for itself. I didn't want that to happen. So I came up with the idea that any money that was not withdrawn would go to Qenta, where bank customers would...

This is from the original liquidation plan. It was approved years ago. The 90-day period expired over two years ago.

Yes it did. It was all in cash. We just needed to close it out. There was also no risk in the book.

I do not know why any of this is required. The bank has all of this information from when accounts were originally opened up. All money is simply being returned to customers. My take is that these are just unnecessary steps added to prolong the process to run up the fees charged by the trustee...