Just wanted to place the latest update on the subject.
Update 12/13/19:
“While our asset recovery efforts will likely continue for the foreseeable future, we intend to seek court approval for an interim distribution of receivership assets. This process generally involves two components. The first is the court’s approval of a proposed claims process. The claims process sets forth the mechanics and other rules on how individuals may formally file claims against TBIS. This process will establish a date by when claims must be filed. The receiver is nearing completion of a proposed claims process, which it plans to submit for court approval at the beginning of the new year.
The second component is the court’s approval of a plan of distribution. The plan of distribution will establish which investors and creditors have eligible claims and how to determine the amount of those claims. The receiver is evaluating the possible benefits of not filing the proposed plan of distribution until after the conclusion of the formal claim submission process. Ultimately, the receiver intends for the plan to be fair and equitable in how it treats claimants while also being cost-efficient to administer.
Once the claims process has been approved by the court, we will post the approved process and provide additional details on how individuals can submit formal claims through an online portal.
Lastly, we have received inquiries and information from many claimants via our informal claims process. We have logged this information and, once the formal claims process has begun, we will reach out to each of these claimants with specific instructions. At this point, however, the Receiver requests that any new claimants periodically check this webpage for information about the claims process and wait until the formal claims process has commenced to submit inquiries or claim details.”
