Claims Process

On March 7, 2022, the Court entered an Order granting the Receiver’s Motion to (1) Approve Determination and Priority of Claims, (2) Pool Receivership Assets and Liabilities, (3) Approve Plan of Distribution, and (4) Establish Objection Procedure (the “Motion”). A copy of the Motion is available here, and a copy of the order is available here. The next steps in this claims process are as follows:

• The Receiver will mail each claimant (and counsel, if applicable) a letter with detailed instructions. The Receiver will post a notice on this website once the letters have been mailed.
• If you do not receive a letter within a few days of the mailing date, you may contact the Receiver’s professionals for assistance – astephens@guerraking.com.
• Please review the information in the letter carefully. The letter will contain the claim number for the referenced claimant. You should receive a letter for each claim you submitted. Take note of the claimant name(s) and your claim number(s) and review the Receiver’s Court-approved determination of your claim(s), as set forth in the exhibits to the Motion. Claims have been approved in full, approved in part, and denied. Many claims have been approved but require additional information or documents before the claimants can participate in any distributions.
  • Claims 1-271, Exhibit 1 – Allowed
  • Claims 272-700, Exhibit 2 – Allowed in Part
  • Claims 701-774, Exhibit 3 – Denied
  • Claims 775-786, Exhibit 4 – New Horizon
  • Claims 787-791, Exhibit 5 – Non Investors
• As explained more fully in the Motion and letter, if you agree with the Receiver’s Court-approved determination of your claim(s), and you have not been instructed to provide any additional information or documents, you need not take any further action.
• If you have been instructed to provide additional information or documents, you must do so by April 14, 2022, as set forth in the Motion and letter. Many claimants will be required to complete a Personal Verification Form. Failure to complete the form will result in a claimant’s disqualification from participating in distributions of assets.
• If you object to the Receiver’s Court-approved determination of your claim(s), you must submit a written objection in accordance with the procedures described in the letter and Motion. All objections must be served on the Receiver by April 14, 2022.
• After the objection deadline, the Receiver will evaluate any objections and work to resolve or litigate those objections. The Receiver’s ability to make a first interim distribution of money to claimants with approved claims will be significantly impacted by the number and nature of objections. The Receiver cannot predict a distribution date or amount until any objections have been received and evaluated.

This process of validating the claims is the last step before the Receiver will be able to begin distributions of funds to claimants. Hopefully, this process will proceed smoothly, and the Receiver and his professionals can begin distributions in the not too distant future. For more information, please continue to monitor this website and the Receiver’s interim reports.