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 – email@example.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.
- 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.
Receiver files 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.
Court Grants the Receiver’s Motion to (1) Approve Procedure to Administer Claims and Proof of Claim Form, (2) Establish Deadline for Filing Proof of Claim Forms, and (3) Permit Notice by Mail and Publication and Incorporated Memorandum.
Court Grants the Receiver’s Motion to (1) Approve Procedure to Administer Claims and Proof of Claim Form, (2) Establish Deadline for Filing Proof of Claim Forms, and (3) Permit Notice by Mail and Publication and Incorporated Memorandum
On February 3, 2020, the Receiver filed a Motion to (1) Approve Procedure to Administer Claims and Proof of Claim Form, (2) Establish Deadline for Filing Proof of Claim Forms and, (3) Permit Notice by Mail and Publication (the “Motion”). A copy of the Motion can be found here. The Court entered an order granting the Motion on February 4, 2020. A copy of the Order can be found here. By granting the Receiver’s Motion, the Court has approved a procedure for each person or entity who thinks that he or she may have a claim against any Receivership Entity to submit a claim to the Receivership assets. If you believe you may have a claim arising out of or in any way related to the acts, conduct, or activities of the Receivership Entities, you MUST submit an original, written Proof of Claim Form as set forth in the Claim Process Instructions and Proof of Claim Form. The Proof of Claim Form must be received by the Receiver on or before June 15, 2020. FOR INVESTORS, THIS IS THE PROCEDURE BY WHICH YOU MAY SEEK TO RECOVER FOR YOUR LOSSES FROM THE RECEIVERSHIP.
On March 17, 2020, the Receiver mailed each known investor, other known potential creditors, and certain other individuals a letter advising of this procedure, a Proof of Claim Form, and the Claims Process Instructions. Click Oasis – Initial Letter to Potential Claimants for a sample copy of this letter. If you did not receive a letter from the Receiver and you believe that you should have received one, please contact Jeffrey C. Rizzo at (813) 347-5100 or firstname.lastname@example.org. Alternatively, a copy of the Proof of Claim Form can be found here and a copy of the Claims Process Instructions can be found here.
THE CLAIMS BAR DATE IS JUNE 15, 2020. ANY PERSON OR ENTITY WHO FAILS TO SUBMIT A PROOF OF CLAIM TO THE RECEIVER ON OR BEFORE THE CLAIMS BAR DATE (JUNE 15, 2020) SHALL BE FOREVER BARRED AND PRECLUDED FROM ASSERTING A CLAIM AGAINST THE RECEIVERSHIP OR RECEIVERSHIP ENTITIES.