A group of ten to fifteen investors (not including some others who attended by phone conference) met with two associates from the firm. The long and short of it was :
We were asked to recognize and acknowledge that we are not one collective uniform group of victims. We make up more likely four or more seperate groups with distinct differences. And as such we need to understand where we fit before we "individually chose a strategy for going forward in a law suit.
Some possible groups might be:
a. investors who have put in principle and never taken any interest
b. investors who have put in principle and have taken interest and or some principle
c. investors who have put in principle, taken or not taken interest and been paid to bring in others
d. brokers/ recruiters / finders
e. investors who put money in, took it all out and more
The firm is suggesting that they can file an "involuntary bankrupcty" on behalf of the group for approx $7500 for those in "group A" and maybe some in "group b". It was their contention that having brought this "involentary bankruptcy" , they thereby would be having a "trustee appointed by the court to go after all assets and potential third partie assets.
The thing is... As we were told by the firm last night in complete candor...We could wait and the court will appoint this trustee anyway and do exactly the same thing with out paying a fee regardless.
The firm was very accommodating and informative, candid to a fault. I liked them. They didnt seem to be a large firm, but I do believe they know the bankruptcy laws. Further, I feel they were most helpful and should be considered going forward by the group as "friends".
Anyone interested in more information or creating a group of cooperative clients for this endevour should contact Thomas E. Valery, 516-280-4715 / 516-761-7900.
One last thing. I know that I have used the word "investor" in this blog. Please realize that I dont consider our monies, principle, interest or investment. It was basically "money taken under false pretense" and stolen assets.
We were asked to recognize and acknowledge that we are not one collective uniform group of victims. We make up more likely four or more seperate groups with distinct differences. And as such we need to understand where we fit before we "individually chose a strategy for going forward in a law suit.
Some possible groups might be:
a. investors who have put in principle and never taken any interest
b. investors who have put in principle and have taken interest and or some principle
c. investors who have put in principle, taken or not taken interest and been paid to bring in others
d. brokers/ recruiters / finders
e. investors who put money in, took it all out and more
The firm is suggesting that they can file an "involuntary bankrupcty" on behalf of the group for approx $7500 for those in "group A" and maybe some in "group b". It was their contention that having brought this "involentary bankruptcy" , they thereby would be having a "trustee appointed by the court to go after all assets and potential third partie assets.
The thing is... As we were told by the firm last night in complete candor...We could wait and the court will appoint this trustee anyway and do exactly the same thing with out paying a fee regardless.
The firm was very accommodating and informative, candid to a fault. I liked them. They didnt seem to be a large firm, but I do believe they know the bankruptcy laws. Further, I feel they were most helpful and should be considered going forward by the group as "friends".
Anyone interested in more information or creating a group of cooperative clients for this endevour should contact Thomas E. Valery, 516-280-4715 / 516-761-7900.
One last thing. I know that I have used the word "investor" in this blog. Please realize that I dont consider our monies, principle, interest or investment. It was basically "money taken under false pretense" and stolen assets.
