Old Roaring Forties Windup and Distribution?

[Ron Earp]

Anyone heard any further word on the RF distribution of funds to affected parties? I filled out the documentation, faxed and emailed it to them, received confirmation of receipt but never heard anything back. News from any other affected parties?

Ron

[Alex Hirsbrunner]

Same here. Filled out the forms, Faxed and mailed them. Haven't heard a thing. Even 1 cent on the dollar would be nice!

Al

[Ron Earp]

Originally Posted by ahirsbrunner

Even 1 cent on the dollar would be nice!
Al

I suspect that will be a stretch........

[Charlie M]

I filled out all the forms also. Sent them email and snail mail. I haven't heard anything either.

Charlie

[BruceB]

Sent documents by post and e-mail as requested, got confirmation. Still waiting to hear anything back.

[Cliff Beer]

I'm not sure of Australian bankruptcy practice, but it might be similar to here in the US. In the US, the trustee will "administer" the assets and distribute funds in accordance with the creditor hierarchy (taxes and employee wages and secured creditors first, then unsecured creditors next, then to owners). I think the folks that put down deposits on cars are in the unsecured creditor bucket which means that secured creditors will have been paid in full prior to any funds going out to you (unfortunately). Usually, unless there are funds to be distributed to you, the trustee won't even contact you after you've filed your forms.

It's fairly typical for the available funds to be insufficient to repay even the secured creditors let alone the unsecured creditors - a real shame. What an unfortunate situation.

[Ron Earp]

We've already gone through all of that two years ago. There are funds to distribute to the unsecured creditors which is what we are waiting to hear about.

[Bill G.]

I understood the deadline for all information sent to Australia was May 1st, 2008. This is what I was told from a friend who sent in his paperwork later last month. He had an email from Australia confirming his paperwork.
My paperwork was sent in promptly. It may take up to a month to hear any more news on this distribution. Wait and see.

[BruceB]

Just received this e-mail this morning from CJL Partners, has anyone else received similar as there is no mention of what dividend will be paid and I have so far not received any correspondence in the post as has been usual previously -all details (e-mail address) etc are the same as any e-mails I have received previously but always wary of any e-mails looking for bank details I cannot contact them by phone until Monday because of time difference.


"Dear Sir
I advise that we are in the process of declaring a dividend to creditors and require your bank account details so that we can electronically transfer your dividend to your nominated bank account.
Please provide the following bank account details to enable us to transact an overseas payment to you.
Should you have any queries in relation to this matter, please do not hesitate to contact me.
Kind Regards
Angela Hatzis
]
CJL Partners Pty Ltd
Level 3
180 Flinders Lane
MELBOURNE VIC 3000

Ph: 03 9639 4779
Fax: 03 9639 4773
"

[Mark Worthington]

It sounds like there are some Nigerians at work here. I would NEVER provide those kind of bank account details in an email. if it is legit, it's highly unprofessional, IMO.

Good luck.

[Jonathan S]

I got one as well. If you are worried this may be someone phishing then verify the domain on the email address as the same as you got from previous emails from them or verify the fax number. I would do it but I am using webmail at the moment and don't have access to any old emails.

[Dutton]

Bruce,

I received the same email.

As for highly unprofessional, Mark, that just about sums up the whole fiasco.

[Jonathan S]

The phone, fax, and email domain all match their web site contact information.

CJL*Partners -Contact Us

I guess email domains can be faked so you could always stick to faxing to be safe or call them first.

[BruceB]

Yes I think I will give them a call on Monday to confirm.

[Ron Earp]

Faxed mine down. I'll be extremely interested to see if the distribution that each of us receives has a linear relation to the amount of money each of us lost.

[Jonathan S]

I'm betting on between 1 and 2 cents on the dollar.

[Ron Earp]

Originally Posted by jonathans

I'm betting on between 1 and 2 cents on the dollar.

Oh, I agree with you there 100%.

My point is I wonder if the function will be the same for all affected parties? That is; f(x) = $; where x was how much you lost and $ was how much you receive now.

My guess is we'll find some discrepancies depending on where you live in the world, what you did, and who you know.

Ron

[Trevor Booth]

Ron,
the law in Oz is that all creditors get an equal cents in the dollar distribution. The liquidators have to lodge all docs with Aust Sec Commision (ASIC) and I think also the applicable court. You are entitled to ask for a final list of creditors, the claimed amount, and the $ distribution that each recd. This doc will also show priority creditors and the liquidators fees.

Trevor

[Ron Earp]

Hi Trevor,

I sort of figured the law was like that. I don't want to imply that Australians are lawless or crooked or anything of that nature.

My statement was something of a hyperbole about the entire situation in that creditors have had little information and the entire thing seems to be handled rather haphazardly. Emailing creditors for bank details, creditors submitting loss details on at least four occasions to the same law office, personal details being mixed up with folks overseas, and so on. One can certainly imagine that mistakes and mix ups might continue through the distribution too.

R

[Al Jones]

Ron - I don't know if it works with international transfers but there's a possibility the respective banks will help you set up a separate account whereby no secure info is released(SSN#,etc) for the purpose of just such