Here is some good news for the WCM777 Victims who invested in Ponzi scheme! The Receiver has disclosed that allowed claims will be paid out “within the next week or so”.
The Receiver’s announcement was made as part of her twelfth Interim Report.
The Receiver presently has a $27.5 million cash balance in order to honor approved victim claims. The first distribution to WCM777 victims is going to be about $21 million, on behalf of a 41.5% recovery.
Other items covered in the Receiver’s report include:
- the sale of a New Cuyuna Property for $492,275.00
- a recovery of $128,526.00 from the Glen Ivy Golf Course water deposit
- the sale of the Diamex Diamonds to a private buyer for $2,000.00
- $2,250.00 recovered so far as part of the Zayda Alberin settlement
- “ongoing efforts” to enforce judgement against Huajian Wu and Yuanhao Inc.
The next WCM777 Receivership report is due in April, 2017.