New Neteller re: US funds

cynthial

Boo
Joined
Oct 9, 2006
Location
Albuquerque
It looks as if we will go to Neteller and request withdrawals, but who will be watching? :eek:

Press Release
NETELLER Announces Agreed Plan to Return US Customers Funds


Monday, 4 June 2007 The NETELLER Plc Group (LSE: NLR), the independent global online payments business, today announced that it has agreed to a plan for the distribution of funds to its US customers.

NETELLER is continuing to cooperate with the investigation being conducted by the United States Attorneys Office for the Southern District of New York (USAO), under the advice of its legal advisers and in accordance with court orders in the Isle of Man. The Company is in discussions with the USAO for the purpose of resolving the investigation. The Company has advised the USAO that it will use its best efforts to resolve the investigation no later than 13 July 2007.

On 21 March 2007, the Company announced that it signed agreements with the USAO and Navigant Consulting, Inc. (Navigant) with respect to, among other things, developing a plan for the distribution of funds to US customers. Since then, in accordance with the agreements, the Company has worked with the USAO and Navigant to develop the plan. The Distribution Plan is now agreed upon, and the Company anticipates implementing the plan upon the resolution of the investigation.

The agreed Distribution Plan details the process and mechanisms for the return of funds to US customers. US customers will be able to access their NETELLER accounts online for a certain time and make a request for their funds. In accordance with NETELLERs Terms of Use, no interest on account balances will be paid. NETELLER will not charge fees to customers to process requests for funds. Funds will be distributed either by electronic transfer to the bank account on record with NETELLER or by a cheque to be sent to a mailing address as confirmed by the customer. If a US customer has a bank account already registered with NETELLER, funds transfer will be by electronic transfer subject to confirmation by the customer that the registered bank account remains valid. US customers will receive the entire balance of funds in their account; no requests for partial payments will be processed. US customers cannot use their accounts for any transaction other than to request the funds.

Further information will be communicated to NETELLERs US customers via email, through our website and through a press release once the date for implementation of the Distribution Plan is finalised.

Ron Martin, Group President and CEO said: The agreement on the Distribution Plan represents a milestone in our cooperation with the US authorities. While we are disappointed not to have been able to return funds to our US customers at this point, we believe that the steps we have made in our discussions are significant and we hope to be able to announce further progress with the USAO by 13 July 2007.

The Company continues to work with Navigant to produce a report to the USAO on the Companys current financial condition. On 8 February 2007, the Company informed the market that approximately US$ 55 million had been seized by the USAO or otherwise restricted by third parties. After ongoing consultation with the USAO, the Company currently believes this amount could be up to approximately US$ 60 million.

The Companys shares continue to be suspended from trading on AIM in view of the continuing uncertainties the Company faces although the Company is making progress towards achieving restoration of trading. The Company is also working towards the finalisation of its audited annual results for the year ended 31 December 2006 and will announce the date on which these will be published to the market in due course. NETELLER customers not resident in the US continue to be minimally affected by the withdrawal from the US market.

Further information is available on the Groups website in the form of updated FAQs.
 

jetset

RIP Brian
Joined
Feb 22, 2001
Location
Earth
Looks as if the Neteller folks have arbitrarily given themselves another hiatus - until July 13 this time....and note they will not be paying interest on the frozen funds. That will be tough for online players like Isaac Haxton who has over $900 000 tied up with these people.

I think this stinks, but at least US players will get their original funds out....unless there is not a further delay.

Oh yes - and the shares stay suspended!
 

sdaddy

Dormant Account
Joined
Feb 18, 2005
Location
Arizona
US customers were under the impression that today was to be the deadline for release of a plan for distribution of their frozen funds. My idea of a credible plan involves a payment timetable, and we simply don't have that in this announcement. All this does is kick the can down the road to July 13th by which time Neteller hopes to have a final distribution plan finalized.
 

Rettahs

Dormant account
Joined
Aug 1, 2006
Location
Saint Louis
Oh heck, this is like Christmas in July to me since I wrote those funds off a long time ago. I honestly never thought I would see the money I had locked up awaiting transfer so waiting another month doesn't hurt as much as never seeing it again lol.
 

Mousey

Ueber Meister Mouse
Joined
Sep 12, 2004
Location
Up$hitCreek
US customers were under the impression that today was to be the deadline for release of a plan for distribution of their frozen funds. My idea of a credible plan involves a payment timetable, and we simply don't have that in this announcement. All this does is kick the can down the road to July 13th by which time Neteller hopes to have a final distribution plan finalized.

This looks like they're getting their ducks in a row (if the DoJ doesn't blow them out of the water)... From the FAQ:

Has NETELLER developed a distribution plan to return US member's funds?
As announced on 21 March 2007, NETELLER signed agreements with each of the United States Attorney’s Office for the Southern District of New York (“USAO”) and Navigant Consulting, Inc. (“Navigant”). In accordance with these agreements, NETELLER worked with Navigant to develop the Distribution Plan. This plan is now agreed and NETELLER is in discussions with the USAO regarding when the Distribution Plan can be implemented.


When will US members get their money back?
NETELLER currently anticipates that implementation of the Distribution Plan will commence upon the resolution of the USAO investigation. NETELLER has advised the USAO that it will use its best efforts to resolve the investigation no later than July 13, 2007.


What is the Distribution Plan?
The Distribution Plan outlines how US members will be able to withdraw their funds from their NETELLER e-wallets. The plan agreed upon with the USAO provides a prescribed period of time for these withdrawal requests to take place.


How long is the time period that US members can request their funds?
The plan provides a 180 day period for US members to make an online request for the return of funds using NETELLER's website. This time period starts from when NETELLER announces the commencement of funds distribution. This date has not been announced yet.


What happens at the end of the allotted period of time?
Accounts will be placed in a permanent-closed status and US members will no longer be able to sign in to the NETELLER website.
 

sdaddy

Dormant Account
Joined
Feb 18, 2005
Location
Arizona
How long is the time period that US members can request their funds?
The plan provides a 180 day period for US members to make an online request for the return of funds using NETELLER's website. This time period starts from when NETELLER announces the commencement of funds distribution. This date has not been announced yet.
Despite the positive spin throughout the announcement, the key is that there is no firm date given for the payout plan to begin. Therefore, I remain less than satisfied at today's developments.
 

vinylweatherman

You type well loads
Joined
Oct 14, 2004
Location
United Kingdom
Neteller have not said WHO is currently stopping them from processing the withdrawals. Surely, if the plan is "agreed", Neteller could start right now and have everything cleared up by Christmas.

Are they going to tell US members who are NOT members of Casinomeister, or who do not phone or check every week just in case?

180 days is a long time, but if you are never told when it starts, you might still "blink & miss it".

Don't forget, 13th July is just when they announce the timetable, they could still say "180 days starting from March 1st 2008".
 

Rettahs

Dormant account
Joined
Aug 1, 2006
Location
Saint Louis
Heck, my balance is back in there now at least. It had been showing Zero since this whole thing started. The screens look different and there is a withdrawal section now but not yet functioning. I am just glad I can see my funds again so at least we aren't going to argue about how much I had in transit.
 

EasyRhino

Dormant account
Joined
Sep 17, 2006
Location
San Diego
I also am glad that Neteller finally got around to cancelling my withdrawal request from Jan 17.

You know, Treasury quite possibly will know everyone who withdraws money. But for the $4k-$5k I got in there, it's worth it.

In fact, Neteller would probably be happy to deliver transaction data even for people who don't request a final withdrawal, so if you have some funds stuck in there, I wouldn't let any concerns from Uncle Sam be a deterrent to getting your cash back.

Eventually.
 

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