Post by kenshin7 on May 13, 2010 19:31:19 GMT -5
Attorney Hodges objective is to release of the funds to the CMKX Shareholders as quickly as possible. The stipulation of the trust funds requires Economic Receipt to release the funds. Economic Receipt occurs when all trustees have access to all of the funds they are responsible for.
My understanding is that the Trust Funds are placed in 10 to 12 Tiers. They are funded with Treasury Bonds. There are several trust funds under each Tier. In one of the Tiers are the CMKX Funds. Each of the Tiers have to be funded to cover the Treasury Bonds. Then the funds are transferred to the control of the trustees. When all the trustees have access to all of the funds they are responsible for, then the Economic Receipt (permission) is received to release the funds to the the recipients.
In February 2010, seven of the Tier Funds were funded. One of the Tiers funded contained the CMKX Trust Funds. An exception to the stipulation was made for the CMKX Trust Funds. The Funds were ready to be transferred to the control of the trustees and then released to the CMKX Shareholders. The transfer was delayed because the other fund representatives wanted to make sure they were totally funded and not left fending for themselves.
In April 2010, the CMKX Funds were transferred to the control of the Trustees. The trustees are waiting for the Economic Receipt to release the funds to the CMKX Shareholders. There were some obstacles, but each one was resolved. Presently, we are waiting for the Economic Receipt, which can happen at any moment.
Thank you,
BHollenegg
My understanding is that the Trust Funds are placed in 10 to 12 Tiers. They are funded with Treasury Bonds. There are several trust funds under each Tier. In one of the Tiers are the CMKX Funds. Each of the Tiers have to be funded to cover the Treasury Bonds. Then the funds are transferred to the control of the trustees. When all the trustees have access to all of the funds they are responsible for, then the Economic Receipt (permission) is received to release the funds to the the recipients.
In February 2010, seven of the Tier Funds were funded. One of the Tiers funded contained the CMKX Trust Funds. An exception to the stipulation was made for the CMKX Trust Funds. The Funds were ready to be transferred to the control of the trustees and then released to the CMKX Shareholders. The transfer was delayed because the other fund representatives wanted to make sure they were totally funded and not left fending for themselves.
In April 2010, the CMKX Funds were transferred to the control of the Trustees. The trustees are waiting for the Economic Receipt to release the funds to the CMKX Shareholders. There were some obstacles, but each one was resolved. Presently, we are waiting for the Economic Receipt, which can happen at any moment.
Thank you,
BHollenegg