Rex Venture Group, LLC receiver, Kenneth Bell issues his 4th-quarter report on what his team has been accomplishing in the Seek Rewards case. Jordan Maglich of Ponzi Tracker wrote a short but very defined synopis of the report. Our goal at MLM Help Desk is to provide the most current Zeek Rewards news and information to help all former affiliates make informed decisions.
The main questions that most former Zeek Rewards affiliates have been asking is…
1. Are we getting 1099s for 2012?
2. When can we file claims?
Kenneth Bell, answers these questions and much more in the report. Here is what the Rex Venture Group, LLC., Receiver stated in the RECEIVER’S STATUS REPORT FOR THE FOURTH QUARTER OF 2012! For all court documents click here!
5. Issues Concerning Federal Taxes
During the fourth quarter, the Receiver Team worked to determine which federal tax filings needed to be made with respect to income taxes, payments made to service providers, and payments made to Affiliate-Investors. The efforts were focused on the latter two issues because of the earlier filing deadline (January 31, 2013). The Receiver Team, including FTI, had discussions with RVG’s outside tax and accounting advisors to ascertain what had been filed for 2011 and earlier. After analyzing the issues, consulting with these various entities, and reviewing RVG’s records, the Receiver Team determined that it would be necessary to file and issue 1099s to certain Affiliate-Investors and began the process of compiling the data necessary to issue the 1099s.
8. Work to Establish a Claims Process
Since the outset of this case, the Receiver has understood that creating an efficient and accurate claims process, while keeping the administrative costs as low as possible, is imperative to providing the creditors of the Receivership Defendant with the greatest possible recovery on their claims. Specifically, with more than two million unique usernames registered on ZeekRewards.com and approximately one million usernames investing funds in the Receivership Defendant, the claims process represents an immense undertaking that may comprise the largest single expense for the Receivership Estate. Because of the gravity of this expense and the need for the process to be done properly in the first instance, the Receiver has enlisted numerous members of the Receiver Team to formulate this process, including lawyers at MW and advisors at FTI and The Garden City Group (“GCG”), the claims agent recently retained by the Receiver.
During the fourth quarter, the Receiver Team worked to create a claims process and the necessary claim form. The Receiver anticipates filing a motion seeking approval of the Claims Submission Process by the conclusion of the first quarter of 2013. The Claims Motion will seek (i) approval of the claims submission process, (ii) to establish the date by which claims must be filed against the Receivership Defendant (the “Bar Date”), and (iii) approval of the noticing procedures to be used in providing notice of the Bar Date and the claims submission process. More detailed information about the proposed claims process is set out in the Final Liquidation Plan to be filed January 31, 2013.