Court approves TelexFree liquidation plan
Following an overwhelming majority vote in favor, the TelexFree liquidation plan has been approved.
Approval of the liquidation plan paves the way for distribution payments to TelexFree victims.
Any outstanding objections were deemed overruled as of July 9th.
Looking forward, TelexFree victims with a valid claim have been given until January 13th, 2021 to provide payment details.
Claimants have two options with respect to payment:
- a one-time 43% payment of your allowed claim; or
- a 39% payment of your allowed claim plus “additional payments as they may become available”.
The second option comes with the caveat:
There is no guarantee you will get more money or how much you will get.
As I understand it this is done via “payment.telexfreeclaims.com”. Detailed instructions are provided on page 14 of the liquidation plan court order.
Claimants who fail to provide payment details by January 13th “shall not be entitled to a distribution”.
Also even if you don’t have a resolved claim at this moment, you’re still required to provide payment information.
We don’t have a fixed date yet but, assuming no further hiccups, distribution payments hopefully won’t be too far behind the January 13th cutoff date.
Update 1st August 2020 – As of this evening PayPal payments have been sent out to TelexFree victims with a valid claim.
so distributions will be in 2021?
Why is it necessary for all participants to fill their bank account details until January 2021 to start distribution?
So many people gave this info before. The percentage of each one has already been stipulated, pay 39% of each one right away and after January make the final distribution.
Because claimants banking details might have changed since they invested in TelexFree.
I’m assuming the six month update period is out of abundance of caution.
And no, there’s two payment options. 43% one-time and 39% plus not-guaranteed future distributions.
Whoever voted for the distribution plan (ballots) has already had to give their updated bank details.
And those who, in addition to voting, chose the Class 3 option (39%) could already receive their first share, leaving the rest for the final accounting after January. I don’t understand why this group has to wait another 6 months.
Were ballots compulsory?
No, they were not compulsory. But I think that whoever chose to vote and has already filled in all the information, choosing to receive the 39% is able to receive it now…
I heard about Telexfree about a week and 1/2 ago, and when I saw we needed to vote by June 30th, that date already passed.
They sent the emails to an email that I have not used in a long time. I was on the call last july 8th and the same day I did fill the voting ballot, including our bank account., I know years ago we also filled a claim, but i never heard anything about it.
I really cross fingers that the can send me some information about it and also that we will be able to recup some of our money. It is not fair that just because we were not using our old emails we wont be able to recup some of the money.
Please help me to understand what will happen. We will be considered Class 3. But i heard on the live on July 8th that it will be until January 2021. Please can somebody help us. Thanks.
If they weren’t compulsory then everyone hasn’t had a chance to update their payment information.
@Hector
If you didn’t respond to the claim offering and don’t have a valid claim, you won’t get anything back.
What I can’t understand is: if my bank account details were updated in the vote date (fill this info was mandatory to vote), and I choose to receive 39% now, why can’t my group already receive their share and need to wait like all others?
Those who did not have the opportunity to vote and, consequently, did not update their data, could do so now and receive it now if they are Class 3.
Because distribution payments are made in one go to save money.
Psych!
The other thing that just came to mind is that there are still outstanding claims. Disputed claim filings are still being made.
Perhaps Jan 2021 is also an “all claims will definitely be resolved by then” date?
When I submitted my claim it was send back that due to the transactions that were done on my account I was not gonna get nothing back. but the thing is that I got credits not physical money.
The trustee based his calculations on credits on my account but did not bother to ask if I ever had the money on my hands, which I did not.
I invested ~15000 and thanks to that trustee I was denied and not able to recuperate not even a$1.
So, whoever know this trustee by the name STEPHEN B.DARR, let him know I am looking for him to thank him for not giving me the opportunity to recuperate some of my money.
Keep dreamin‘ lads.
@Aldo
You tried to game the system and lost. I guess it comes down to you not being able to prove what you did with your credits.
Basically you played yourself.
Its strange, in the page of bmcgroup they still allow you to vote and select payent method although the date of voting has expired
Does anyone know what are these dates for? Thanks in advance.
2. references the “effective date” distribution has been approved.
3. has nothing to do with anything (professional fees)
4. has nothing to do with anything (contracts/lease stuff)
August 8th is some rejection date. The stupids who file rejections will be dealt with before distribution payments go out in early 2021.
Hi Hector. I am on the same situation. The email I used for the claim is no longer active, now my question to you is, then
“How did you receive the mail if it was not longer active?” I am still tryng to figure out how to update mine
Hello! I have my claim number and got all updates on this case, and I have a question: I received an email with username and passcode that brings me to bmcgroup payment information.
Is it ok to provide what is required? I received so many emails from companies trying to purchase my claim against Telexfree that I’m afraid to be scammed. Thanks for the help!
Yes these are payment details you need to confirm. BMC Group is working with the Trustee.
Welp, at least the trustee and his lawyers are getting paid. Stephen Darr himself is collecting a cool 3 million dollars.
kccllc.net/telexfree/document/1440987200724000000000006
Whilst his lawyers are collecting a little bill to the tune of 5.3 million dollars.
kccllc.net/telexfree/document/1440987200724000000000007
And this is to mention two of the several parties that are avidly collecting money from the victims funds all the while the victims and owners of those funds CONTINUE TO HAVE NOTHING!!!!!!!
well done mr darr!!! Well done!!!!
$3 mill for six years of cleaning up a $3 bill Ponzi mess sounds about right.
Someone had to do it in order for there to even be a claims process. Makes sense they get paid before the victims.
I don’t wish to sound unsympathetic but TelexFree victims are lucky to be getting any compensation at all.
The vast majority of MLM victims never have the opportunity to receive any of their money back. There are countless money schemes that up and vanish like a fart in the wind taking their victims money with them as they disappear.
Complain all you like about Stephen Darr or any other court appointed receiver just understand that no matter how much they get paid, it means that the victims will eventually be getting something back.
That’s more than most victims have any cause to hope for.
I just received the following message in my email:
Your TelexFree payment is now available in PayPal.
Has anyone else received this email?
They have already liquidated my part!
GL to everyone.
What do you mean “Yours has been paid off”? Will you already receive? Where did you find this information?
I have already received the transfer of the initial amount on my paypal.
The information is nowhere, I just checked my inbox and had an email stating that the telexfree trustee sent me x amount.
Any chance I can get a screenshot in to report? Censor out any identifying information (or I can do it).
Contact form link on top right.
I would rather not to do it.
However there is one video in the YouTube with a guy from Brazil explaining that he have already received it as well, link below.
youtube.com/watch?v=iqBWIqkKx4k
FINAAAALYYYYYYYY. I RECEIVED!!! After years of waiting. Cash is already on my PayPal.
I’ ll drink an amêndoa amarga to celebrate. Hope everyone receive their payments.
All good, I understand. I should be able to work with that YT video.
Congratulations on the recovery guys, it’s been a long journey.
Thank you OZ, somehow I feel that you were also important in order for us to keep tracking the developments of the case.
Most of us are not experts in law and here we were able to understand it and also share our opinions/feelings. Once again, thanks.
I just saw msm prints here in Brazil. Without believing! Waiting for my … Thank you God!
facebook.com/story.php?story_fbid=2997244610374240&id=100002661904107
Hi,
What was the other option of receiving that was not Paypal, I recall i voted.
Hello,
I am in charge of 4 accounts as stated above the 3 for paypal already received it. The other one was a Prepaid Master Card and I’m still waiting on it.
Did someone else selected Master Card method?
Please let me know.
I have completed payment detail for my cheque but i am yet to receive it. i am sure to receive it soonest.
congratulations to telexfree participatants.
Good afternoon
In Portugal, some of us experience several problems trying the Mastercard ativation and haven’t achieve it yet.
Others could do the card ativation but in the meanwhile tried to make some buys and the card was always denied .
Did you received others complaints, can you help us with some tips of help?
Best regards
Cristina Novo
Portugal
Is there a number on the card to call?
I’ve received the prepaid card by email and I’ve activated it but the payments are denied.
I’ve called to “my prepaid card” but they don’t offer me solutions.
I wonder if anyone’s prepaid cards worked. Sounds like the Trustee is going to have to address this at some point.
I received a MasterCard prepaid card, called several times to the phone number and the answer was , the problem was solved.
I still can’t buy anything with these cards, all payments are denied. very strange situation. With this company that holds the money, and gives us the card, it needs to be looked at closely by the Trustee.
It’s very simple, everyone was deceived by the coma and issued these cards. I was also given a prepaid card and ended up with nothing.
I wrote to support before the payment deadline, July 12, 2021, but they did not answer questions.
After the expiration of the term, they wrote that information on payments will no longer be accepted.
In my opinion, this was done specifically in order not to pay people money. BMCGroup is deception
BMCGroup doesn’t get any more or less money regardless of what is paid out.
You’ve had years to get your shit together, emailing support with questions just before the final deadline = no sympathy.
@OZ,
Any hope for some of us in Nigeria like me to get my claim refunded after done all requirements by filling the payment portal before it was closed.
My claim status still remain pending though I chose wire transfer and submitted my current account of my bank. I don’t have dollars domiciliary account.
No idea. Please stop asking.
I never got my second part. What happens if my account was closed out where would they send me my last payment. I hVnt heard anything.
I assume you’re talking about your bank account being closed out?
The Truseeship aren’t mind readers. They’re not going to send your final payment anywhere once it’s rejected back to them.