TelexFree Trustee seeks victim claim bar date extension
In late May the TelexFree victim’s claim portal went live.
Since then “approximately 80,000 claims” have been filed by TelexFree victims.
The cutoff for victim claims is currently September 26th, however the Trustee now wants that date extended.
In a September 21st filing, the Trustee cites
- the number of participants involved in TelexFree
- the geographical dispersion of participants throughout the world
- language barriers and
- the time that participants may need to complete the assembly of records and to seek assistance in completing claims
as reasons to validate an extension.
One interesting additional supporting point made is that
the Trustee does not have sufficient funds at this time to make a distribution to creditors, (so) no prejudice will result from the requested extension.
Sounds like TelexFree victim payouts are a ways off yet.
As it stands the Trustee’s motion is before the court awaiting a decision. The new claim deadline sought is December 31st, 2016.
Update 24th September 2016 – Judge Hoffman has approved the requested extension.
TelexFree victims now have until December 31st, 2016 to file claims with the Receivership.
Update 23rd December 2016 – Following a hearing on December 21st, the TelexFree victim claim deadline has been extended to March 15th, 2017.