Traffic Monsoon Receiver working on plan of distribution
The Traffic Monsoon Receivership has flagged work starting on a “plan of distribution”.
The announcement follows resolution of a significant percentage of investor claims.
As per the Receiver’s April 15th Third Status Report covering the claims process;
To date, 18,039 Proofs of Claim are allowed or are anticipated to be allowed in the total amount of $55,132,872, and only 511 Proofs of Claim asserting claims totaling approximately $12,923,100 remain unresolved.
This is up from $36.3 million in allowed claims just shy of a year ago.
Pending approval by the court, the Receiver is hoping to whittle down the $12.9 million in disputed claims to $549,472.
PayPal also has a $3.1 million claim which is being worked through.
Pending approval by the court to move towards resolving unresolved claims, the Receiver writes;
Now that Disputed Investor Claims have been significantly reduced, the Receiver also intends to work on a plan of distribution.
There is no timeline for court approval or the distribution process.
Update 15th June 2022 – A Status Conference with the Receiver has been scheduled for 8th July.
Update 9th July 2022 – The court has granted the Receiver’s motion to disallow claims and approve other claims with modified amounts. This brings distribution one step closer to Traffic Monsoon victims with approved claims.
Looking forward, the Court appears to want to appoint a Special Master, I’m not as of yet sure why.
The Receiver has been directed to “file a motion proposing how to proceed”. I’m assuming we’ll get more information when that motion is filed.
Update 4th August 2022 – The court has approved notification of disputed claim holders, of the intention to appoint a Special Master to decide their claims.
This paves the way for Special Master proceedings to commence.
Update 9th November 2023 – The Traffic Monsoon distribution process is still playing out.
As per a November 8th Status Report filed by the Receiver;
Due to the significant number of claims in this case, the preparation of the final claims register (including the process of verifying that all allowed claims on the register are consistent with the numerous claim orders entered in this case) has taken longer than the Receiver originally anticipated.
The final claims register should be completed within the next two weeks.
The Receiver anticipates that a Plan of Distribution will be filed by December 8, 2023.
As of November 8th, 2023, the Traffic Monsoon Receivership is sitting on “over $49 million”.