wcm777-logoOn November 11th the WCM777 Receiver filed her eleventh Interim Report.

Topics covered in the report include:

  • funds recovered
  • the sale of a California property and
  • the Diamex Diamonds (PMX Jewels)

I’ve separated the various topics covered into appropriate subheadings below.

Funds Recovered

During the third quarter of 2016 the Receiver recovered $1.08 million dollars.

$1,075,000 was recovered from the Sue Wang settlement and $5000 from the Zayda Aberin settlement.

Property Sale

The vacant land plot in Santa Barbara County, California was sold for $530,000 in october 2016 ($493,205 minus broker commission and other costs).

PMX Jewels

After it was deemed the flawed Diamex Diamonds weren’t worth polishing and cutting, the Receiver accepted a reduced offer of $2000 from a third-party buyer.

Current Balance

As it stands the WCM777 Receivership holds $27 million dollars in recovered funds.

Pending a November 28th hearing on a motion seeking approval to allow and disallow victim claims, these funds will be distributed to WCM777 victims.