$169 million awarded in Zeek Rewards net-winner judgments
In the recently filed Status Report for the Second Quarter of 2018, the Zeek Receiver has revealed $169 million has been awarded in net-winner judgments.
The judgments were awarded against Zeek Rewards net-winners who refused to settle.
Rather than collect judgments individually from net-winners, instead the Zeek Receivership is preparing to sell them to debt collectors.
Throughout the second quarter of 2018, some 2508 net-winners settled with the Receiver for $18 million. As of June 30th, $12 million has been collected with $4.2 million outstanding.
Some of Zeek’s top net-winners are still fighting clawback, having taken their case to the Fourth Circuit appeals court.
As per the Receiver’s report;
During the second quarter, the Receiver’s counsel analyzed the Appellants’ brief and worked to prepare the Receiver’s brief.
We do not anticipate this appeal with have a material impact on the Receivership Estate.
With respect to offshore net-winners, the Receiver is investigating enforcement options for a $160,000 judgment against a German net-winner.
The Receiver continued to assess the costs and benefits of pursuing certain foreign defendants and made calculated decisions to discontinue further efforts to enforce foreign judgments in countries other than Germany and Canada.
Tasks remaining to be complete by the Zeek Receivership include seeing out the net-winner appeal, processing net-winner clawback payments, selling off net-winner judgments and securing $13.5 million in stolen investor funds from Payza, Payment World and VictoriaBank.
At the conclusion of the Receivership, a final distribution payment will be made to Zeek Rewards victims with an approved claim.