Zeek Rewards victim distributions top 81% recovery
The Zeek Rewards Receiver has provided an update on last partial distribution payments.
In his April 20th update, the Receiver states:
On Friday, April 17, I made a fourth partial interim distribution to affiliate-investors holding allowed claims.
The Receiver Team mailed over 122,000 checks for a total distribution of approximately $28 million.
Some of you have already received your checks, and others should be receiving them in the coming days.
A limited number of non-U.S. claimants opting to receive wire transfers instead of checks did not receive a partial interim distribution.
Because of logistical challenges and cost efficiencies, these funds will be provided along with the final distribution at the close of the Receivership.
At the time of publication there is no timeline for the Receivership closing.
As I understand it the VictoriaBank saga is still playing out, after which the Receivership will wind down.
Zeek Rewards’ Receivership is a major win for victims. As it stands the Receivership has returned 81% to victims with valid claims.
That percentage will increase further pending final distribution payments.
How the Zeek Rewards receivership has been handled stands in stark contrast to the TelexFree Trusteeship.
TelexFree was shut down roughly two years after Zeek Rewards, six and eight years ago respectively.
Since wrapping up the TelexFree claim portal four years ago, the Trusteeship has devolved into unexplained delays, seemingly no accountability and zero communication with victims.
TelexFree’s Trusteeship is headed up by Stephen B. Darr, a Senior Managing Director with Huron Consulting Group.