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It’s sad, but true. Any programs that always declares being private has 80% chance that it will be gone the next instance. Since the annoucement, I think there should not be any secrecy among non investors and investors. Taken from their private forum,

Dear members,

We have fixed our payment script and now auditing our database to get a clear picture of the current state of the program finances.

Unfortunately trouble never comes alone. I have told you in the brief update that there are several more critical problems we are trying to solve.

As a result of the autopay script glitch our e-gold account was swept clean. There was a pretty good amount in it ready for 1/20 and 1/21 withdrawals.
We have lost 45% of it to those who didn’t return overpayment. We have started paying out withdrowals and good part of it was actually made. However the withdrawals are now turned into an exodus and we simply don’t have enough float at this time to handle them.

Here came the next problem. The exchanger we have used exclusively for handling e-gold have failed to fund our account in time. We have wired him a huge sum last Monday, February the 27th and he still didn’t come up with gold and failed to provide reasonable explanation on the delay. We have lost contact with him since last Friday, he doesn’t answer our phone calls and ignores all our e-mails. I’m preparing to fly down to his place to get first hand information on what is going on.

Finally, our Hong Kong trader has failed to transfer funds we requested. After two hours of hard talks he admitted significant losses for the last two consecutive months he didn’t report earlier in hopes that he could make up for them in the mean time, while we didn’t ask for our funds. We have already hired a local auditor to examine his records and assess the damage.

That’s the hard truth I have to come up with today, guys.
We really need to stop where we are now to assess all risks of further program operation. We assume the whole responsibility for the situation. Therefore, we shall diligently work on possible solutions to preserve all lenders interests.

In the worst case scenario we shall start liquidating our assets to refund the members who are not break even at this point, that will take a few months, then all the proceeds shall be distributed among the rest of the lenders.
Under the best case scenario we shall work out new terms and continue private GR project.

We are really sorry that GR has failed to meet your expectations at this point.
Please, be patient and bear with us during these hard times.

Sincerely,

Michael Pola

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