No Bullshit HYIP Blog, A Part of No Bullshit Network

What happened to the Claims Procedure plan, ordered on May 17, 2006? It’s on hold because Gary R. Barton, appointed receiver for EMO, is disputing it. Mr. Barton had determined that the court ordered claim procedure would not be equal for all outstanding funds. He says that there just isn’t enough funds to go around.

Mr. Barton filed a motion to change the procedure from individual claims to a “pooled” procedure. This “allows the Receiver to distribute the EMO assets on a pro rata basis.” Read the motion here. I looked up what “pro rata” means.

Pro Rata

Latin word meaning Proportionate. It means the division of assets or amount in terms of certain rates, percentage or share in proportion of ownership. Say for instance, if a debtor goes bankrupt, each creditor is entitled to the remainings of the assets of the debtors, proportionately divided according to their debts.

It’s exactly what many speculated months ago. If the motion is upheld, we’re only going to get a percentage of what our actual EMO balances were. Of course the percentage won’t be calculated until all assets are liquidated and the lawyers and courts get their cut. What looked like a movement forward is now back in the court’s hands for another decision. Don’t expect a “Claims Procedure” email or any funds anytime soon. *SIGH*

JMO – Sharon

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