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Richard updated the JPD website.

Update: March 3rd

Right; I am trying to get back to Spain this week and as soon as I do so I want to get straight on with resolving the situation.

I have devised a modified refund plan that will eventually refund everybody at Jp-daily whether or not they make a 25% refund deposit. But priority will be given to those who do make the 25% deposit. Full details of this will be posted here hopefully this next week (next 7-10days) (when I am in a position to get started).

Also… Another proposal for a refund plan has been submitted by one of the larger investors into Jp-Daily - read below.

————-

Okay, we’ve set up the autoresponder for the investors. If you shoot an email to the address below, you can take a look at what we plan to say to the investors yourself. If you agree, we’d like you to get a message out asap regarding this (potential) program and announce our intentions. As I said before, we want to see if there is a sufficient level of interest for our recovery approach before we begin all the work.

You can say whatever you’d like, but we suggest something along these lines:

“A group of the larger Jp-Daily investors have approached me with a recovery plan of their own. If there is enough interest in their proposal, they will manage the plan they presented themselves. If you think you might want to participate, you can send a blank email to an autoresponder they have temporarily set up that will send back the preliminary details of their proposed program. If interested,send an email to:

jpd-recovery@securedoffice.biz

This plan was presented to me by SECOFF and represents the efforts of several of the top ten JP-Daily investors.”

——————

So that is one alternative to my proposed offerings. But I believe the plan I have come up with (and will announce this next week is a better option for refunding you - but take a look at the auto-responder for the moment - then when my plan has been shown to you - you can make up your own mind.

So that’s all for now - I will update this page again in the next week or so with my revised refund plan. And then we can press ahead with one or both of those plans and resolve this mess in no time. And get things right back on track.

Additional note: It has been brought to my attention that the police in the UK have been notified about Jp-Daily and I fear that if they get involved with all this - then you’re refunds are going to go right out the window and be replaced with some menial punishment for JP being run as an unregistered investment thingy. (As this isn’t a scam like many people seem to think - your money has all been lost at poker and not stolen or whatever else you might think).

But provided the courts don’t interfere and stop me from refunding you all in my own way - then we will proceed with everything in a week or so once i’m back in Spain.

Thats all for now! Will post again in a week or so. Richard!

I sent in an email for the autoresponder message. Here it is and it is definitely not written by Richard:

To All Investors of Just-Pays-Daily:

In the wake of Richard O’Neill’s announcement regarding the failure of the program, several of the largest investors have been working behind the scenes to see what we might be able to do to “rectify” the situation and recover the losses that have been made.

In talking extensively with one another, we have pooled our collective business and investment experience and believe we have created a viable recovery plan for those of you who might be interested. We will say upfront that the plan involves Richard O’Neill in a significant role, but is not totally dependent upon him for its success.

We will not comment on Richard’s past activities with JP-Daily, as we think that all that can be said has been said in various forums and undoubtedly in many emails that folks have sent him. His participation in this recovery program is a business decision that was weighed carefully and is judged a calculated risk. By his own admission, he screwed up and we will leave it at that. We understand however, if anyone decides never to get involved in any venture involving him.

Generally speaking, what initially attracted those of us who invested heavily in JP-Daily was the plan. It was brilliantly conceived and had it been adhered to, none of us would be in the position we find ourselves in today. What was lacking was discipline, experience, maturity and proper controls. We are addressing each of those issues and more in our recovery plan.

Our goal is twofold: recovery of principle for the participants and generating a continuing cash flow. This will not be a program for attempting to get rich via excessive compounding. We want to keep things practical and feasible.

What we wish to know is, “how many people would be interested in the plan we propose?”

Here is our plan in broad strokes:

1.This will be a Private Program. This will be a legitimate private program with limited participation.

The plan is offered to all former JPD members but is be limited to 100 participants.

We anticipate having a pool for interested smaller investors to participate in, but we do not know what the requirements for the pool will be at this time.

2.Raise New Capital. The fact is, it is going to take cash in order to recover our previous losses. Our goal is to raise $100,000. Buy-in to this program will require a minimum of $1000. New capital funds will be added to the principle accounts of former JPD members.

A minimum of 50 participants will be required in order for this program to proceed.

3.Division and Investment of Funds. This would be a key point for the new program. We aim to split the new capital in two with 50% going towards gaming (poker) as was intended before and the other 50% going into a new managed investment fund. (We are currently evaluating a few promising options.) The poker funds would be allocated towards cash flow and the managed funds would be allocated towards recovery of principle.

4.New Administration & Money Management. A new team will manage this plan. We will set up private web sites, forums, communication systems and direct the flow of funds, etc. as necessary. If we elect to go ahead with this, we intend to run and administrate this as a business with proper controls and procedures. E-bullion will be used for all transactions.

5.Return of New Capital. This is a priority. As quickly as possible, investors will see their new $1000 returned from poker earnings.

However, no earnings or withdrawals would be paid out to investors for 30 days in order to grow the gaming half of the New Capital account.

6.Recover Lost Principle. After the new capital has been returned, 50% of earnings would begin to be paid out as cash and 50% would be applied to the principle account to keep it growing. Once we’ve recovered the full principle of involved investors, they would then be able to withdraw principle at a maximum rate of 20% per month.

Allocations would be based on each investor’s principle account (just like a bankruptcy might be handled, lined up in order of claim).

Whether or not we proceed with this plan depends on the amount of interest. If sufficient interest exists, we will begin to put the plan in motion and announce the details. If not, we’ll drop it and proceed with plans of our own.

If you are are interested in participating in this recovery plan as described, then send an email to our temporary autoresponder account: jpd-recovery2@securedoffice.biz with the following information in the body of the message:

Name
JPD Forum Account Name/Number
The amount of principle you had in JPD as of 2/17/07
Preferred contact email address

We will not be answering questions at this time. Right now, we are only trying to determine if there are enough parties interested in this plan.

You do not need to respond if you are not interested in participating or if you are simply interested in participating in the pool. If we find there is sufficient interest to proceed, we will announce details of how to join the pool later.

Thank you,

SECOFF
(speaking for the Independent Recovery Team)

I’m not a big reader of MMG, but I’ve been monitoring the JPD thread. On page 84 Miko and Anita make some excellent points and have some interesting information. Also, Richard replies. Read MMG’s JPD thread pages 82-84.

The bottom line is that most programs do not refund you. If they do initiate a recovery and/or refund process, by all means follow their instructions as long as it doesn’t involve new money. It is never advisable to give new money in the hopes of getting old money. I’ve seen this scam to try to get more of your money way too often in the past few months. Just take a look at what is happening with ZoomInvest as an example.

However, if SECOFF really runs the money management and forces Richard into the role of acting manager, it just might work. With SECOFF in place, this one will be interesting to watch in the coming months.

JMO - Sharon

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