The TelexFree bankruptcy hearing was continued to Monday, April 21st, following an order signed by a single judge. This development occurred amid widespread misinformation, as TelexFree affiliates circulated conflicting claims about later hearing dates and the number of judges involved in the proceedings.
Affiliates pushed out various dates in late April and May, often citing a list of nine discussion points. Many also claimed multiple judges would vote on the matter. The reality involved only a single judge's order for continuance, setting the hearing for April 21st.
The court order specified that all objections must be filed before 1:30 PM on April 21st. Regulators, including the Massachusetts Securities Division and the SEC, were expected to present their cases. Both agencies had filed their respective Ponzi and pyramid scheme complaints just six days prior, on April 15th. Their investigations and filed cases show significant overlap.
TelexFree currently operates under a temporary restraining order (TRO). This order prevents the company from conducting any business operations whatsoever. Breaching the TRO would invite further legal complications for the company.
The constant spread of false information by affiliates aims to prevent downlines from revolting against them. TelexFree remains prohibited from all business activities under the existing temporary restraining order.