Following an order to file a Status Report regarding victim distribution by February 16th, the Traffic Monsoon Receiver has done so.

Today we’re covering two filings, a February 13th Motion for Approval of Proposed Plan of Distribution, and the February 16th filed Status Report.

As per the Receiver’s filed
Proposed Plan of Distribution
;

over 14,276 Proofs of Claim asserting claims totaling $43,177,843 were allowed without the need for objection

6136 Proofs of Claim were objected to, totalling over $93 million

As of February 13th, the Traffic Monsoon Receivership is sitting on $43.8 million to put towards victim claims.

The dollar amount attached to allowed claims is $56.3 million. Note this might be adjusted downward owing to their still being a small handful of unresolved claims.

Pending court approval, the Receiver has proposed victim distribution claims be paid pro rata.

Under this approach, $43,818,051 is available to be distributed pro rata to all holders of Allowed Claims.

The amount of the pro rata distribution percentage is calculated by dividing the total amount available for distribution in the amount of $43,818,051 by $56,326,662, the adjusted total amount of all Allowed Claims (exclusive of the PayPal Claim, Mailed Claim, and Disputed Claims).

This comes to a projected payout of around 77.8% of allowed claims.

Pending resolution of various outstanding claims, this percentage may increase slightly (the Receiver is holding funds in reserve to cover the outstanding claims).

One interesting thing to note is the Receiver’s proposed plan does screw 1586 victims out of sub $100 payments.

Under the Receiver’s proposed initial distribution, there are 1,586 holders of Allowed Claims whose proposed distribution is below $100.00, for a total cumulative amount of $82,732.

Given the administrative costs in making the distributions, the Receiver, in his business judgment, has determined that these distributions are not cost-effective and should not be made.

The $82,732 attached to sub $100 claims will be pooled towards the larger distribution payments.

Pending approval by the court, Traffic Monsoon victims with allowed claims will have to sign into a Distribution Portal and submit information for verification.

In order to receive a distribution, the Receiver requests that the Court require the holders of Allowed Claims to submit either an IRS Form W-9 if the holder is treated as a “United States person” for U.S. federal income tax purposes (such as a U.S. citizen or resident individual or a U.S. corporation), or an IRS Form W-8 if the holder is not a “United States person” for U.S. federal income tax purposes (i.e., a “foreign person”).

With 90% of allowed claims coming from non-US residents, the Receiver also advises names of claimants will be checked against “standard Office of Foreign Asset Control watch lists”.

Moreover, the Receiver requests that holders of Allowed Claims be required to submit a certificate (“OFAC Certifica

🤖 Quick Answer

What percentage of claimed amounts will Traffic Monsoon victims receive?
According to the Receiver's February 13th Motion for Approval of Proposed Plan of Distribution, Traffic Monsoon victims are expected to receive approximately 77.8% of their claimed amounts. With $43.8 million available and $56.3 million in allowed claims, the distribution reflects the available funds relative to validated victim claims.

How many Proofs of Claim were allowed in the Traffic Monsoon case?
Over 14,276 Proofs of Claim asserting claims totaling $43,177,843 were allowed without objection. Additionally, 6,136 Proofs of Claim were objected to, totaling over $93 million, indicating significant disputes regarding certain claim validations.

What amount does the Traffic Monsoon Receivership have available for victim distribution?
As of February

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