As part of her court-appointed Receivership duties, Kristina Freitag has filed an eighth interim report.

The report spans the Receivership’s activities during the fourth quarter of 2015.

Some of the developments such as the
settlement with Phil Ming Xu’s family
BehindMLM has already covered, but there’s also some new stuff we haven’t seen too.

As per the eighth interim report, the WCM777 Receiver has focused on

(a) implementing Phase I of the investor claims process

(b) completing negotiations to resolve three receivership assets/claims – assignment of the WCM Resources oil and gas interests, settlement of the claims against Sue Wang, et al., and sale of the Frequency Networks stock;

(c) monitoring other assets and claims, and

(d) selling the remaining real property assets.

Real Estate

The WCM777 Receiver is currently engaged in the selling off of numerous properties Phil Ming Xu acquired.

A potential buyer for a warehouse in El Monte, California was lined up but pulled out. A backup buyer was found in January 2016.

The sale is currently awaiting court approval with a hearing scheduled for April 25th.

The Glen Ivy Golf Course in Corona, California has been sold off with approval from the court.

A land plot in Santa Barbara County, California received an “extremely low verbal offer” the Receiver “is not prepared to accept”.

To help improve the marketability of this property, the Receiver is seeking proposals from water management companies to investigate the site wells in order to offer an opinion as to the suitability of the well to provide water for agricultural and various other purposes.

Upon completion of this process, the Receiver will work with the broker to determine the appropriate pricing for this asset.

The PMX Jewels diamonds

Why Phil Ming Xu invested in flawed diamonds we have no idea, but the Receiver has been
working to sell them off
for some time.

The Receiver is advised that the Los Angeles diamond cutter received the special wheels ordered from Israel; however, such wheels were not strong enough to complete the polishing and cutting of the stones.

A master gemologist appraiser in Los Angeles who was engaged to ultimately assist with marketing and selling the (flawed) Diamex Diamonds upon completion of the polishing and cutting process is currently conferring with the diamond cutter to determine what, if anything, can be done with the stones at this point.

When appropriate, the Receiver will seek further orders from this Court regarding the disposition of the Diamex Diamonds.

Oil & gas leases

Another poor investment by Xu was oil and gas leases in Texas and Louisiana.

Following “very disappointing results” in Louisiana and no results in Texas, the Receiver assigned ‘
them to others involved in the projects
‘.

This was done to ‘
recover some value … and minimize the Receivership’s exposure to claims relating to the projects
‘.

The court approved the motion to assign the leases on February 3rd, 2016.

Go

🤖 Quick Answer

What are the main activities covered in the WCM777 Receiver's eighth interim report for Q4 2015?
The eighth interim report filed by court-appointed Receiver Kristina Freitag documents four primary activities: implementing Phase I of the investor claims process, completing negotiations regarding WCM Resources oil and gas interests assignment and Sue Wang's claims settlement, monitoring additional receivership assets, and selling remaining real property assets.

Which settlements and asset resolutions were highlighted in the fourth quarter 2015 report?
The report documented settlement with Phil Ming Xu's family, resolution of claims against Sue Wang and associates, completion of WCM Resources oil and gas interests assignment negotiations, and the sale of Frequency Networks stock holdings during the fourth quarter period.

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