Good news for victims of the WCM777 Ponzi scheme, with the Receiver revealing allowed claims will be paid out “within the next week or so”.
The Receiver’s announcement was made as part of her twelfth Interim Report.
The Receiver currently has a $27.5 million cash balance to honor approved victim claims with. The first distribution to WCM777 victims is going to be around $21 million, representing a 41.5% recovery.
Other items covered in the Receiver’s report include
the sale of a New Cuyuna Property for $492,275
a recovery of $128,526 from the Glen Ivy Golf Course water deposit
the sale of the Diamex Diamonds to a private buyer for $2000
$2250 recovered so far as part of the
Zayda Alberin settlement
“ongoing efforts” to enforce judgement against Huajian Wu and Yuanhao Inc.
The next WCM777 Receivership report is due in April, 2017.
🤖 Quick Answer
When will WCM777 victims receive their payments?The Receiver announced that allowed claims will be distributed "within the next week or so." The first distribution totals approximately $21 million, representing a 41.5% recovery rate for victims. This payment will be made from the Receiver's current cash balance of $27.5 million.
What is the total recovery amount in the WCM777 case?
The Receiver has recovered $27.5 million in cash, with additional recoveries including $492,275 from a New Cuyuna Property sale, $128,526 from a Glen Ivy Golf Course water deposit, $2,000 from Diamex Diamonds, and $2,250 from the Zayda Alberin settlement.
What actions are ongoing in the WCM777 Ponzi scheme case?
The Receiver continues enforcement
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