The Zhunrize Receiver has determined that $41 million is payable to 2,858 victims after reviewing 20,219 claims totaling $99 million. The Receiver has asked the court to approve distributing these funds, along with $338,254 for nine vendor claims.
Korea experienced the highest number of disallowed claims, with only 9.3% of 11,998 filed claims being approved. In contrast, 32.5% of 5,010 claims filed in the United States were allowed. Korean claims constituted 78% of the total claims received, with 86% of those seeking more than $5,000.
Claimants with approved claims will receive an email notification when their distribution is processed. Payments under $5,000, including vendor distributions, will be sent via standard mail. All issued checks will be valid for 90 days. The Zhunrize Receivership currently holds $44.3 million in cash. If the proposed distribution is approved, approximately $3 million will remain.
The Receiver plans to transfer any undeliverable funds, along with any other undistributed monies, to the United States Treasury. The Receivership is also foregoing recovery of taxes paid to the IRS, as seized funds will cover the allowed claims. Any recovered IRS funds would have been directed to the U.S. Treasury regardless.
The Receiver's motion requesting approval for the claim fund distribution was filed on January 19, 2017. The court approved this motion, along with the proposal to abandon the recovery of taxes paid, on March 10, 2017.