Mac says "All members will be paid equally". So, $500,000/5,000members is ONLY $100

Bvigillent · #1 06-30-2005, 04:53 AM

To all IT members waiting for long overdue/contractual payments, is it fare to pay all the members waiting an equal share-in terms of payments to begin, or is it fare to start payments where they left off-egold on April 8th? It seems reasonable to me the latter, especially because if you divide the money that Mac sent Goldnow by the number of members- you get a ridiculously low payment to us. For example, lets say $500,000 was given to Goldnow, and asuum there are only 5,000 members waiting for payment, therefore you get a ridiculously low amount of $100. for each member.

If this is the case-generally speaking, it is definitely not acceptable to me, and I will do something about it-finally. I have not contacted any authorities what so ever yet. So far I have been waiting to see what amount of payment will be made-if at all any. If we will be handed over "scraps" and "change", I will start contacting the authorities on my list. Yes, I will start telephoning-not emailing the authorities, starting with the New Zealand Fraud department, the Australian Fraud departments, The United
States authorities-many good links posted in this wonderful TG forum; and regardless of what anyone says about the uselessness of contacting Interpol-I will do so and pester them-over the telephone as well-their headquarters are in France, by the way.

I might be mocked for this post and the uselesness of contacting the authorities, however I will do whatever I can to get -at least my SD's back within a reasonable amount of time. I am unwilling to wait for months on end.

I have printed out a copy of the egold history statement which shows the serial number/batch number of each investment into IT, and furthermore it clearly states IT's business name and their vendor number. This piece of information along with all the names and addresses of the Bod, and etc., etc.-from this TG site I will give to them.

The next step for me is to wait and see if we/I am thrown "chump change" and then pester and plead with the authorities to stop this IT scam/ponzie. Whatever comes out of it, at least IT will finally be investigated, and hopefully they will be forced to make "full payments"-even if they must liquidate their personal assets. Even if it takes months and months to get even part of my money back I am willing to go through it-just because of the principle of it.

Bevigillent

wolfie · #2 06-30-2005, 05:33 AM

Bvigillent,

I totally agree, are we going to be paid chump change ............????

What a joke to tell us all that noone is going to be paid until they have the Credit union and the smartcard up and running.......more stalling tactics.

So where is all the money that IT said they had....................the so called millions that was meant to be invested.

Bvigillent if the people I manage accoounts for as well dont get there Sds back , I will join you ...............

Wolfie

timbain · #3 06-30-2005, 05:35 AM

I don't think it is yet clear how he meant that payment to be done, or how much each person will get?

I do remember him saying and it is on the helpdesk too, that those people with the longest wait would be prioritised?

I can see where you are coming from though.....we will have to wait I think really to see what we actually get ....and what we can withdraw too.

It wouldn't be wise to wait so long and then go getting their accounts frozen or anything similar just as they began to pay ...that would be terrible. I know that Graham at Goldnow has expressed his thoughts on what he will do concerning anything dodgy or fraudulent that would harm his business.

I think it is better to influence the B.O.D. to play fair than to prevent them from paying at all or slow them down? To be fair to everyone concerned we should at least see what they actually do pay and how. If that turns out to be unsatisfactory to you, or unfair then you have valid reason to say so.

It shouldn't be a very long wait ....I'll hate my self for saying these words but we could afford to be patient for a day or two more after al this time.

They could still surprise us

. Today was a pretty nice surprise with the news that Goldnow had been funded after all wasn't it?

Tim

Kiss · #4 06-30-2005, 05:36 AM

Okay . . . I don't know if I'm reading this right or not . . . but I think where Mac says: (as it will be equally divided by all members) . . . it's on a pro rata basis. So let's say it's 10% that everyone will get . . . the person that invested $1,000 will have $100 in his account and the person that invested $100 will have $10 in their account. That's the way I read it.

The part that I don't get, if they actually have the money to pay out is:

Also another reason for having your available balances starting out small is it will allow us to control the flow, so Graham and his crew do not get overloaded with all of these masses of orders.

It wouldn't matter a hoot to Graham if someone asks for $100 or $1000 or $10,000 . . . it's one transaction. Graham will have masses of orders either way so that statement makes no sense at all.

Wanderer · #5 06-30-2005, 05:43 AM

At this point - it's still "wait and see".

OK (deep breath) our funds are apparently tied up i the creation of the CU. Thats something we have to accept and it isn't necessarily a bad thing .... assuming it all comes about.

How they split up the balance - who the hell knows.. prorata .. best friend..???

They DO say that we get everything once the CU is online (is this why the 1-3 months??)

Given some of the things that havce been revealed in the latest update (big investors getting paid while others aren't) I am going to wait (and my choice is??) and see what happens next..

youdontsayhuh · #6 06-30-2005, 05:51 AM

Bevigillent,

I understand your position. I also believe that the inequities of the people, whether by self infliction or by event, should not have been a basis of payouts, and more specifically in secret. Concerning the payouts to the remaining and the more plausible scenario of a “trickle” over a period of time, I just don’t believe that it inspires any confidence in the mechanism and availability of funds to facilitate payment. Yes, many will jump up and down saying I told you so, they are paying, but really, what has changed from 3 months ago? The so called platform would be unnecessary as to what they are doing now as why not give 7 or 8 million cash (remember in the old PB it was stated that the trades were not being done in ecurrency) and have, even GoldNow, to payout in either ecurrency, money order, bank wire or fund debit cards? As I have said, make the time line put all in context and it just does not add up. Yes, on an individual basis one can make a great argument but all together, no. And what is this yap, yap of TIM’s on due diligence? That is a bunch of –you select your favorite?

As far as the “authorities”, well if we go by what Mac & Co. says and a percentage of pro-ITers, that would make no difference, in fact remember the lines, “bring it on” and “we will destroy anything that comes up against us”? But then there is a segment that are afraid of any “authority” investigation, talk about a business having a “Cybil” complex. A wait and see attitude is all good and well if you have a time frame and adhere to it. It is becoming quite clear that IT cannot clean up IT’s own “mess” and that outside intervention may be the only alternative.

Wanderer · #7 06-30-2005, 05:53 AM

thought

you only get the interest if you leave the money IN

Sooooooooooo

you can get paid your allowance - but you will get NOTHING more if you try to withdraw it...

or you can withdraw 7% of your allowance

THATS gonna slow down the withdrawals!!

Kiss · #8 06-30-2005, 06:09 AM

Quote:

Originally Posted by Wanderer

thought

you only get the interest if you leave the money IN

Sooooooooooo

you can get paid your allowance - but you will get NOTHING more if you try to withdraw it...

or you can withdraw 7% of your allowance

THATS gonna slow down the withdrawals!!

Okay . . . so if I follow your thinking . . .if you withdraw the piddly amount IT is going to give you then you won't be getting any interest. . . I guess that makes sense . . .if you don't have a balance what are you getting interest on . . . and isn't that clever of Mac?

. . . but shouldn't they really be paying you interest on the amount you put in originally and not what they've put into "your account"?

ANTI-BASHER · #9 06-30-2005, 06:19 AM

WOW, every post you get your hands on, you turn it into something totally different putting WORDS in people's mouths.

What a life you all have. I wish so bad I could have the same.

Wanderer · #10 06-30-2005, 06:20 AM

One would think that fair play says that you get paid interest on what you are due but .

Quote:

What this means is that if you have available funds in your account and you do not immediately withdraw them, then those available funds will be earning 5% to 7% interest, calculated weekly paid monthly. And those monthly payments will kick in immediately and will be paid directly to your available balance per month.

And your available balance is:

Quote:

You will see money paid out, money still owed, and an available balance. Your original available balance will start out small

WOW!! Read the fine print.

You get a % of what you are owed and if you withdraw it then you get NOTHING else until the CU is available.

And of course you can't increase your earnings in any way as:

Quote:

Now once your payments have begun and member’s available balances are active they still will not be able to trade, spend, or invest any of their funds until the SmartCards and the Credit Union go live

Thinking this through

Lets say IT have allocated 500K. Doing things this way they will be able to pay out for WEEKS.. as no one will withdraw... or if they do it will be miniscule amounts of the overall outstanding obligation.

Curiouser and curiouser . .