TelexFREE The company has suffered a setback in the process of filing for bankruptcy under Chapter 11 of the federal laws of the United States. At the hearing held on May 6, 2014, the judge presiding the hearing denied the execution of the process in the state of Nevada and transferred to the state of Massachusetts, who had made the request and the SEC's lawyers had fought TelexFREE not to be given, as in the state of Massachusetts is much more hostile territory to take forward this request.
The Judge Landis used as grounds for its decision that over 90% of the promoters of TelexFREE residing outside Nevada and more than 75% outside the United States. Percent Nevada promoters is negligible while as many Massachusetts U.S. promoters reside. Also refers to TelexFREE LLC, based in Nevada, did not have physical offices and employees therefore Massachusetts is the most suitable for filing Chapter 11 be TelexFREE INC headquarters in that city.
This decision leaves the process at a standstill until the judge did not issue the transfer order writing process, which is expected either late this week or early next. Once the transfer is ordered, TelexFREE shall perform other processing in the state of Massachusetts, Boston, therefore significantly extend the duration of the process. Remember also that TelexFREE in Boston takes several parallel processes, first is the application for bankruptcy Chapter 11 and the other is the charge of the SEC Ponzi system further collective complaints generated by lawyers claiming their promoters investments.
We will monitor further developments with these processes but there is no doubt that today's ruling significantly delays the provision of restructuring the company while representing a reversal of everything that had advanced so far, is to wait as lawyers TelexFREE manage this mishap as respond to the new situation.
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