Summary and news about what is happening with the case TelexFREE
In late May, the judge investigating the case of TelexFREE Massachusetts by Mr. Melvin S. Hoffman INC TelexFREE I authorize for Chapter 11 Federal Bankruptcy Laws in the United States, and likewise also authorize incorporating an administrator would be responsible for managing and overseeing the restructuring of the company within the time prescribed by law with a maximum of 120 days.
In early June he was appointed financial trustee Mr. Stephen B. Darr who will be in charge of the area of financial restructuring TelexFREE this person together with those responsible for restructuring appointed by the company will be responsible for carrying out a plan of economic viability and financial enabling the company to continue its operations and to address business processes of its customers while making a structured payment plan that enables the obligations to its promoters.
Other process changes that were carried out in these days was the incorporation of the law firm Greenberg Trauring TelexFREE to continue the case.
Mr. Stuart Mcmillan TelexFREE continue as CEO and will be present in future decisions that may be facing a return to operations by the U.S. company.
On Tuesday June 2nd attorney James Merrill, Robert M. Goldstein called for the release on bail of the co-owner of TelexFREE had already been denied twice by Judge David Hennessy, who claimed that Merrill could flee the country, as did his partner and friend Carlos Wanzeler now considered by American courts as an international fugitive.
The judge took steps to arrest based solely on an alleged flight risk since James Merrill has offshore accounts to which U.S. regulators can not access so they could not be blocked, arguing it could be used as possible livelihood abroad.
TelexFREE processes and its former directors and founders pass without parallel insidencias with each other. As the decisions taken in each process are unrelated.
Depending on the version of some leaders that was made public on the social network Facebook TelexFREE argued that would work in this June even suggested some dates for the return of the operations and functioning of the opening www.telexfree.com WEB , this fact is very unlikely to happen because the process of recovery and restructuring TelexFREE just beginning and this is a process that takes time and planning and many decisions not only by TelexFREE but also by the court handling the case is who will take determining whether or not to accept the proposal made to the continuity of the company and for this and other aspects of legal types TelexFREE although we believe has taken positive steps and even being approved your payment plan and model to restructure will take some time back to be operational.
Other things to note is the amount of unfounded and untruthful information flowing through social networks and all the promoters that echo is partly derived from the need to know what will happen to their investments and money that has been frozen Back in the Office of TelexFREE and also by the lack of information that causes the no pronouncement by the company informing news monitoring the process in which the company is immersed.
That news was announced by Facebook as a great victory was announcing that the American SEC said TelexFREE regulate body was totally legal company, we remember that the SEC is precisely who accuses TelexFREE Ponzi scheme and who is putting all his effort to achieve closure TelexFREE.
We wish to clarify that this story is FALSE, at any time the SEC has made statements arguing that meets TelexFREE legality or that is 100% legal '
The dissemination of news people and sites that do not specialize in news search, can not justify inconsequential acts as disclosure of important information without basic care to assess the reliability of its source and accuracy of the information. Millions of people countries around the world, waiting for news about the case TelexFREE. mostly with the poor economic situation, are the perfect argument hundreds of channels that publish news only worsen the plight of these people.
TelexFREE continues its struggle for the return of the operations and it prepares a plan of economic and financial restructuring affecting all areas from financial to itself involved in the daily process of running the business as a business entity, which when is completed must be submitted and approved to continue working and serving customers.
Due to the thousands of emails we receive daily wondering when will TelexFREE work we mean that the platform UniversoMLM known that data and can only overtake which is a process that will take time and its solution will not be in the days ahead, we must continue to rely on justice and the persons appointed by the company to take this process forward.
As additional data we want to clarify that fill the forms have been made available to all promoters by the American authorities is a personal decision of each promoter we can not even encourage them to be filled and refuse to fill it out to people wishing to do so, each individual is free to her decision and her decision was free to enter free TelexFREE should be the decision to take the actions you want to manage your investments timely.
Any novelty arising around TelexFREE case will be informed by our UniversoMLM platform as soon as possible, we ask our apology for downtime which has been due to the upcoming release of our platform.
Translation of the document appointing the administrator TelexFREE Bankruptcy Court CENTRAL DISTRICT OF MASSACHUSETTS DIVISION __________________________________________ ) In re ) Chapter 11 Telexfree, LLC, Telexfree, INC. Case) No. 14-40987 Y -MSH Telexfree Financial, Inc.) 14 - 40988-MSH ) -14 to 40,989 Debtors MSH ) (jointly administered) __________________________________________) CERTIFICATE OF APPOINTMENT OF CHAPTER 11 TRUSTEE According to the Court = s mandate the appointment of a Chapter 11 trustee, Stephen B. Darr, named after the Chapter 11 trustee in the previous case with the legend duties, powers and functions specified in 11 USC '1106. The amount of U.S. securities administrator is . $ 1,000,000.00 WILLIAM K. Harrington United States Trustee, Region 1 Date: June 5, 2014 By: / s / Richard T. King Richard T. King (BBO # 549382) Assistant United States Trustee Department of Justice of the United States Office of United States Trustee 446 Main Street, 14th Floor Worcester, MA 01608 Tel: (508) 793-0555 Fax: (508) 793-0558 Email: richard.t.king @ usdoj.gov ADMINISTRATOR = S ACCEPTANCE The undersigned accept the above appointment, rights and responsibilities of the Trustee, and binds himself and his sureties on bond to be filed with the Bankruptcy Court of the United States. Date: June 5, 2014 By: / s / Stephen B. Stephen B. Darr Darr Approved under Section 1.104 (d): ______________________________ Honorable Judge Melvin S. Hoffman U.S. Bankruptcy Date: ___________ Full Document
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