FREQUENTLY ASKED QUESTIONS
Q. What is the total amount of distribution I received and when will the last distribution be issued?
A. As of the November 16, 2007, a total of 24.9% has been distributed by John W. Kozyak, the Plan Administrator. The criminals who were resentenced in mid-2007 have all filed appeals. We are hopeful to make a final distribution by the end of 2008, but we are not able to close the case and issue the final distribution until all appeals are final. We have no control over this process, but we will keep you updated on this website as information becomes available.
Q. I received an IRS form from the Trustee. Do I have to fill this out?
A. With his June 7, 2001 Status Report the Trustee sent to all investors a W-9 form together with a self-addressed envelope to return to the Trustee's accountants. The form has been sent out because the Trustee must have the social security number of every investor who is to receive a distribution. You must fill out this form with your name, address and social security number, sign the form, and return it in the mail in the envelope in order to receive a distribution. If more than one person holds the claim (for instance, a husband and wife), both must provide their social security numbers and sign. We cannot give you individual tax advice or information. You must consult with your own tax advisor about the treatment of the distributions.
Q. My documents say that I have an insurance policy; why don't I have a secured or priority claim?
A. The documents you received were part of a massive fraud and the criminals have either been prosecuted, pled guilty or are on trial for the crimes they committed. The Trustee has consistently and repeatedly stated that he does not believe any investor/victim has any legal interest in a particular policy. If you disagree, then you must timely respond to the Eighth Omnibus Objection. We regret you were involved in this fraud, but the Trustee intends to treat all victims the same regardless of what you were promised by brokers.
A. It is impossible to presently predict the total amounts you will receive through the Bankruptcy Court Plan - if approved - or through restitution or legal proceedings brought by the Trustee, or class counsel. Estimates of the recoveries for restitution and the bankruptcy are disclosed in as much detail as we can in the Disclosure Statement. Some investors have collected restitution through the actions of the Texas Securities Commission, and the State of Florida's Department of Banking and Finance' efforts to settle administrative complaints against the brokers is ongoing. Some investors who invested through NASD registered brokers have been successful in mediations and arbitrations and we know others are suing their brokers directly.
There are at least two class action lawsuits pending and the Trustee is attempting to monitor them. The sale of real estate, automobiles and helicopters has gone well, but several expensive homes still need to be sold and the criminal forfeiture process is not yet complete. The Disclosure Statement describes a large number of pending lawsuits, which are not over.
Even with all the potential litigation recoveries, victims will probably still lose most of their investments. This is the sad truth.
Q. How do I get to the Courthouse?
A. From I-95: Get off at Exit 70, "Okeechobee Blvd.," drive east and get into the far right-hand lane. Take the exit marked "Australian Avenue North." Continue on Australian Avenue North and get into the far right-hand lane. Turn right onto Banyan Blvd. -- you will see the NBC Channel 5 Building on the corner of Australian and Banyan. Continue on Banyan across the railroad tracks. The courthouse is in the next block on the right-hand (south) side. Free parking is available on the left (north), across the street from the courthouse.
From Florida Turnpike: Get off at the "West Palm Beach - Okeechobee Blvd." exit. Go east into West Palm Beach, following the prior directions. From Palm Beach Int'l Airport: Exit the airport onto Australian Avenue. Turn left (north) onto Australian Avenue, cross Belvedere and continue on Australian until you reach the traffic lights at Banyan Blvd. (You will see the NBC Channel 5 building on the corner of Australian and Banyan.) Go right (east) on Banyan and continue, crossing the railroad tracks. The courthouse is in the next block on the right-hand (south) side of the street.
Note: No Cell Phones permitted on the premises and all patrons must present photo ID.