Claims Process

Court Grants Receiver’s Request for Second Interim Distribution

On April 8, 2024, The Court granted the Receiver’s motion requesting approval to make a second interim distribution to investors with allowed claims. A copy of the Order is available here. Second interim distribution checks were mailed to claimants entitled to receive them on April 30, 2024.

Magistrate Judge Recommends that Court Grant Receiver’s Motion for Second Interim Distribution of $9 Million

On February 28, 2024, the Receiver filed a motion seeking approval to make a second interim distribution to investors with allowed claims. A copy of the Receiver’s motion is available here. The Receiver is seeking permission to make an interim distribution of approximately $9 million as set forth on Exhibit 1 attached to the motion, which would provide claimants entitled to participate in the distribution approximately 15.76% of their allowed amounts. The proposed second distribution would bring the total recovery for claimants participating in both distributions to approximately 33.28% of approved amounts. On March 22, 2024, the Honorable Magistrate Judge Sean Flynn recommended that the Court grant the Receiver’s motion. A copy of the Report and Recommendation is available here. If the Court approves the Report and Recommendation, the Receiver will make every effort to promptly send distribution checks by U.S. Mail. This website will be updated once the Court enters an order.

Receiver files motion for Court approval of second interim distribution of $9,000,000 to claimants with approved claims.

View Motion

Court Grants Receiver’s Request for First Interim Distribution

On March 15, 2023, the Court granted the Receiver’s motion requesting approval to make a first interim distribution to investors with allowed claims. A copy of the Order is available here. On April 6, 2023, the Receiver mailed distribution checks by U.S. Mail to those who were entitled to receive one and did not require address confirmation. On the same day, the Receiver also mailed letters with address confirmation forms to claimants who must verify their address before their distribution check may be mailed to them.

On December 9, 2022, the Receiver filed a motion to distribute approximately $10 million to claimants with allowed claims. A copy of the Receiver’s motion is available here. Claimants identified on Exhibit 1 and Exhibit 2 will participate in this distribution, absent a contrary instruction from the Court. If the motion is granted, claimants identified on Exhibit 3 will be denied and not participate in any distributions because they failed to comply with governing procedures, including (most often) the submission of an executed Personal Verification Form. Unless directed otherwise by the Court, the Receiver will not adjust claims any further. The Receiver’s declaration in support of the motion is available here.

Motion to Approve First Distribution

On December 9, 2022, the Receiver filed a motion to distribute approximately $10 million to claimants with approved claims. A copy of the motion is available here. The exhibits to the motion and the Receiver’s declaration in support of the motion are available below. Claimants identified on Exhibits 1 and 2 will participate in this distribution, absent a contrary instruction from the Court. Claimants identified on Exhibit 3 will, if the Court grants the motion, be denied and not participate in any distributions because they failed to comply with governing procedures, including (most often) the submission of an executed Personal Verification Form. Unless directed otherwise by the Court, the Receiver will not adjust claims any further.
Please review the motion and its exhibits carefully. If you disagree with any matters discussed therein, you must address the issue with the Court before December 23, 2022.

On March 7, 2022, the Court entered an Order granting the Receiver’s Motion to (1) Approve Determination and Priority of Claims, (2) Pool Receivership Assets and Liabilities, (3) Approve Plan of Distribution, and (4) Establish Objection Procedure (the “Motion”). A copy of the Motion is available here, and a copy of the order is available here. The next steps in this claims process are as follows:

The Receiver will mail each claimant (and counsel, if applicable) a letter with detailed instructions. The Receiver will post a notice on this website once the letters have been mailed.
If you do not receive a letter within a few days of the mailing date, you may contact the Receiver’s professionals for assistance – Burt@BurtonWWiandPA.com.
Please review the information in the letter carefully. The letter will contain the claim number for the referenced claimant. You should receive a letter for each claim you submitted. Take note of the claimant name(s) and your claim number(s) and review the Receiver’s Court-approved determination of your claim(s), as set forth in the exhibits to the Motion. Claims have been approved in full, approved in part, and denied. Many claims have been approved but require additional information or documents before the claimants can participate in any distributions.
As explained more fully in the Motion and letter, if you agree with the Receiver’s Court-approved determination of your claim(s), and you have not been instructed to provide any additional information or documents, you need not take any further action.
If you have been instructed to provide additional information or documents, you must do so by April 14, 2022, as set forth in the Motion and letter. Many claimants will be required to complete a Personal Verification Form. Failure to complete the form will result in a claimant’s disqualification from participating in distributions of assets.
If you object to the Receiver’s Court-approved determination of your claim(s), you must submit a written objection in accordance with the procedures described in the letter and Motion. All objections must be served on the Receiver by April 14, 2022.
After the objection deadline, the Receiver will evaluate any objections and work to resolve or litigate those objections. The Receiver’s ability to make a first interim distribution of money to claimants with approved claims will be significantly impacted by the number and nature of objections. The Receiver cannot predict a distribution date or amount until any objections have been received and evaluated.

This process of validating the claims is the last step before the Receiver will be able to begin distributions of funds to claimants. Hopefully, this process will proceed smoothly, and the Receiver and his professionals can begin distributions in the not too distant future. For more information, please continue to monitor this website and the Receiver’s interim reports.

Receiver files Motion to (1) Approve Determination and Priority of Claims, (2) Pool Receivership Assets and Liabilities, (3) Approve Plan of Distribution, and (4) Establish Objection Procedure.

Motion for Miscellaneous Relief, to (1) Approve Determination and Priority of Claims

Court Grants the Receiver’s Motion to (1) Approve Procedure to Administer Claims and Proof of Claim Form, (2) Establish Deadline for Filing Proof of Claim Forms, and (3) Permit Notice by Mail and Publication and Incorporated Memorandum.

Receiver’s Notice of June 15, 2020 Claim Bar Date

On February 3, 2020, the Receiver filed a Motion to (1) Approve Procedure to Administer Claims and Proof of Claim Form, (2) Establish Deadline for Filing Proof of Claim Forms and, (3) Permit Notice by Mail and Publication (the “Motion”). A copy of the Motion can be found here. The Court entered an order granting the Motion on February 4, 2020. A copy of the Order can be found here. By granting the Receiver’s Motion, the Court has approved a procedure for each person or entity who thinks that he or she may have a claim against any Receivership Entity to submit a claim to the Receivership assets. If you believe you may have a claim arising out of or in any way related to the acts, conduct, or activities of the Receivership Entities, you MUST submit an original, written Proof of Claim Form as set forth in the Claim Process Instructions and Proof of Claim Form. The Proof of Claim Form must be received by the Receiver on or before June 15, 2020. FOR INVESTORS, THIS IS THE PROCEDURE BY WHICH YOU MAY SEEK TO RECOVER FOR YOUR LOSSES FROM THE RECEIVERSHIP.

On March 17, 2020, the Receiver mailed each known investor, other known potential creditors, and certain other individuals a letter advising of this procedure, a Proof of Claim Form, and the Claims Process Instructions. Click Oasis – Initial Letter to Potential Claimants for a sample copy of this letter. If you did not receive a letter from the Receiver and you believe that you should have received one, please contact Burton W. Wiand at (727) 235-6769 or Burt@BurtonWWiandPA.com. Alternatively, a copy of the Proof of Claim Form can be found here and a copy of the Claims Process Instructions can be found here.

THE CLAIMS BAR DATE IS JUNE 15, 2020. ANY PERSON OR ENTITY WHO FAILS TO SUBMIT A PROOF OF CLAIM TO THE RECEIVER ON OR BEFORE THE CLAIMS BAR DATE (JUNE 15, 2020) SHALL BE FOREVER BARRED AND PRECLUDED FROM ASSERTING A CLAIM AGAINST THE RECEIVERSHIP OR RECEIVERSHIP ENTITIES.

Proof of Claim Form

Claims Process Instructions

Initial Letter to Potential Claimants