Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
$350.000.00? REALLY hard to believe but there's no fighting it.
3) Claims Administration Fees
The forfeited funds returned by the DOJ through the Xybernaut Securities remission process will be reduced by the cost of the remission claims review and distribution and de minimus government expenses. No funds will be withheld for the cost of Government employees, investigators and attorneys handling the Xybernaut matter. Claims administration fees are billed according to a competitively bid contract with the DOJ that Analytics/BMC was awarded on the basis of best value to the government.
The total claims review and distribution costs deducted for the remission are estimated to be approximately $350,000 upon completion of the distribution.
I was aware that those who didn't get in on the first distribution would receive both this time but the first distribution was 9.1% and the second 3.05% and if some folks got 22% instead of 12.15% the math folks at BMC are totally wacky.
Did someone really get a 22% payout in 2008? Before the payout a mathematician deduced we would get a 9.1% payout and that was exactly what mine was, on two different accounts. The one that, to me, takes the cake is the friend who was told in 2008 that he didn't qualify because he made money in the designated period (how'd he do that?) got a check last week.
One investor who was told he made money, not lost, the first time around so didn't file this time,,,,, and got a check for $185
When you think how they (BMC group = lawyers and accountants) dragged this out for 26 months it's not hard to figure where the money went. I remember my ignorance when this first went down, thinking "Great! The DOJ is handling this and they already are paid by the government so there won't be lawyers, et al, taking a large share of the pot".
I imagine the better part of the money will be found in BMC'S account for all the work they've supposedly been doing the last two years. A lot less than I expected. Sickening. My REOGNIZED loss was $96.000. My real loss was $400.000. I get $2900.00 back. There's no use even waiting for the $500.000.00 which has given BMC 5.5 more months of income.
I wonder what happened to the $500,000.00
Thanks! That information is now on the Index board http://www.xybernautremission.com/EN/
Where did that information come from? Things I don't understand: I can't imagine the US Marshalls delivering the funds, which should be an electronic transfer, or why the marshalls would be involved at all; why would BMC need to acknowledge an electronic transfer and if they did have to they certainly could have in the 5 days since the 21st. I'm more than ready for it to be true but I'm skeptical
Oh he used to tout that one regularly, saying something like if the Xerox patents were a 10 the Xybernaut package was at least a twenty, or some correponding number
Anyone know if Weisberg really did prepare the intelletual property package for Xerox like he claimed so many times? Not that it really matters. I just wondeer if it was one more big lie I fell for.
Do you know why Randy talked with you when we haven't heard anyone else report that they've gotten any response? An acquaintance that used to call frequently hasn't been able to talk to anyone since January. I have very limited knowledge but I don't understand 2-4% since there appears to be perhaps 2 million more available than on the first distribution, which paid out at about 9.1%. Perhaps because the first distribution only took about 8 months (as I remember) and this, second, is already at 26 months and counting?
Why are you sure that the aministration receives payment per call received?
Has anyone else been able to talk with the remission administration recently?
I tried the FAX and the email, with no response. But it won't hurt if you try again.
I sent an email to a Washington Post writer who already is involved with investigations at DOJ. I explained our situation and suggested that he might be able to investigate and inform us of what the holdup is. Might not get a response but at least we won't be worse off than we are now. I think he only writes a column on Saturdays so the earliest we'll likely hear from him will be next Saturday.
Every time I read the January 15 notice I have to laugh at "thank you for your patience". Damn but it's irritating to be kept in the dark for so long. I can't imagine DOJ absconding. I think it's a case of governmentese "on or about April" which could mean anything but then I was very wrong about the investment in the first place and had to be hit over the head with the bad news. Anybody know a newspaper person in DC that could check on things? Power of the press.
Used to be a informative (although worthless) message every month; now 4 months without a word. One has to wonder if Obama hasn't borrowed the money to make up some of his shortcomings. Too bad we can't investigate DOJ.
I don't have better info from them but if I remember correctly the first distribution was of 3 million and the lawyers got a good chunk of that and we still got about 9.1% of our supposed losses (as compared to out real losses)- I remember the first notices of this distribution, 2 years ago, mentioned 5 million whereas now they are saying 4.3 million. The administrators got $700.000.00?
I think it's real but there's likely some problems they aren't telling us about. I can imagine all sorts of things, probably none of which are so. Maybe they meant to say "on or about 2013". They probably don't have the $500K yet because since they have everyone's percentages it should be a simple matter to add that percentage of the $500K. They (whoever "they" is) obviously don't give us much of a thought. They don't even have the courtesy of informing us - of anything. Used to be a message a month. Now the most recent is almost 3.5 months ago. I wonder how many of us died waiting. But, happy second anniversary.
siiiiiiiiiighhhhhh.
As we approach the magic month I'm mindful of the CYA language "on or about" and wonder why, in all my years, the "about" has NEVER occurred before the stated date.
I got no answer from her but if I had it would be the same. Frustration rampant
A tongue-in-cheek post
The Jan 15 message is loaded with CYA governmentese. They should already know how much the additional funds, if any, are, and be prepared for a fast distribution on receipt of the funds, if any. But it's pretty certain that we will begin a new round of calculations, reviews and more reviews. It's really frustrating to be so helpless with no one to look after our interests.
I've gotten no answer from either BMC group itself or from Caroline barezesh. Has anyone ever gotten a private answer?
Lopez boy, the first distribution was administered by lawyers who took quite a chunk out of the available funds. This one administered by BMC group also has to be paid for - not so?. I wonder how much a chunk BMC will take.
I have been reading incorrectly, thinking the amount received on the first settlement would be subtracted from the amount due on this remission but reading the FAQ's I note:
7. I previously received a distribution from the Class Action Settlement in In re Xybernaut Securities Fraud in the Eastern District Court of Virginia. Will that affect my eligibility for remission in this case?
No. Investors who received a prior distribution in the In Re Xybernaut Securities Fraud private securities litigation will have their recognized loss amount in this case reduced by the amount of the prior distribution.
So if my recognized loss in the first case was for example $100.000.00 and I received $10.000, my recognized loss in this remission will be reduced to $90,000.00 and my settlement will be based on that amount. Am I thinking correctly here?
What is the email address for the BMC group. I must have had it because I sent them an email (unanswered). Thanks
I sent my request but don't expect to hear anything. Can't fight city hall. In the first distribution someone detrmined that the amount of remission would be about 9.1% of the recognized loss and that turned out to be remarkably correct. Has anyone come up with such a figure for this second distribution?Also I'd still like to know what happens to the money in the amount of the first distribution that's supposedly subtracted from the second. I don't know who to ask but at 73 maybe I'll live long enough to find out.
I think maybe with the "cliff" DOJ can't afford postage.
I am with you. But what is the address of the group? And what is their web site. Ridiculous is hardly the word for it. By April we will have been waiting 2 years and every month since last June they have been saying "before the end of the month". I wonder how many investors there are - 5000? $100.00 more to each? At this point they can keep it. I also note that two years ago the distribution amount was 5 million; now it is "about" 4.3 million. Que pasa?
I've also been wondering about the comment that any amount received from the previous distribution will be subtracted from this distribution. What happens to the subtracted amount? Anyone know? They seem to be two separate things - the first, as I remember, for 3 million and this for 5 million.