What's the point. The bank is no longer operating. The receiver and OCIF independently verified that as of fall of 2022 the bank had $2-$3 million in excess cash then what was owed to depositors. That Consent Order is a pubic document.
Why would this not be fair for you? Customers have lost access to their lifesavings and are unable to pay for daily necessities. You on the other hand is living well, taking multiple expensive vacations every year, buying expensive properties and yachts. And as you say, funds at Qenta and under receiver are safe, so under my proposal, the customers get their money back soon / immediately, and you just have to wait a little bit longer to get yours back.
The vast majority of customers do not have their life savings in the bank. That may be true for some, but I'd say maybe 1%. For most people the accounts represent a small part of their net worths. I lost $10 million cash that I put into the bank as capital. Far more than any customer, and I will never get that money back. That $10 million was a larger part of my net worth than al EPB account is for the typical customer. Losing another $65 million would be an even larger percentage. Plus, I don't keep $65 million in cash. I only keep a few million. I invest my money. I'm not gong to hold cash and allow inflation to destroy its value. So I would have to sell a lot of investments to raise the $65 million. What happens if by the time I get the money from the bank the investments i sold double in price? Than I'm out $130 million. Customers will just have to wait. That is unfortunate, but I don't see any other alternative. You guys can complain, hire a lawyer, do other things to speed up the process, but expecting me to personally send out thousands of wires is not a viable solution.
That’s what I did with the money now stuck at Qenta, I had it invested in gold and silver at EPB and ordered it to sell this once the liquidation started so I could opt-out and collect the cash. But later I learned that I was an opt-in client, how can? And now I lost almost 3 years of profit in nominal terms and a big part of purchasing power stored in it.
That's unfortunate to hear. I hope you get that money back soon. If possible, try to find a way to put some pressure on OCIF and the receiver.
Total nonsense from Schiff (and he knows it, as Peter is a smart guy): There wasn’t a single customer who didn’t have 'other accounts they could send the money to.' Does he really think there was even a single EPB customer who only had an account with EPB in PR when all of them were non-PR domiciled?
That is incorrect (and Peter knows it too!): The purchase and assumption agreement dated September 30, 2022, between EPB (seller) and Qenta (buyer) states that Qenta took over opt-in customers (and schiff was paid USD 1.25mll), with no guarantee of protection for them. Section 7.1(b) clearly states that "purchasers shall indemnify and hold harmless seller and sole shareholder from and against any and all losses which such person may suffer… relating in any such case to the assets or the liabilities assumed by purchasers at closing."
Alpinist: Schiff is very active in this forum and will just avoid responding to your requests for documentation regarding the sudden "Brent de Jong, CEO of Qenta email telling me everything is fine".
