Good News!! Upadate on 12/12/07.. Important Update on 12DP Case..Regarding Stormpay Chargeback
Another Important update circulated on 12/12/07 regarding 12DP claim.
Quote:
UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA, EASTERN DIVISION
SECURITIES AND EXCHANGE
COMMISSION,
Plaintiffs,
vs.
CHARIS JOHNSON; LIFECLICKS, LLC;
and 12DAILY PRO,
Defendants.
Case No. CV 06-01018-SGL (PLAx)
NOTICE TO INVESTORS OF BAR DATE
FOR ASSERTING A CLAIM AGAINST
12DAILY PRO AND PROCEDURES
RELATING TO ACCEPTING OR
DISPUTING CLAIM AMOUNT ON WEB
PORTAL
TO ALL INVESTORS OF 12DAILY PRO:
PLEASE TAKE NOTICE that on December 12, 2007, the Honorable Steven G. Larson
entered an order in the above-captioned case setting a deadline of January 31, 2008, for all
investors that hold a Claim against 12Daily Pro ("12DP"), to login to the investor web portal
established by the Receiver ("Web Portal") and "Accept" your claim amount or "Dispute" your
claim amount and submit a Proof of Claim form with supporting documentation reflecting what
you believe your claim to be to Thomas F. Lennon, the court-appointed Receiver for 12DP.
For purposes of this Notice, "Claim" shall mean actual funds invested in 12DP by you
and distributions from 12DP that were frozen in your account at StormPay and reversed back
into the 12DP account at StormPay, less all payments of principal, interest, commissions or other
amounts paid to you (including credit card chargebacks or reversals of electronic fund transfers)
on account of your investment in 12DP.
To assert a Claim, you must log into the Web Portal and take one of the following
actions no later than January 31, 2008:
a. Accept your Claim Amount by checking the "Accept" box on the Web Portal for all
of your reports on the "Transactions" page; or
b. Dispute your Claim Amount by checking the "Dispute" box on the Web Portal, and
deliver a Proof of Claim form with all documentation supporting your claim to the
Receiver no later than January 31, 2008. If you are unable to view your Claim
Amount, you must submit a Proof of Claim form and supporting documentation so
that it is received by the Receiver no later than January 31, 2008.
Failure to take one of the above actions by January 31, 2008, will result in you being
forever barred from asserting a claim for distribution from the receivership estate. Detailed
instructions and Frequently Asked Questions ("FAQs") regarding how to access and use the Web
Portal are available at the Receiver's website (Thomas F. Lennon, Inc.) and the Web
Portal itself. These instructions and FAQs should be reviewed carefully before contacting the
Receiver with questions. Please note: If you do not dispute your Claim Amount listed on the
Web Portal, you should not submit a proof of claim.
Submit Proof of Claim and Supporting Documentation. If you dispute your Claim
Amount listed on the Web Portal or you are unable to view your Claim Amount, you must
submit a Proof of Claim and supporting documentation. Failure to submit sufficient supporting
documentation may result in your claim being denied. You will receive notice and an
opportunity to respond if the Receiver objects to your claim. The Proof of Claim form is
available at the Receiver's website (Thomas F. Lennon, Inc.) and the Web Portal. The
Proof of Claim form has instructions regarding what information and supporting documentation
must be submitted. The Web Portal instructions and FAQs also contain information regarding
how to fill out and submit Proof of Claim forms.
The Proof of Claim form and copies of all supporting documentation must be mailed to
the Receiver at:
Thomas F. Lennon, Receiver for 12DP
7777 Alvarado Road, Suite 712
La Mesa, CA 91949-3688
ANY INVESTOR WHO WISHES TO ASSERT A CLAIM AGAINST 12DP
AND WHO FAILS TO LOGIN TO THE WEB PORTAL AND EITHER
ACCEPT THEIR CLAIM AMOUNT OR DISPUTE THEIR CLAIM
AMOUNT AND SUBMIT A PROOF OF CLAIM AND SUPPORTING
DOCUMENTATION SO AS TO BE RECEIVED NO LATER THAN
JANUARY 31, 2008, SHALL BE FOREVER BARRED, ESTOPPED AND
ENJOINED FROM ASSERTING A CLAIM AGAINST 12DP AND THE
RECEIVERSHIP ESTATE AND SHALL NOT RECEIVE ANY PAYMENT
OR DISTRIBUTION IN THIS RECEIVERSHIP CASE. IF YOU ARE
UNCERTAIN ABOUT YOUR RIGHTS AND RESPONSIBILITIES, YOU
MAY WANT TO CONSULT YOUR ATTORNEY REGARDING THIS
MATTER.
Dated: December 12, 2007 By Order of the United States District Court
David L. Osias, Esq. (Bar No. 091287)
Debra A. Riley, Esq. (Bar No. 151925)
ALLEN MATKINS LECK GAMBLE
MALLORY & NATSIS LLP
501 West Broadway, 15th Floor
San Diego, California 92101
Tel: (619) 233-1155
Fax: (619) 235-1158
Quote:
This is the latest updated FAQ from 12dailypro.com case.
The recent definition of "Claim" considering the reversal/chargeback of 12DPStormpay account on 07/02/2006 shall be definied as:
"
Actual funds invested in 12DP by you and distributions from 12DP that were frozen in your account at stormpay and reversed back into the 12DP account at stormpay), less all payments of principal,interest,comissions or other amounts paid to you (including credit card chargebacks or reversals of electronic fund transfers ) on account of your investment in 12DP."
What do you think it should be:
Does the new definition means:
Claim=
Money in by other processors(eg.egold,EMO) at 12DP account + last 12DP distributions to Member by Stormpay+ Money in at 12DP Account by stormpay chargeback on 07/02/06 ) - (minus) all payments of principal,interest,comissions or other amounts paid to you (including credit card chargebacks or reversals of electronic fund transfers ) on account of your investment in 12DP"
Do you agree with the above expanation of the "Claim" definition.If not than what it should be...?
I am placing the full latest FAQ (05/12/2007) update of the case ".You will get the stormpay chargeback answere at the last question of FAQ.
----------------
Frequently Asked Questions Re Web Portal and Claims
(Updated - December 5, 2007)
These FAQs are presented as part of the information investors may need in order to understand and utilize the Investor Web Portal and for the processing of claims.
# How do I get to the Investor Web Portal?
# If I haven't already logged in, how do I set up an account and log into the Investor Web Portal?
# What should I do if I set up an account but I don't receive an email with my activation code?
# When I logged in before there were 12DP, StormPay, EMO and E-Gold tabs where I could enter an email address and account number. Why are those tabs no longer showing?
# How do I see the Receiver's MIMO calculation of my claim? (For explanation of MIMO, see answer to this question below)
# What do I do if the report of my transactions is missing some of my 12DP account information?
# What does it mean if my Net MIMO Amount is a negative number (shown by parenthesis)?
# What does it mean if my Net MIMO Amount is a positive number?
# If I have more than one report, how is my Net MIMO Amount calculated?
# What do I need to do if I want to dispute the MIMO Amount listed on one or more of my reports?
# What is the deadline to either accept or dispute my claim amount?
# If I elect to submit a proof of claim, what happens next?
# When will I get my money?
# Will I get all of the money I paid in? How much will I get?
# What Does MIMO mean?
# What does Pro Rata mean?
# How will the claims be paid?
# How do I recover amounts that were in my StormPay account when it was frozen?
.................................................. .................................................. ................
How do I get to the Investor Web Portal?
From the Receiver's main webpage (Thomas F. Lennon, Inc.), click on the link that says "Investor Web Portal ��� LOGIN HERE" or the button under the Contact Info on the left. . Or just CLICK HERE and you will be directed to the login page.
If I haven't already logged in, how do I set up an account and log into the Investor Web Portal?
From the login page, click on the link underneath the "Login" button that says "Create a new account." You will be directed to a page that asks for your name, current email address, a password, and your street address. You will also need to check the box that says "I agree to the terms of use" and then click "Register" in order to proceed. An activation code is then sent to the current email address you provided. The activation code is required for security purposes. You must retrieve the activation code from your email in order to proceed. Once you have entered the activation code, you will be granted access to the Web Portal.
Please note: if you change your current email address at any time, you will need to go through the activation code process again. Back to top
What should I do if I set up an account but I don't receive an email with my activation code?
It is possible that the email with your activation code was blocked by your email spam filter or your email provider's anti-spam software. First, check your junk or rejected email box to see if you have received an email from the following email address:
[email protected]
This email address should be added to your "allowed list" of email addresses that are not blocked by your anti-spam software. If you are still unable to find your activation code, please send an email to [email protected] or call the Receiver's dedicated investor telephone line at (619) 464-6691. Make sure to include your username in your message. You will get an email message or someone from the Receiver's office will call you with your activation code. . Back to top
When I logged in before there were 12DP, StormPay, EMO and E-Gold tabs where I could enter an email address and account number. Why are those tabs no longer showing?
The 12DP, StormPay, EMO and E-Gold tabs have been removed now that the Web Portal has been updated to show reports of investor transactions and MIMO Amounts. The 12DP, StormPay, EMO and E-Gold tabs were used to gather investor email addresses and account numbers so that each investor's transactions could be identified and linked together if the investor used multiple accounts in connection with 12DP. Now that the Web Portal has been updated, you should see all of your accounts listed when you access your report under the "Transactions" tab (discussed below). If not, follow the steps described below to access additional reports for your missing accounts.Back to top
How do I see the Receiver's MIMO calculation of my claim? (For explanation of MIMO, see answer to this question below)
Once you have entered the Web Portal, you will see a page with two tabs ��� a "Current Info" tab and a "Transactions" tab. The "Current Info" tab lists the contact information you have already provided. The "Transactions" tab is where you will find your 12DP account information and the Receiver's calculation of your claim. By clicking on the "Transactions" tab, you will see a report of your 12DP transactions listed.
Please note: If you do not see a report listed on the "Transactions" page, it is because the Receiver has not been able to link any 12DP account data to the current email address that you provided. Therefore, on the "Transactions" page, you will need to enter an email address that you used in connection with 12DP, StormPay, EMO or e-gold, or an account number assigned to you by one of those entities. Once you have entered either an email address or an account number and clicked on the "Add" button, the Web Portal will retrieve a report of all transactions linked to that email address or account number.
By clicking "view" on the report, you will be directed to a screen listing your transactions. (Please note: you may need to adjust the size of the report on your screen in order to see all of the information. The far right hand column should have the heading "Net Amount"). "). You can also access the report in Microsoft Excel or Adobe PDF format by selecting one of these formats from the drop down menu at the top of the report and clicking on the "export" link. The MIMO Amount is listed at the bottom of the report. Please review the report carefully, including the explanation of the MIMO Amount provided at the bottom of the report. Back to top
What do I do if the report of my transactions is missing some of my 12DP account information?
If the report does not show all of the accounts you had with 12DP, go back to the "Transactions" page, add the email address or account number associated with your missing account and click "Add". This should produce an additional report. Repeat this process if there are additional accounts that you had with 12DP that are not listed.
Please note: each report may have more than one account listed on it. If you try to add an account that is already shown on a report listed on your "Transactions" page, you will get an error message saying that you can not add the account because it is already included in one of your reports. Back to top
What does it mean if my Net MIMO Amount is a negative number (shown by parenthesis)?
This means that your investments in 12DP exceeded the distributions from 12DP to you Internet account. You will have an allowed claim in this amount if you click the "Accept" box for your reports. Back to top
What does it mean if my Net MIMO Amount is a positive number?
This means that the distributions from 12DP to you Internet account exceeded your investments in 12DP. You will not have a claim unless you click the "Dispute" box for one or more of your reports and submit a proof of claim and supporting documentation. The proof of claim form can be downloaded and printed from the Web Portal and the Receiver's main website. The proof of claim form has instructions on it regarding what information must be provided and what additional documentation must be submitted. Back to top
If I have more than one report, how is my Net MIMO Amount calculated?
Your claim amount is the net of the MIMO Amounts on your reports. This amount is shown at the bottom of your list of reports on the "Transactions" page as your "Net MIMO Amount."
For example, if you have two reports, the first one shows a positive MIMO amount of $1,000.00 (meaning that your distributions exceeded your investments by that amount) and the second report shows a negative MIMO amount of ($2,500.00) (meaning that your investments exceeded your distributions by that amount), your Net MIMO Amount would be ($1,500.00), meaning that you would have a claim in that amount if you check the "Accept" box for both of your reports.
If, on the other hand, you have one report with a positive MIMO Amount of $5,000.00 and a second report with negative MIMO amount of ($3,000.00), you would have a Net MIMO Amount of $2,000.00 (meaning that, in the aggregate, the distributions to your Internet account(s) exceeded your investments in 12DP by that amount). Thererfore, you would have no claim unless you check the "Dispute" box for one or both of the reports and submit the required proof of claim form and supporting documentation. Back to top
What do I need to do if I want to dispute the MIMO Amount listed on one or more of my reports?
For any and all reports that you wish to dispute the MIMO Amount, you must first check the "Dispute" box on the "Transactions" page. You must then download and print the proof of claim form which is available from both the Web Portal and the Receiver's main website. You must read the claim form carefully, fill it out, attach copies of all documentation supporting your claim and send it to the Receiver's office at the address provided on the form. Each investor must only submit one proof of claim regardless of how many reports you are disputing. Back to top
What is the deadline to either accept or dispute my claim amount?
The Receiver will shortly be filing a Claims Procedure Motion. In that motion, he will be requesting that a deadline (or "bar date") be set for disputing the Receiver's MIMO claim amounts. Once it is filed, investors will be able to view the Claims Procedure Motion from the Receiver's website. Investors will also be given notice of the bar date for disputing their MIMO claim amounts. It is anticipated that investors will have until January 31, 2008 to accept or dispute their MIMO claim amounts and submit the required proof of claim form and supporting documentation (if they dispute their MIMO claim amount). Back to top
If I elect to submit a proof of claim, what happens next?
Once the bar date has passed and the Receiver has reviewed all proofs of claim, the Receiver will file objections to proofs of claim that fail to show (with supporting documentation) that the claim amount listed on the proof of claim is the correct MIMO claim amount for that investor. These objections will be filed with the Court and determined by the Judge. If the Receiver objects to your claim, you will receive notice of the objection and instructions regarding how to file a response. The Court will then determine the appropriate amount of the claims to which the Receiver has objected. Back to top
When will I get my money?
Once all disputes regarding MIMO claim amounts have been resolved and a Distribution Plan has been approved by the Court, a Pro Rata distribution (for an explanation of "Pro Rata", please see below) will be made to investors. Back to top
Will I get all of the money I paid in? How much will I get?
The amount of funds which will ultimately be distributed to investors is not known at this time. The Receiver has recovered 12DP funds as directed by the Court and continues to pursue other sources of funds. Recovered funds are held in money market accounts with interest accruing during the case. Back to top
What Does MIMO mean?
MIMO (or Money-in, Money-out) means actual funds invested in 12DP by you and distributions from 12DP that were frozen in your account at StormPay and reversed back into the 12DP account at StormPay on or about February 7, 2006 ("Money-in"), less all payments of principal, interest, commissions or other amounts paid to you (including credit card chargebacks or reversals of electronic fund transfers) on account of your investment in 12DP ("Money-out"). Back to top
What does Pro Rata mean?
A Pro Rata distribution means that all investors with allowed claims will receive a distribution that is the same percentage of their allowed claim amount. The percentage is determined by the amount of funds available to be distributed to investors (after payment of all administrative costs) divided by the total dollar amount of all allowed claims. Back to top
How will the claims be paid?
The Receiver is currently investigating various means of transmitting distributions to investors, including electronically, so that investors can access their distributions via e-mail. The Receiver intends to seek approval of a means of transmitting distributions as part of his Distribution Plan. Back to top
How do I recover amounts that were in my StormPay account when it was frozen?
The Receiver understands that on or about February 7, 2006, StormPay, without the authorization or consent of 12DP, Charis Johnson, or any 12DP investors, reversed investor accounts at StormPay with positive balances back into the 12DP account at StormPay. Although these reversals were unauthorized, investors have been given credit for the amounts reversed by StormPay in the calculation of their respective claim amounts. Accordingly, the amounts reversed have been treated as "money-in" for the purposes of the Receiver's "money-in, money-out" (or "MIMO") calculation. Thus, investors' claim amounts have been increased by the amounts reversed back into the 12DP account by StormPay. Therefore, it is not necessary to do anything different in terms of your MIMO claim amount (other than logging into the Web Portal and following the normal claims procedures) if you had a positive balance in your account at StormPay when it was frozen.
The receivership established by the Court covers only 12DP, its subsidiaries and affiliates. StormPay is not affiliated with 12DP. Neither the Receiver nor his counsel can advise investors regarding their legal rights, if any, with respect to StormPay or other third parties. Investors should consult their own attorney with respect to these matters.
Please place If you have any other opinion or comments
Added for discussion
Regards
rajhere
Recent Update on 12DP Case
This is the recent update regarding 12DP case:
691323.01/SD
L7012-006/2-14-08/egf/egf
Notice to Investors re Modifications to Web Portal
On December 10, 2007, the District Court entered an order approving the Receiver's
proposed procedures for the administration of claim and setting a claims bar date of January 31,
2008 ("Claims Procedure Order"). The Claims Procedure Order is available at the Receiver's
website.
Pursuant to the Claims Procedure Order, the Receiver e-mailed notices of the claims bar
date to his full investor e-mail list on 3 different occasions between December 10, 2007 and
January 31, 2008. As a courtesy, additional e-mail notices were sent to those that had logged in
to the Web Portal but failed to submit a claim. All of the notices clearly stated that all investors
must log into the Web Portal and either accept the Receiver's calculation of their claim or dispute
the Receiver's calculation and submit a proof of claim. The notices further stated that investors
who failed to take these steps on or before January 31, 2008 would be forever barred from
asserting a claim for recovery from the 12daily Pro receivership estate.
Pursuant to the Claims Procedure Order, the notices emailed to investors, and an
additional order authorizing the Receiver to modify the Web Portal, the Receiver hereby gives
notice to all investors that the Web Portal has been modified as follows:
1) New Accounts – new accounts can no longer be created at the Web Portal. If
you click on the "create a new account" link on the login page, you will see a
notice confirming this change.
2) Name on Accounts – the name under which Web Portal accounts were created
can no longer be changed. If the name under which your claim was submitted
needs to be changed, you must contact the Receiver's office and provide official
documentation of your name change.
3) Adding and Removing Reports – those with accounts at the Web Portal can
no longer add or remove reports to or from their Transactions page. These
features have been removed from the Transactions page.
4) Accept/Dispute – those with accounts at the Web Portal can no longer change
their election to accept or dispute their report(s) of their transactions or their Net
Claim Amount. If you attempt to change your election, you will see a notice
confirming this change.
On the other hand, if you already created an account at the Web Portal, you are still able
to login and (a) update your contact information (which should be done immediately upon any
change in email address or physical address) and (b) view your transactions page and report(s).
The Receiver is now in the process of reviewing claims. He will be filing objections to
claims in the coming months. If you failed to submit a claim (either by accepting the Receiver's
calculation of your claim via the Web Portal or by mailing in a proof of claim), and you believe
you have a valid reason for failing to do so prior to the claims bar date, you should download the
proof of claim form and instructions from the Receiver's website and submit your claim as soon
691323.01/SD
L7012-006/2-14-08/egf/egf -2-
as possible. All such late claims should include an explanation of why the claim was not
submitted prior to the claims bar date.
The Receiver's Frequently Asked Questions ("FAQ") page on his website has been
updated with information regarding the above modifications to the Web Portal. Questions that
are not addressed in the FAQs should be e-mailed to [email protected], faxed to
(619) 465-9288 or left by recorded voicemail message at (619) 464-6691.
Quote:
Originally Posted by
rajhere
Another Important update circulated on 12/12/07 regarding 12DP claim.
Please place If you have any other opinion or comments
Added for discussion
Regards
rajhere
Good News:12daily Pro - Status Of Web Portal And Distributions
Latest Important Update on 12DP
12DAILY PRO - STATUS OF WEB PORTAL AND DISTRIBUTIONS
As you know, on or about May 4, 2008, the Receiver shut down the Investor Web Portal
due to ongoing security threats. Please note that the data in the Web Portal and in each of
the investor accounts has been secured. However, at this time, it is not expected that the
Investor Web Portal will be reopened. Therefore, from this point forward, you must
contact the Receiver's office by telephone, email or fax with any and all changes to your
name, email address and/or physical address. Upon providing the Receiver's staff with
your username and password to the Web Portal, your requested change(s) to your account
information will be made. You may contact the Receiver by e-mail at
[email protected], by facsimile at (619) 465 9288, or by leaving a message
at (619) 464-6691.
Telephone calls and emails to the Receiver's office with questions regarding why the
Web Portal is not available will not be returned. PLEASE REMEMBER to keep your
Web Portal username and password in a secure location at all times.
As of the Claims Bar Date of January 31, 2008, Investors and Non-Investors had
established in excess of 48,000 claims via the Web Portal and approx. 1000 claims by
filing proofs of claim with the Receiver. The Receiver and his staff have begun the
process of reviewing and analyzing these claims. The Receiver will be filing claim
objections with the Court, especially in instances where investors included accounts not
belonging to them and in instances where investors have problems with payment
processors, and requesting that the Court change the claims amount to the amounts he has
determined they should be based on 12daily Pro records. If the Receiver objects to your
claim, you will receive by email a notice of the claim objection along with other
pleadings advising you of the objection and the claim amount the Receiver contends is
correct. Thereafter, you will have an opportunity to present evidence to the Receiver and
the Court proving that the objected portion of the claim rightfully belongs to you. If you
do not receive notice of a claim objection, then your claim is not being objected to and
will remain in the amount that you submitted either via the Web Portal or proof of claim.
The First Omnibus Objection to Claims in excess of $10,000 established via the Web
Portal was filed on June 10, 2008. The documents filed with Court are posted on the
Receiver's web site at tlennonfor12dailypro.com. If the Objection pertained to your
claim, you would have received an email attaching the Court documents and advising you
of the objection. Additional claim objections will be filed with the Court as soon as
possible.
In addition to working on analyzing the claims, the Receiver and his staff are finalizing
the Distribution Plan. The Receiver anticipates that that the Distribution Plan will be
filed with the Court in July 2008 and that the Court will approve it by the end of the
summer. Based upon the aggregate amount of claims filed, in excess of $45 million, and
the funds on hand of approximately $15 million, investors will not receive 100% of their
claim amounts; rather they will receive a pro-rata percentage based on the ultimate
amount of claims after all objections have been ruled on by the Court and the aggregate
amount of funds available for distribution. The Plan will also provide the form of
payment and the timing of the distribution. Investors will be notified of the date of the
hearing(s) on approval of the Plan and Objections to Claims by email and by postings on
the Receiver's website, Thomas F. Lennon, Inc.. .
Regards
rajhere
Quote:
Originally Posted by
rajhere
Another Important update circulated on 12/12/07 regarding 12DP claim.
Please place If you have any other opinion or comments
Added for discussion
Regards
rajhere
