Pls. read this post. You will have a peace of mind.
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Posted: Thu Aug 10, 2006 7:57 pm Post subject: SOLID INVESTMENT AND ESCROW

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It has been mentioned on various posts, by Moneyxxxx, XX VIP, and others, that Solid Investment is possibly using an escrow service for payouts to investors. If they are doing this, then there may be a good reason for it.

While at my accountant's establishment on other business, I asked him why Solid Investment might be doing this. He game me this scenario.

Let's suppose that SI took funds out of their various bank accounts and deposited them directly into one of their investors' accounts at, say, E-Gold. One second after the funds arrived in the account, a hacker steals them out again. E-Gold would be reluctant to reveal any information about the transaction and SI's bank would probably say that they only sent the funds to a specified SWIFT code address. Therefore, what record would SI have that the funds were ever actually deposited into the account?

The so called Patriot Act has jurisdiction only over funds, over a certain amount, flowing into, and out of, the United States. Therefore, any funds, sent from a foreign bank to an E-Gold or an E-Bullion account, would not have to meet the requirements of the Patriot Act, meaning that they would not have to be administered by a third party escrow agent.

Here is the way my accountant believes SI is handling it. Irregardless of the Patriot Act, ALL PAYMENTS to investors, domestic or international, from the very large VIPs to the "small fry," with maybe two hundred dollars at stake, will probably be performed through an escrow agent. SI will deliver a large sum of funds to the escrow agent, maybe in the thirty to fifty million dollar range, along with specific instructions as to how distribute them. After all of the funds are delivered to the escrow agent, under its financial responsibilities to its investors, SI has met its fiduciary burden. And, according to Sam Colins' instructions, the Internet site can become active again.

Considering that SI has about one hundred thousand investors, it may take the escrow company a couple of weeks or more to disburse the funds.

So, expect to see SI's Internet site possibly come up on, or before, Friday, August 18. If the site comes up, all of the funds may not have been distributed by the escrow agent by that time and some SI investors may see that their accounts are still empty. Do not fear. The escrow company will eventually get to them. It, too, has a fiduciary burden to uphold.

By the way, when SI's Internet site comes up again, my accountant said he wants in. I told him good luck. SI is going private, with only its present investors. I said to wait until the site comes up again, because there may be a provision to where others may be able to join anyway. He wasn't too pleased to hear this, but what other choice does he have? In the future, we may be very happy that we became SI investors when we did.
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