Thread: Picpay - Withdrawal Status

srair,

The question is if there will be legal consequences by starting a restructured program even if he doesn't pay members the money that belong to them (PIPS available funds, PicPay withdrawals, PicPay balances). It sems there are not.

Originally Posted by OICU812

What if the investigation reveals that there are'nt funds to cover the Picpay balances, thats the question.

If this is the case, PIPS was a fraud.

Originally Posted by way2go

If this is the case, PIPS was a fraud.

You are absolutely right.

Sure Mr. Bryan can say that he has our money?

Has anyone heard if we will get our money out of PIPS and be able to transfer it to the new lotto program? I had a significant amount in there and i had deposited it right before the program went down.

Originally Posted by way2go

If this is the case, PIPS was a fraud.

Whilst we are dealing with hypothetical questions: how about the investigation reveals that Picpay was defrauded by it's members via chargebacks, false accounts, stolen data.......then what.......??

Originally Posted by srair71

Hi, Can someone help me understand the question in #2, I've been looking at that for sometime and the what's being asked escapes me.

Thanks

If every penny of Pending Withdrawals, Available Funds and Money Left in PicPay is not 100% paid out to Members Bank Accounts would not this eliminate any possibility of a "New PIPS"? The Law Suits and complaints would be almost overwhelming.

NO.

In other words.. If every penny is not paid out, doesn't this mean there can be no new pips?

Answer, no. (Every penny does not need to be paid out. There can be a new pips without paying out every penny owed on pending wd's, AF and balances in PICPAY.)

Originally Posted by Forum Moderator

If every penny of Pending Withdrawals, Available Funds and Money Left in PicPay is not 100% paid out to Members Bank Accounts would not this eliminate any possibility of a "New PIPS"? The Law Suits and complaints would be almost overwhelming.

NO.

In other words.. If every penny is not paid out, doesn't this mean there can be no new pips?

Answer, no. (Every penny does not need to be paid out. There can be a new pips without paying out every penny owed on pending wd's, AF and balances in PICPAY.)

Exactly!

Please note that Bryan did NOT say that every penny won't be paid out! The only thing he said was that this would not object a new PIPS.

Thanks to all for the answer. Now i have better understanding on it. Hopefully PIPS will settle all the debt in Picpay 1st before go on restructuring, that will show that the companies have a strong financial ability and stability and finally will improve all member confidence towards the companies as well.

If PIPS unable to reimburse what they have owned to its member, do u think PIPS still can get any support from all their member???

And still remember what is published in the PIPS website stated if *IN CASE* PIPS failed (hopefully it will not happen), all the fund will still be equally distribute to all the member after minus all the losses .Then it will relaunched another new program after that.

Hi Adster,

Thanks for the answer. We have some major funds setting in picpay in withdrawal status.

Thanks Again