Did Bob just say this today?
No Boogie it dosent look like it.... Here's the whole post.
I remember this post from BH from months ago...
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Today at 1:15pm, davesaint wrote:No, I disagree. It would be nice if Bob can confirm or clarify what's in Lovindiamonds post above once and for all. Below is what I posted with excerpts from Bob.
So Bob states on Saturday that Al was working through the weekend to see if just the CMKX funds could gain ER approval.
Excerpt from Bob's Saturday May 8th Post
"Attorney Hodges and Mr. Dennis Smith are working the release issue in getting the Economic Receipt approved for the CMKX Funds without having to wait for the others. They are working through the weekend and doing whatever it legally takes to release the funds."
So Monday I asked Bob if progress had been made over the weekend having ER approved just for CMKX. Below is his answer.
Bob's Excerpt this morning May 11th.
"1. They were in February, but smaller Trusts stopped the process at the last hours as a leverage to get their situation sorted. Attorney Hodges worked through the weekend on another issue."
Bob, if you read this please clarify what you meant in your post Saturday compared to what I asked you and your answer from
this morning? I must be missing something.
Thanks,
Davesaint
Davesaint and Lovindiamonds,
Attorney Hodges objective is to release of the funds to the CMKX Shareholders as quickly as possible. The stipulation of the trust funds requires Economic Receipt to release the funds. Economic Receipt occurs when all trustees have access to all of the funds they are responsible for.
My understanding is that the Trust Funds are placed in 10 to 12 Tiers. They are funded with Treasury Bonds. There are several trust funds under each Tier. In one of the Tiers are the CMKX Funds. Each of the Tiers have to be funded to cover the Treasury Bonds. Then the funds are transferred to the control of the trustees. When all the trustees have access to all of the funds they are responsible for, then the Economic Receipt (permission) is received to release the funds to the the recipients.
In February 2010, seven of the Tier Funds were funded. One of the Tiers funded contained the CMKX Trust Funds. An exception to the stipulation was made for the CMKX Trust Funds. The Funds were ready to be transferred to the control of the trustees and then released to the CMKX Shareholders. The transfer was delayed because the other fund representatives wanted to make sure they were totally funded and not left fending for themselves.
In April 2010, the CMKX Funds were transferred to the control of the Trustees. The trustees are waiting for the Economic Receipt to release the funds to the CMKX Shareholders. There were some obstacles, but each one was resolved. Presently, we are waiting for the Economic Receipt, which can happen at any moment.
Thank you,
BHollenegg
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