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« TelexFree Ruling Scheduled For Today | Main | Live-Blogging The TelexFree Bankruptcy Hearing »
Saturday
May032014

Listen To The TelexFree Bankruptcy Hearing Here

Yesterday, a Nevada bankruptcy court conducted an eight-hour hearing that will decide the short-term future of a trio of bankruptcy petitions filed by TelexFree, Inc., TelexFree, LLC, and TelexFree Financial, LLC (collectively, "TelexFree").  There, lawyers for TelexFree, the Securities and Exchange Commission, and the U.S. Trustee squared off before U.S. Bankruptcy Judge August Landis to determine whether the bankruptcy would proceed at all, or, in the alternative, be transferred to Massachusetts or whether the allegations  of fraud and criminal conduct warranted the appointment of an independent fiduciary as trustee.  Additionally, testimony was taken from interim chief executive officer Stuart MacMillan, as well as interim chief restructuring officer William Runge and his associate Tim Meighan.  While the government lawyers seek to halt the bankruptcy in its tracks while a civil enforcement action initiated by the SEC proceeds in Massachusetts, TelexFree lawyers have steadfastly maintained that, despite any malfeasance in its past, the company intends to reorganize and emerge a legitimate business.  Ponzitracker covered the hearings in detail yesterday here.

The court has just released the audio from the hearings, and it is presented below.  Please note that there are six parts (all times are in PST):

  • Part 1 covers the time period of 9:47 A.M. to 10:08 A.M.
  • Part 2 covers the time period of 10:27 A.M. to 11:55 A.M.
  • Part 3 covers the time period of 1:19 P.M. to 1:25 P.M.
  • Part 4 covers the time period of 1:25 P.M. to 1:26 P.M.
  • Part 5 covers the time period of 1:28 P.M. to 4:00 P.M.
  • Part 6 covers the time period of 4:00 to the close of the hearing (approximately 6:47 P.M.) 

While the Court has provided the audio files, it is doubtful that a corresponding transcript will be released free of charge.  Yesterday, Ponzitracker provided a live blog of the hearings until 4:00 P.M. PST.  A quick review of the final minutes of the hearing reveals that the Judge plans to make a ruling on the motions by early next week.  Interestingly, the TelexFree lawyer promised that, if the bankruptcy is left intact, "there is no question in my mind that there will be an aggressive pursuit of avoidance actions if necessary."

BehindMLM has put together a summary of the hearing.

The audio files are below:

Music Hosting - Download Audio - Part 1

Embed Music Files - Free Audio - Part 2

Play Music - Share Audio - Part 3

Play Music - Upload Audio - Part 4

Listen Music Files - Upload Audio - Part 5

Embed Music - Upload Audio - Part 6

 

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Reader Comments (3)

HI. Very great work! I want to say that you did a mistake because your battery die! This is easy to solve. Like, buy one or more of this external battery and you will not have this problem. By the way, you stay on in 9 hours, so I believe you brought some of theses. Buy more next time.

May 3, 2014 | Unregistered CommenterRodrigo

to me my judgement goes for the SCC and USA trustees and the victims of this gross mag, and dishonest business
thats the bottom line....Telexfree never had funds all the funds came from Brasil...

May 3, 2014 | Unregistered CommenterAl

Any rulings from the judge yet??

May 5, 2014 | Unregistered Commentercarlos

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