Victims of the alleged TelexFree pyramid and Ponzi scheme, including over 700,000 so-called "promoters" promised annual returns exceeding 200%, must file a Proof of Claim in TelexFree's bankruptcy proceeding on or before August 13, 2014 according to a Notice filed today. The Nevada Bankruptcy Clerk of Court filed a Notice of Chapter 11 Bankruptcy Cases, Meeting of Creditors, and Deadlines (the "Notice") today setting various deadlines, including the initial meeting of creditors and the due date to file a proof of claim.
According to the Notice, a Meeting of Creditors is scheduled for May 15, 2014 at 1:01 P.M. in the Jury Assembly Room of the Lloyd D. George U.S. Courthouse in Las Vegas, Nevada. The meeting, known as a 341 Meeting in Bankruptcy parlance for its reference in the U.S. Bankruptcy Code, does not require attendance of all creditors but does require attendance of the debtor(s). At the 341 Meeting, the debtor will be examined under oath, and there is typically the opportunity for creditors to pose questions to the debtor.
In addition to the scheduling of the 341 Meeting, the Notice also established the deadline by which any creditor must file a proof of claim. Pursuant to the Notice, all creditors (except governmental units) must file their Proof of Claim within 90 days after the 341 Meeting - resulting in a claim deadline of August 13, 2014. Creditors must file their Proof of Claim forms with the Claims Agent for the Debtor, whose address is:
TelexFree Claim Processing
c/o Kurtzman Carson Consultants LLC
2335 Alaska Avenue
El Segundo, CA 90245
The Notice specifically forbids creditors from filing Proof of Claim forms with the Court, and failure to heed this warning could result in serious consequences - including denial of the claim.
Previous Ponzitracker coverage of TelexFree is here.
[UPDATE - This article and applicable deadlines have been modified to reflect a May 15, 2014 scheduled 341 Meeting]
A sample Proof of Claim form is below. Ponzitracker will provide an in-depth guide to submitting a Proof of Claim form in the near-future: