Neteller Update...

[PoorLawyer]

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FYI. Gilchrist did send a message back today to the NCC group (with their latest press release) and a few minor other comments. We've decided to send a follow-up message to Neteller to reask a few of the key questions they are dancing around.

See the latest version of the letter we're planning on sending here and post comments - read through the rest of the thread if you want to see Gilchrist's message:

http://sports.groups.yahoo.com/group...on/message/882

They did semi-address the privacy comment in their latest FAQs at least to say that they won't answer it..

I'm very open to thoughts around next steps (particularly by those most impacted by Neteller) -- but I still feel that asking questions and applying pressure to ensure things move forward is better than waiting to see what happens..

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It seems like you are beating a dead horse at this point and diverting attention away from whatever work these people are doing. You write a letter, then the dude reads it, then he sends it to Clifford Chance attorneys to review and see what, if anything they can answer, then they draft a response, draft a new FAQ, get back to you, then you ask the same question again worded a little differently. I appreciate the work you have done and I'm glad neteller finally shed some light on things, BUT, they are not going to change their mind on the 75 days. Have you ever worked with or against a government entity? 75 days to develop a plan seems overly optimistic, if anything. I agree with Mark Mitchell in your thread at this point...step back and relax so they can focus on whate they have to do. Ever have a day at work where you can't get a damn thing done because people keep calling or popping in without an appointment?

As to your specific questions:

1) how is it relevant? Will know what accounts the money is sitting in get my $4,500 back in my pocket quicker?

2) This has been answered. They have agreed to work with the gov't and navigant for an orderly release + they said something about the volume of transactions necessitates a plan for release, not just a free for all logjam.
Asked and answered: Why can’t NETELLER just send US customers cheques, bank wires, or allow them to use their ATM cards?
As discussed in our press release of February 8, 2007, the court-ordered seizure of funds, restrictions placed by third parties and related legal concerns have made it necessary to work to establish an orderly mechanism for the return of US customer funds with the USAO. The agreements reached between NETELLER, the USAO, and Navigant pave the way for that process to be established.

3) Why? because its the government and because they have agreed to comply with document requests that must be completed before the plan is approved. Navigant is sifting through all of the transactions and it will take some time.
asked and answered: 75 days seems a long time to devise a plan for returning US customers funds, and are there any milestones on the way?
The Group is working as hard as it can to return funds to US customers. NETELLER and the USAO intend to ensure an orderly return of funds and such a process takes time to establish and execute. However it is a complex issue, with potentially millions of transactions that need to be accounted for and processed. The Group and the USAO have engaged the services of a forensic accounting firm Navigant Consulting Inc, to assist with this process. The Group is continuing to work toward the return of funds in the quickest manner.

4) I believe they mention in their press release that they can't talk about this.