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#11
07-17-2007, 04:54 PM
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Re: Official Neteller Update Thread Part 2
The assumption that NETeller has "loans" is ridiculous. It's as silly as suggesting that Bank of America needs to get a loan to build a new office tower in New York. Have you EVER heard of a bank getting a loan?
Reviewing the available financial statements for NETeller, it is pretty easy to figure out that NETeller hasn't had to get a loan (for anything) in quite a few years. Their only creditors are the normal vendors needed to run their day-to-day business (phones, Internet provider, utilities, etc.). Simply put: They owe money for taxes and have accounts payable, just like any other business. The only difference is, they don't need to leverage their company because they are in the cash business. PokeReader, please limit your comments to things you know about. Posting opinions and assumptions does little to futher our collective knowledge and understanding of this situation, especially when the facts are there for anyone to find. "Our money as collateral for loans." Phhhbbbt... 
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#12
07-17-2007, 04:56 PM
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Re: Official Neteller Update Thread Part 2
[ QUOTE ]
I am generally concerned that Neteller must be operating on a huge net loss right now. If they were decent people they would have shut down the day the DOJ raided, and been able to send the money back. However, they have loans and creditors that have been greatly further extended, and it is our money that is collateral for those loans. If Neteller defaults at any point before that money is returned, you will not be the first in line, the bond holders and creditors will be first. I am not entirely hopeful about players getting that money back, I'm afraid. [/ QUOTE ] Why would you bother posting this, are you mad that Neteller still has a thread?
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#13
07-17-2007, 06:01 PM
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Re: Official Neteller Update Thread Part 2
[ QUOTE ]
please limit your comments to things you know about. [/ QUOTE ] [ QUOTE ] Have you EVER heard of a bank getting a loan? [/ QUOTE ]Yes. In fact, I work for a bank that specializes in giving loans and other services to other banks.
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#14
07-17-2007, 06:11 PM
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Re: Official Neteller Update Thread Part 2
[ QUOTE ]
[ QUOTE ] please limit your comments to things you know about. [/ QUOTE ] [ QUOTE ] Have you EVER heard of a bank getting a loan? [/ QUOTE ]Yes. In fact, I work for a bank that specializes in giving loans and other services to other banks. [/ QUOTE ] Right. Banks borrow from other banks and the Federal Reserve all the time, especially short term. But Netteller isn't a bank.
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#15
07-17-2007, 06:23 PM
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Re: Official Neteller Update Thread Part 2
[ QUOTE ]
[ QUOTE ] [ QUOTE ] please limit your comments to things you know about. [/ QUOTE ] [ QUOTE ] Have you EVER heard of a bank getting a loan? [/ QUOTE ]Yes. In fact, I work for a bank that specializes in giving loans and other services to other banks. [/ QUOTE ] Right. Banks borrow from other banks and the Federal Reserve all the time, especially short term. But Netteller isn't a bank. [/ QUOTE ]For sure- I didn't mean to imply Neteller has loans, etc. Just pointing out a spot of irony in the post. [img]/images/graemlins/smile.gif[/img]
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#16
07-17-2007, 09:57 PM
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Re: Official Neteller Update Thread Part 2
Okay jokers, very funny.
Yes, banks do lend each other money, but not in the manner that PokeReader was implying. And yes, NETeller isn't a bank, but that is precisely why it doesn't need to borrow, because it's in the cash flow business. NETeller doesn't make loans itself, nor does it pay interest -- it just collects interest, and it enjoys a tremendous float (e.g., $55 million for seven months...). So, in that capacity, NETeller doesn't need to buy and sell money in the manner that Jeff is referring to. And back to PokeReader's comment: NETeller did do the appropriate downsizing. They closed their Canadian facility and halved their staff.
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#19
07-18-2007, 10:13 AM
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Re: Official Neteller Update Thread Part 2
[ QUOTE ]
My understanding is DOJ froze Neteller "account" so essentially all the money that was there (meaning ours) back in Jan (?) should still be there now. Correct? [/ QUOTE ] From what we have been told, our money is still there in segregated accounts.
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