Official Neteller Update Thread Part 2

[smartalecc5]

So when do I get my money god damnit

[frommagio]

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Neteller is not giving us our money because "its the right thing to do". It sounds more like in the terms of the agreement with the US they have to return that money.

Lol @ apologizing to NT.

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Still looks to me that the NT shareholders are paying out $136m to make sure the US customers are paid out in full. They reached the agreement to be able to complete the payouts, that was not a DOJ priority - after all they stopped them it was a NT priority. Now I think they did the right thing for their remaining business as well as for US customers but please don't pretend that those now getting their money have been the main victims NT shareholders have been and the villain is the DOJ not NT.

I did not say apologise to NT I said people should be grateful that NT did not just say stuff the US and the US customers your beef is with the DOJ, sue them for your money.

As for them asking not to be sued after they return your money, for sometthing that was the DOJ's fault - I don't blame them at all.

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I'll agree that DoJ was the major villain. But I found Neteller's total lack of communication with their customers to be completely unacceptable, and that was under their control.

Assuming that the legal obstacles will have been cleared for US citizens at some point, it would still be extremely unlikely that I would never do business with them again. They would need to come up with a very convincing explanation for their behavior, and back it up with solid evidence. Even then, they would need to provide some major benefits for their customers.

It's similar to my feelings about FullTilt - as a corporation, they fall below the minimum ethical standards that I will accept.

A company needs to respect its customers in order to earn my business. Otherwise, I'll walk; even if they're the only game in town.

[frommagio]

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the market did not crash 66% after 9-11

a better comparison would be partygaming stock

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Hello? The S&P 500 and the Nasdaq indices were both off considerably more than that from their 2000 peaks. Too young to remember, or were you in CDs and bonds?

[yahboohoo]

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And what on earth could NETeller sue us for???

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Keep them from dealing with legal BS the Neteller Customer Coalition wants to put together?

I love how they are the "face" of Neteller customers yet can band together 1/940th of the monies that are held.

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Last time I totaled the declared balances of the NETeller Customer Coalition's members, it was over $4.25 million, which represents 4.5% of the $94 million owed to U.S. customers (or about 1/22).

Of course, I realize you were exaggerating, but you probably only do that a bazillion times a day.

If you want to examine the NETeller Customer Coalition's database of declared frozen sums, you can see it here, but you have to be a member (which takes about 20 seconds).

Say what you want about the NETeller Customer Coalition, but this is worth noting: Groups like the NETeller Customer Coalition were all but impossible until just recently. For over 800 people to form a customer advocacy group in a such short period of time -- without spending a single penny -- is pretty amazing. Ten or twenty years ago, the cost of forming such a group would have been in the tens of thousands. And the amount of time it would have taken? It probably would have come together too late to make a difference.

And to those who poo-poo the NETeller Customer Coalition for its inability to take action, I’m absolutely positive that had NETeller come out and said, “Sorry, we aren’t paying,” that the members of that group -- myself included -- would have immediately initiated legal action. At least 800 people were concerned enough that they saw value in forming a group should the time or need present itself.

Had the NETeller Customer Coalition taken action prior to that, I can’t say everyone would be in a better place than we are today.

[yahboohoo]

According to NETeller's press release issued today, "cash available at 30 June was US$ 210.5 million (prior to the Company’s US$ 136 million US settlement)."

$60 million of that amount had been seized by US authorities. The company agreed to give an additional sum of approximately $76 million as part of its settlement with the USAO. Neteller will satisfy the obligation with a payment of $40 million to be paid on or before October 15th 2007, and the remaining balance to be paid on or before the 17th of January, 2008.

Here's my math:
$210.5 million - $136 million (US fines) - $94 million (US customers) = <font color="red">-$19.5 million</font>

You can check out NETeller's full annual report for 2006 which was also published today.

[Thremp]

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The big question is what could NT possibly sue a US customer for? I can't see any reason to give up my right to sue unless someone can come up with a concrete reason why NT might see fit to take legal action against its US customer base.

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absolutely none that I can think of. I'm guessing it's mostly a 'hope this fake threat works so we can deal with slightly less idiots' tactic.

but really, provided we get our money within the next month, there's no reason to sue them and no benefit from it unless you're Isaac Haxton/possibly not even then.

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I'm sure they can come up with several good violations etc. to countersue for and tie your money (additional also if you're dumb enough to plunk money down to start a legal battle) up for extended periods.

Its basically a covering their ass deal, and seems to be a great deal to me.

[oldbookguy]

True yaboohoo, however, they have been making money since Dec. 31, 2006 and they will make more before all the DoJ notes are due by 2008.

And who knows, they may be granted an extension on the two notes due to the court....

obg

[coloradoslim]

anybody have an useful thoughts on how long till we see the $$$. im kinda hoping for real insight, not "when hell freezes" type answers .

[stoxtrader]

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According to NETeller's press release issued today, "cash available at 30 June was US$ 210.5 million (prior to the Company’s US$ 136 million US settlement)."

$60 million of that amount had been seized by US authorities. The company agreed to give an additional sum of approximately $76 million as part of its settlement with the USAO. Neteller will satisfy the obligation with a payment of $40 million to be paid on or before October 15th 2007, and the remaining balance to be paid on or before the 17th of January, 2008.

Here's my math:
$210.5 million - $136 million (US fines) - $94 million (US customers) = <font color="red">-$19.5 million</font>

You can check out NETeller's full annual report for 2006 which was also published today.

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I dont think the customer money is included in the group's cash position. Neteller's "cash position" is its OWN cash, not the cash it holds in trust for customers.... see part of the release i have quoted below:

"""""""""The Company has also agreed that it will, as part of the US resolution, implement the Distribution Plan to return approximately US$ 94 million of funds owed to US customers. This amount is currently held in trust accounts with the Group’s European bankers. The repayment of this amount will have no impact on the Group’s own cash position.""""""""""

[famousanus03]

so what is the best option sign the release or not sign the release i dont know what to do and if there will be consequences for either choice