Official Neteller Update Thread Part 2

[WarmonkEd]

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NETeller's U.S. FAQs were updated today. There may be other revisions, but this one is certainly making some people's fur stand up:

What is the Release?
When US members request to withdraw the funds they will be asked to agree to a Release which, in broad terms, is an agreement between NETELLER and the member that each releases the other from potential legal claims. US members do not need to agree to the Release in order to request and receive the payment of funds. However, US members who do not agree to the Release will, in turn, not be released by NETELLER.

Ummm, screw you NETeller? Why should we agree? And what on earth could NETeller sue us for???

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yeah wtf?

anyhwo with this posted, it appears payouts should be coming soon.

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Anyone not going to try to withdraw on the 30th? Mad house over there that day

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Well, you're not going to get your money sooner by waiting...

[yahboohoo]

I'm waiting a few days. I want to see/hear what happens. Besides, it's been 6 months. I think I can wait just a few more days. With Navigant making sure NETeller complies with the DPA -- which includes returning funds to U.S. customers -- I don't think there's really any merit to the "better-get-there-quick-before-the-money's-gone" rationale.

Fear, especially when coupled with greed, is a fascinatingly toxic (and apparently contagious) thing.

[Richas]

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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.

[PoorLawyer]

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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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well once you have your money back, there is not much to sue for.

As to the waiver, the question to me is that if someone like the DOJ sues us individually under some interpretation of law(though unlikely) the waiver would prevent you from being indemnified by neteller's part in the whole thing.

[yahboohoo]

From Gaming Intelligence Group

Neteller Shares Resume Trading on AIM

July 25, 2007

Shares of the online payment processor Neteller Plc. were today returned to trading on the Alternative Investment Market (AIM) following resolution of the company’s legal situation in the United States and the publication of their 2006 annual audited accounts.

Neteller’s shares had been suspended from trading since 16th January following the arrest of the company’s two founders and former directors, John Lefebvre and Stephen Lawrence. Neteller’s shares were due to have been de-listed from AIM following their suspension which lasted for six months, the maximum length of time that shares may remain suspended under AIM rules.

Following the restoration of Neteller’s shares, Daniel Stewart & Co. Plc has been appointed as the company’s nominated adviser and broker.

Ron Martin, President and CEO said: “The restoration of trading in the Company’s shares marks the first step in a new chapter for the Neteller Group following our resolution with the US authorities announced last week.”

“With our vision to provide innovative payment solutions for e-commerce communities, our initial focus will be to dominate payments in our chosen online gaming markets.”

“Online payments in many market sectors are growing rapidly and we believe that the e-wallet will continue to grow in popularity. While there is much work to do and many challenges lie ahead, we believe that the Company is well positioned to benefit from these trends.”

The company also confirmed that it continues to progress its plans to implement the Distribution Plan for the return of approximately $94 million of US customers’ funds by 30 July 2007.

[bossplayer]

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From Gaming Intelligence Group

Neteller Shares Resume Trading on AIM

July 25, 2007

Shares of the online payment processor Neteller Plc. were today returned to trading on the Alternative Investment Market (AIM) following resolution of the company’s legal situation in the United States and the publication of their 2006 annual audited accounts.

Neteller’s shares had been suspended from trading since 16th January following the arrest of the company’s two founders and former directors, John Lefebvre and Stephen Lawrence. Neteller’s shares were due to have been de-listed from AIM following their suspension which lasted for six months, the maximum length of time that shares may remain suspended under AIM rules.

Following the restoration of Neteller’s shares, Daniel Stewart & Co. Plc has been appointed as the company’s nominated adviser and broker.

Ron Martin, President and CEO said: “The restoration of trading in the Company’s shares marks the first step in a new chapter for the Neteller Group following our resolution with the US authorities announced last week.”

“With our vision to provide innovative payment solutions for e-commerce communities, our initial focus will be to dominate payments in our chosen online gaming markets.”

“Online payments in many market sectors are growing rapidly and we believe that the e-wallet will continue to grow in popularity. While there is much work to do and many challenges lie ahead, we believe that the Company is well positioned to benefit from these trends.”

The company also confirmed that it continues to progress its plans to implement the Distribution Plan for the return of approximately $94 million of US customers’ funds by 30 July 2007.

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And the free fall begins!!! Down from 176 to 63 in one day.

[NesOne]

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And the free fall begins!!! Down from 176 to 63 in one day.

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Wow, so exciting, isn't it?

[yahboohoo]

I wonder who's buying. NETeller? It would be a cheap way/time to buy back stock. I'm guessing they have the money (probably a lot more cash on hand than some people give them credit for).

[oldbookguy]

A random thought, perhaps we, who are 'stuck' should band together and buy a voting interest with 10% of all our NT funds........kinda like after 9-11, things went way down, then... up, up and away we went!


obg

[FatalError]

the market did not crash 66% after 9-11

a better comparison would be partygaming stock