wat

http://forumserver.twoplustwo.com/29...people-424640/

I think you meant to link to that. Also that thread is absolutely awful and maybe worse than no thread at all.

The NVG thread doesn't even have to be complicated or even tell the whole story, just has to give the basics and needs a GOOD title. Something like "$X Million Stolen from Players on Microgaming Network for Over 1 Year"

In thread given basic timeline and explain who might be responsible and who might be able to make this right. I don't know the details very well but something like:

1) Sites shut down leaving players no way to cash out
2) Supposedly a liquidiation is underway but has no end in sight
3) Given that all sites are linked shouldn't the main network operator be held responsible for paying out balances?

etc

That post is a trainwreck and its going to serve to hurt us in long run. Suggest it is deleted. Also targetting other message boards is probably very beneficial as well.

agree 100%, can a mod maybe take care of that?

remove the thread from NVG. It'll ruin our rep.

I just PM'ed gregorio about it, if a couple of you guys do it as well, we might get it removed.

chisness points are good and could work as an outline for a better thread, I'd add that liquidators have told us that we are unsecured creditors even though UK law likely applies and thus the funds should have been held in trust. Also that the liquidators aren't investigating if there was any criminal behavior by TUSK.

Maybe name some prominent players that have been hurt in this like bigt, skier and ike if they are ok with it.

There is plenty info in this thread and a lot of good discussion has been killed by the constant bumping. Until we've made a post in NVG, it would be cool if you only reply if you actually have something to add.

just got a PM by the lightning quick gregorio, he took care of it.

Trust Funds or not seem to be classed as unsecured creditors in Queensland where Tusk was operating from.

Recent case:



In the 2008 case of Commissioner of Taxation v Brunton Holdings Pty Ltd PTY LTD Propriety Limited (company structure in Australia) , Brunton Holdings was the trustee of the Brunton Educational Trust. Administrators were appointed to Brunton in February 2007 and in late April 2007 Brunton was placed into liquidation.

On 26 March 2007 the Commissioner issued Brunton with a Notice of Assessment for the year ended 30 June 2004 for a debt of more than $7.5 million.

In May 2007, after Brunton was placed into liquidation, the Commissioner served 3 garnishee An individual who holds money or property that belongs to a debtor subject to an attachment proceeding by a creditor.

For example, when an individual owes money but has for a source of income only a salary, a creditor might initiate Garnishment proceedings. notices on a third party which held in trust approximately $450,000 of Brunton's funds. The garnishee notices directed the third party to pay to the Commissioner the money held in trust rather than return it to Brunton. The liquidators argued that the money held in trust by the third party should properly be available to pay the costs and expenses of the liquidators in winding up Brunton.


The key question for the appeal court concerned the rights of the Commissioner to apply trust money to the payment of Brunton's tax debt versus the rights of the liquidators to apply the trust money to cover expenses they had incurred in the liquidation proceedings.

The Decision The Commissioner's appeal was upheld and the Full Federal Court held that the Commissioner can serve a garnishee notice on a third party debtor of a company in liquidation and direct that any debts owing to the company be paid to the Commissioner. This is despite section 501 of the Corporations Act which provides that the property of a company (on its winding up) must be used to satisfy all of the company's debts equally.

OOPS sry guys i do sill things sometimes!

Has anyone contacted the liquidator and get any sort of update regarding the tusk court case.. it was the first response from the liquidator that something is happening rather realizing the company asset BS line which meant leave us alone we are not doing anything but draining the funds ...

Cheers, (atleast try to)

PS **** you tusk and bump

Just send out the following email.. i will post when i hear a reply back... if not i will call them in ten days..

Hello,

I have few questions regarding the tusk limited liquidation. Please forward this to appropriate personal. thanks

1) what is the current status of the liquidation? it has been over a year now and you have not provided ANY UPDATE beyond "we are still continuing to realise all assets of the corporation and conducting further investigation into the corporation's affairs." which means absolutely nothing since tusk is an online base company with a very limited fixed assets to be REALISE.

2) The only additional information provided by you was that "We also have applied for directions in regards to the Liquidation process to the Court in Vanuatu. Our representatives will be attending the Court for the hearing at the end of this month." that was last month and i wanted to know if you did attend the court and what is current status of court preceeding? how long the matter would take to be resolve? and more importantly why did you have to attend the court hearing in the first place?

3) In your email response you have mentioned that player are categorize as unsecured creditors. "We advise that dividend will be declared once all assets of the corporation are realised and we are unable to advise the timeframe and the amount of dividend that will be distributed for unsecured creditors." I wanted to know why the players fund was not being hold in trust and we are catagorize as unsecure creditor hence getting paid last?

4) When are you going to release the initial report about the tusk liqudation and pay the initial dividends?

5) Lastly, why tusk liqudation is not mentioned under creditor section of your site?

I appreciate you taking the time to anwser all my questions.

Thanks,

This is still SICK **** FFFSS!!

http://www.tmcnet.com/usubmit/2009/02/10/3977287.htm

TUSK Energy Corporation Enters Into Arrangement Agreement for Cash Consideration of CDN$2.15 per Share .... googled for 27th tusk corp court -_-

and wtf , i searched for the simpartner site , but cant find it , didnt they change it ? help me ... please oO

found it http://www.simspartners.com.au/credi...istrations.php
https://secure16.ozhosting.com/simsp...itor.php?id=56 our thread on their site..

where's the nvg fred?

This is a Canadian company that doesn't bear any relation to our Tusk.

NVG thread was closed

sorry to be the bearer of bad news, but apparently only a little over a million was recovered from Tusk. So we have to go on a manhunt for the owners of Tusk and sue them personally.

1st with both:

WAT!

and:

How did you get to know this?

Do you have anything from the same source regarding the total amount tusk owed?

not from the same source, but if I recall I mentioned it earlier in the thread. 7 million sounds about right, but I may be wrong, definitely wasn't more than that.

Does this mean we get nothing from the liquidation?

Do you mean theres just over a mill left for the players, or do the other creditors have to get paid outta that too?

Pretty much what i was expecting, i guess that translates to 10-20%? I guess things could be worse...

Any additional info you might have bigt is always appreciated

Does this mean that "the realise assets period" has come to an end? So this is the time Microgaming steps in and pay the players what differs. Anything about that on their top notch site?

Thanks BigT. I actually thought the total was about $45 Million. If its just $7 million we need a nice PR campaign and some well written articles in Cardplayer and Bluff to put the pressure on Microgaming. $7M should not be a problem for them to put up to make this situation right.

My question at this point is do you know how far we are from being paid by Sims, because then we know how aggressively to get our message out. Its not unreasonable for MGS to want to wait for Sims to finish before handing out the rest of the money, so while it sucks to keep waiting, we need to give them a chance to do that before we make this information as public as possible. So if we are 6 months away from being paid and MGS ends up refusing to cover the difference, then publicity now won't do us nearly as much good as it will then. Simply because by the time we need the attention the most, everyone will have already heard the story and won't care anymore.

It is true that MGS have easily collected enough money through rake in the last year to compensate players. However this is assuming they were planning to, my understanding was they were not going to.

Also sounds like MGS's lawyer hasn;t exactly been friendly with bigt, I imagine that isn't a good sign.