Quote:
Originally Posted by fnord_too
You sound like someone who knows what they are talking about, so I will restate a question from my long ass post directly to you:
Is their any official word as to whether our funds are held in trust or not?
And if so, should we be filing as creditors per some of the posts here?
Sorry if you have already weighed in on this, but pulling real content from this thread is difficult.
From my experience and the way things have been handled I would be shocked if the funds are held in trust.
This is why: When funds are placed in trust they are still considered an asset for balance sheet purposes but are held by an independent entity (such as a bank or escrow holder) for the benefit of the named beneficiaries. Since trust assets do not go through the liquidation process, the liquidator would have no control over this separate account and the funds could not be frozen.
If a trust did exist, it would be more probable than not that Tusk would be the named trustee and could return these obligations independent of the liquidation. Since this has not happened and the funds appear to be frozen by the liquidator, I can only assume the player balances were a part of Tusk's general operating account.
I also realize you don't want to be labeled as a creditor, but unfortunately that seems to be the case. You have to remember the term "creditor" is a term of art. Basically, when looking at a liquidation a creditor is defined as a person to whom money is owed by a debtor; or someone to whom an obligation exists. You were certainly fall under this definition, as unfair as it seems at face value.