A reminder of some of the many promises and excuses that we have received from TCI management in the past years. Many world events have been used as excuses for delays and it is difficult to know whether these are opportunistic or legitimate. We use their own words (and grammar).
November 13th, 2002: The Cell structure registration process, which we were told would take three to four weeks is not yet complete. We have been assured that “there are no problems and it will be approved soon, but these things take time what with holidays and all.
January 7, 2003 As we embark on 2003, our club has a number of things to look forward to this year. We have exciting new programs in which we are participating, as well as the implementation of the cell structures.
Feb 5, 2003:The Cell structure registration process, which we were told would take three to four weeks is not yet complete. We have been assured that “there are no problems and it will be approved soon, but these things take time what with holidays and all.
April 5th, 2003: On the other hand war and disaster usually creates need for funding for all kinds of projects and this time we are told the need is huge. That means the market that we are in which was getting more and more difficult, now has a tremendous boost and we are positioning ourselves to take advantage of the wonderful opportunities that are coming our way which will add longevity and stability to our future.
Please be assured that the cell structure set-up is progressing very well.
Nov. 11, 2003: Many of you are looking for an exact date as to when all this process will be finished. We are not going to speculate and give a false timeframe. We have been asked " Will we be happy by Christmas "? The answer is we expect you will see the beginning of the positive results you have been so patiently waiting for by that time. If you think this message is a little vague, it is. And most of you understand the reason. We want you to know that we have made excellent progress without interference and are convinced we will be successful in reaching the goal we have all been waiting for. Watch for new information on the legislation that is creating the necessity for us to implement these new strategies. We plan to put that message up by the twentieth.
Nov. 20, 2003: We have made excellent progress at resolving our mutual problem and are testing the proceedure with as little risk as possible. Before we can be completely successful it has become apparent that it is necessary to educate the membership regarding the drastic changes to legislation that we have been feeling the effects of us since 911.
We had prepared a report including exerpts from the PATRIOT ACT and we were in the process of putting it in laymans terms when one of our members sent us two articles from a very credable source. We thank him very much. These articles present the concerns very well and give real life examples.
Dec. 5, 2003: We have a more urgent problem which makes us reluctant to share any information regarding the solution we've all been waiting for.
WE HAVE A COMMUNICATION LEAK.
Dec. 24, 2003: While our club has been blessed in newly formed associations and exceptional investment contracts, we have been delayed in our efforts to move funds securely to fulfill payout requests. We believe that the problems we have faced have become blessings in disguise and we are now confident that we can accomplish the task without jeopardizing our long range goals. While the timing is not in our control we do expect the flow to start in the first quarter next year. For those who were hoping for requests to be met before Christmas, we truly regret that we not able to make that wish come true due to circumstances beyond our control.
Jan. 5, 2004: We are very excited about how 2004 is taking shape. Exceptional opportunities are unfolding.
Feb. 17, 2004 First of all we would like to apologize for the lack of adequate communication. We are aware that we do need to share more with you and we will make an honest effort to do better. The cell structuring is complete and while they are exceptional in what they offer in the way of privacy as well as tax benefits, they are not the total solution that we once thought them to be.
Mar. 5, 2004: "We believe we have found the solution." This is the same statement we made at the beginning of the second paragraph of the last message but it seems that some of you didn't see it. Perhaps you were overwhelmed with trying to understand the extent of the problem, as we sometimes get frustrated when we get close to completion it seems another obstacle gets in the way.
Aprl 5, 2004: The third quarter has now past and we were not able to accomplish as much as we expected. We have made several committments to you in the past and have not been able to meet them for many reasons, most of you are familiar with the reasons and some of you understand. We have based our committments on many years experience but failed to calculate the effects of the War on Terrorism. We know we have lost credability as a result and would really like to appologize for all the delays and misleading committments we have made and sincerely ask for your forgiveness as we know many of you have made committments based on what we told you. We want you to know that we are committed to face these challenges and see this project though to success for all of us.
As you are aware most groups in our field have either dissapeared or been shut down by the athorities and most have lost everthing. We have been learning from their experiences and as a result have been able to come up with a strategy that will quickly resolve our challenges and get us to the goal we have all been waiting for so patiently.
Apr.21, 2004: We did speak with our contact with the authorities that are processing our application and were that our app is getting closer to the top of the pile. The volume of applications that they receive has increased dramatically and they have requested more staff to deal with the increased workload but so far have not received the additional help. They asked us to be patient and because we see this as the best solution and best jurisdiction we will do our best to be patient and ask that you do the same. In the mean time we will continue to do all we can to prepare for distribution. We have been successful in contacting many of you who have outstanding requests. That process is taking longer than expected so if you have not been contacted yet please be patient, it won't be long now. If you have not been contacted by the end of this week (April 23, 2004) please let us know details of your past requests, including the amount and reference/confirmation number.
May 5, 2004: Since our last communication with the membership on April 21 2004, a number of members have come forward with suggestions on how to improve communications from this office to the entire membership. We are acting immediately on some of the recommendations.
Up until about two years ago we had the team leaders serving as a liason between this office and the membership. We have, under separate cover, communicated with the team leaders to ask if they once again would serve the membership as liasons and advisory members to the management in this office. We await their replies.
Many members have ideas of how to help. While this is appreciated and well intentioned, we find that they would not be good in the long run given current developments in regulations. Average ideas submitted have been good historically, or for present time only, but we need long term solutions only.
We need to reassure the membership that the road we are taking regarding the cells and their structures is both viable, compliant and the absolute most trouble free route to effective payout practices. The use of the insurance instrument provides the group by far the cleanest and least cumbersome method for payout. In addition it draws the least attention as funds are coming from proven clean funds being flowed through an internationally accepted medium....the insurance industry.
May 14, 2004 : Serious concerns:
There has been concerns expressed regarding the length of time it has taken to resolve payout issues and understandably so. Some members believe that the strategy which has been decided on is not the best and fastest solution. They have decided that they want out and that option is available. To initiate that process would require a message to the manager requesting termination. Those members requesting termination would be required to sign a save harmless release form, for the protection of the club and remaining members, before distribution of funds begins. Any member who terminates their relationship will not be permitted to re-apply in the future. Please watch for details and timing to be posted by May 21,2004. We suggest you wait for the information in the next posting before making your decision.
May 21, 2004: As at today’s date we have been given assurances that payouts can begin as early as three(3)weeks but no later than six (6) weeks.
July 7, 2004: In our communications in the past we have been careful to focus on the positive and say as little as possible about any losses or failures the club has incurred. Recently, we have been encouraged to lay all of our cards on the table, understanding that the truth, while not perfect, may be much better than members speculating. Speculation is created by not having all the facts.
This is our current situation. This is the truth.
The past couple of years have been anything but peaceful or uneventful for the club and it's members. Turbulence has (to say the least) prevailed.
The truth is, we have been subject to substantial losses since 911; upwards of tens of millions of dollars. This is not uncommon in this investment arena. Some of these losses are not recoverable while others may be recovered after lengthy and expensive court battles. We have two such situations currently; one in the preliminary stage. In the second case, we have been successful and are currently in the process of collecting on the resulting judgment. The attorneys claim the hard part is over and the final step should be easy.
Aug. 5, 2004: Another month has quickly gone by, but without significant progress by the investment group!
We have endeavoured to get the investment group to be very specificregarding time frames for payouts,almost to the point of irritating and annoying them with our constant inquiries. However their assurances indicate we are about to turn that corner! For all of you who no longer have faith that we will get the job done, we continue to work harder so that all your paitience and undrstanding will be justly rewarded!
Sept. 7, 2004: While August was quiet on the investment side of things, as is the norm, several other areas of the Club had significant positive activity occurring. The investment group has made tremendous strides forward. A new investment expected to begin in September with monthly payouts! This will create an outstanding additional source of funds for the Club and its members! The investment group reports it has secured new opportunities and contacts which will only enhance our position in the future for all matters, INCLUDING PAYOUTS! We are pleased!
Oct. 5, 2004: September has been an extremely busy month for the investment group,with excellent progress and results having been made in all sectors that directly affect the Club. Contracts have been undertaken as scheduled and funds have moved appropriately to designated accounts, as was the overall plan. We couldn`t be more delighted!
To our knowledge there are no known roadblocks to the carrying out of our mandate for the Club! Receiving funds and paying out! We have indeed waited a long time for this moment and it`s finally arrived.
Nov. 27, 2004: We recognize we have been lax in our communication and we do know how important it is to communicate with our members. In this office we have been seriously sidetracked attempting to deal with our challenge with our computer system. We have been working around the clock with support people, who were instrumental in putting our security network together, to Unlock the encrypted control system used by our office. We expect definite progress momentarily which of course will make our lives decidedly better! We can still post the returns in the general message but cannot post the statements as yet. We wanted to include the update with the statements but can’t wait any longer.
Excellent progress is being made even as this communication is being prepared. Of significant importance is our decision to convert all returns to EUROS once they are paid from the investment group. There are several advantages (1) we are reverting to a currency more buoyant than the U.S. dollar. (2) EUROS don’t fall under the same scrutiny of the FEDS which will make currency movement far easier!
Our Tax Consultant has been successful in making all the necessary arrangements with the bank to expedite the distribution of Club payouts to individual structures. Payouts will be processed as previously outlined.
Dec. 6, 2004: The investment group continues to make phenomenal progress in their area of responsibility. We are very pleased with the report. The computer problem is actually our first major problem since going to the current system! Your patience and understanding is truly appreciated we will work tirelessly until it is resolved. IF you have a serious problem that needs immediate attention please confer with a TEAM LEADER in hopes that a resolution can be found to the problem within your immediate area. Again, we will get the problem fixed!
Dec. 28, 2004: The word we would use to describe the year passed is emotional.
We have just gone through a year that has evoked emotion in one form or another from all our members. Some good and positive; some downright angry and frustrated; some constructive some destructive.
Underlying all our emotion is the want, the need and the hope that after all of the delays and setbacks the structure for payouts will soon be in place and that payouts will start soon!
Feb. 7, 2005: The main question on all the club members’ minds is WHEN? WHEN can we expect to begin to receive our requests??
As at the date of this communiqué the final steps have been taken and we expect to hear shortly when the first funds will be received. Upon receipt of those funds the process will begin!
Mar. 7, 2005: After a protracted lack of communication we are now ready to march forward with informing you of what has transpired this past month. We are within days of completing the recreation of all of our members files. To say the least this was an all consuming MONUMENTAL task. We are delighted to report the end is in sight!
Apr. 5, 2005: In anticipation of the statements being posted again and the major accounting requirements this month we are in the process of adding staff to handle the increased activity.We will once again be able to communicate to answer any inquiries you may have.
Every month this office gets an update from the investment group, they have told us we should expect a major positive announcement either on the 8th of April or the next business day the 11th.
Apr. 16, 2005” 1)Mandate one is to grow the fund to a point for purposes of paying out original principal to all Club members.
(2) Mandate two is to be in a position to honor outstanding withdrawal requests by Club members once mandate one is complete with out more lengthy delays.
These two mandates had to be achieved without depleting the minimum investment block of funds required by the investment group. If we were to have paid out principal right away, it would have taken just that much longer to achieve #(2) above.
The great news is that we have achieved #(1) above and are mere weeks away from achieving #(2).
We are excited that at long last we are THERE!
May 25, 2005: THIS UPDATE IS INTENDED TO CLEAR THE AIR:
(1) We haven’t traveled down this road for several years only to drop the ball on the 1 yard line. We will see our mandate fulfilled to each and every member! Count on it!
(2) Funds have been ordered payable to the attorney for him to complete the necessary structures to effect payouts as indicated!
June 7, 2005: As previously stated, funds have been requested for the attorney to start his part in the return of funds and he has suggested, and we agree that he will notify the membership when he receives those funds. WE ALL HAVE WAITED FAR TOO LONG FOR THAT DAY!
July 11, 2005: Our contention all along is that there are funds in various places that belong to the club and at some point the club members will reap the benefits of their placement. We are also convinced that at least one of the ongoing programs that the club has an interest in, could very well generate funds in the near term.
We would like to give you an exact time frame however, we have made a request to Charles that in the future we will only report what has actually happened, rather than what we hope will happen. Therefore when the funds are in a Bank account controlled solely by the club we will advise you and also the time frame and method of delivery to you the members.
We have also asked Charles to suspend all future monthly interest report no matter whether they are actual or estimated until the club has, in a bank account under its control, sufficient funds to meet all its current obligations!
In closing, again this is not exactly what you want to hear however, let me assure you continued contact through this web site the last three years is much better than the alternative which is going to the computer and finding the site no longer exists (personal experience last week with one of these programs, that's two now actually!). Although the independent outside consultant will not give any official opinion or verification we value and trust his judgment a great deal.
Finally we again ask you to be patient! Please remember a couple of things!
1) You and I have no control in this arena and trying to force control is like a Volkswagen Beetle trying to force a freight train off the railway track.
2) Most of the programs that you and I get involved in usually disappear and we are fortunate that we have people working on our behalf to try and make sure that doesn't happen.
3) The club (one of the few that has) paid out for a period of time before the current lapse and we are convinced will do so again in the future.
Aug. 10, 2005: We are confident the process will begin very shortly however unlike what has been done in the past we will not speculate on an exact time frame until we are sure and the appropriate funds are in our account and ready to disperse. We will advise you the minute this happens!
We are very encouraged by the process being made and will post further updates as more information is made available.
Sept 5, 2005: First of all we wish to advise that although slow, definite progress is being made.
We also wish to advise that along with action already taken; as of today we are starting the process of advising anyone who is in control of or has control over Club funds that these funds are to be either returned to designated Club accounts or activated as per contracts in place and the resulting profits deposited immediately into club accounts on an ongoing basis.
The first step has been taken with the identification of the administrators of an initial, significant block of funds. Legal counsel has been engaged and formal notification of our intent has been forwarded to this organization through their office. At the time of this writing the necessary legal steps are being taken to have these funds returned to the Club. Initial contact has been made and we expect appropriate dialogue to begin within days.
Similar legal action will commence with all other organizations who have an interest in Club funds.
Another block of funds has been further identified as being held in abeyance until specific criteria for release has been met. We have been advised that the process of release may require disclosure of Club Members names to effect that result. We will be very cautious in the handling of this matter and have sought professional advice prior to any such action being taken. At this point we are hoping to bypass the need for the release of members names by asking the officials in charge of this money to assign the release responsibility to the trustees of the Club. PLEASE BE ADVISED NO MEMBERS NAME WILL BE RELEASED WITHOUT THAT MEMBERS SPECIFIC PERMISSION!
The investment group continues to give us reports that reflect DEFINITE SOLID PROGRESS BEING MADE IN OUR OTHER AREAS OF INTEREST!
We would hope to report further positive results within a reasonable period of time.
Oct. 12, 2005: We are pleased to report that we have received via the attorney in Europe, a preliminary report regarding one of the blocks of funds belonging to the club. Included with this communiqué were instructions and criteria pertaining to the release of these funds. We are most encouraged and are proceeding immediately with the necessary action required!
We will keep you posted immediately when reports are received back by us. This is exciting!
The members Group
We wish to advise that excellent progress is being made with our BACK UP CONTINGENCY PLAN that will speed up the payout process. EXPECT UPDATES in this operation VERY SOON! Details will be available shortly! Stay Tuned!
Nov. 6, 2005: Two reports are available today, the first is from the members group who are reporting that SIGNIFICANT progress is being made in the funds recovery and release area with yet another breakthrough in obtaining contact data for a second block not previously mentioned in the communiqués. This news is very encouraging and we want to keep you up to date as this unfolds!
The second report relates to the contingency plan mentioned in our posting in October. We are excited to report that this is coming together right on target and can and will form the backup plan needed to ensure the membership of the club’s commitments to you. THIS IS GREAT NEWS!
We`ll update you further as news becomes available. STAY TUNED!
Note from TCIR: If you are tired of the excuses and delays, we invite you to join our legal action to finally obtain the true story of what has happened to our money and reclaim as much of these funds as possible for distribution to our members.
|No items for the current list.||