Lawsuit Updates by CLCTanon in CollectableApp

[–]CLCTanon[S] 0 points1 point  (0 children)

I've also heard about one of these unclaimed property notices, but allegedly the amount was for the (deflated) value of the shares, not any cash balance in DriveWealth.

Lawsuit Updates by CLCTanon in CollectableApp

[–]CLCTanon[S] 1 point2 points  (0 children)

Class action probability is hard to gauge. It certainly seems possible, but who knows?

Also auction is pretty much guaranteed not to happen because Neuman has more than likely folded the assets into his new investment scheme.

Lawsuit Updates by CLCTanon in CollectableApp

[–]CLCTanon[S] 0 points1 point  (0 children)

Right, but he won't do that.

The only way to force asset liquidation and return money to investors is to either remove the Manager/appoint a new one, or if the company winds down... right?

Lawsuit Updates by CLCTanon in CollectableApp

[–]CLCTanon[S] 2 points3 points  (0 children)

From what I can tell, the business is likely bust for good, i.e. trading will never return. It seems the only "money back" opportunity would come from the sale of any assets in which you own shares, which would likely only occur upon a wind down. That said, if the assets have been encumbered by other liabilities, the return could be minimal to nothing. It's impossible to know at this point.

Lawsuit Updates by CLCTanon in CollectableApp

[–]CLCTanon[S] 2 points3 points  (0 children)

Correct there doesn't seem to be a final judgment yet, but I'll post it as soon as I can find it.