The liquidators’ petition to declare Mirror Trading International (MTI) illegal was delayed in the Western Cape Supreme Court earlier today after some of the plan’s winners filed large amounts of documents over the past week to oppose the request. to postpone.
According to the liquidators, some of these documents contained additional additional statements from Clynton Marks, the right-hand man of founder Johann Steynberg and allegedly co-owner of MTI. Marks claimed he is opposing the liquidators’ request to declare MTI an abusive settlement to protect the settlement’s creditors.
However, the liquidators say Marks’ allegation is false and that he is, in fact, one of the biggest winners in the settlement. His agenda is simply to try to avoid a day of reckoning in terms of paying back his winnings and testifying further, the liquidators said.
The legal team of the liquidators worked non-stop to respond to the late and irregularly filed documents, some of which lasted until the night of the filing.
“We have no doubt that the agenda behind the late filings was simply to put the liquidators and the court in an impossible position to deal with all the paperwork in the short time available,” the liquidators said in a statement.
As a result, Ponzi’s application was postponed to April 29, 2022. If the scheme is declared illegal, the winners will have to return their winnings so that the liquidators can return the money they invested to all investors.
The application was also delayed by a group called GetaQuid, run by Chris Kriel from the UK, who say it represents 15,000 investors.
Request to remove liquidators for misconduct and misuse of powers
GetaQuid filed on Wednesday to postpone the hearing to give them enough time to have some or all of the liquidators removed for “misconduct and improper use of their powers,” GetaQuid said on its website.
Agreement with creditors
The liquidators say they and some of the creditor groups, made up of only net losers and specifically GetaQuid members, were able to talk and resolve some disagreements in favor of the estate administration and the interests of the creditors.
“We welcome the settlement with the creditor groups. These are very constructive steps to complete an important part of estate management, which is to process claims from real losers who are entitled to dividends as quickly as possible,” the liquidators said.
Under the settlement, the creditors agreed to file their claims based on the Rand value of the Bitcoin invested on the date of each investment, less the Rand value of each Bitcoin withdrawal on the date of each withdrawal.
The liquidators and creditors also agreed on a speedy procedure to settle these claims and pay dividends. “We are confident that investors will now realize that the liquidators will continue to act in their best interests.”
According to GetaQuid, the creditors have 90 days to settle their claims.
Helping winners and losers
GetaQuid also said on its website that it will also help net winners negotiate a settlement with the liquidators.
“This means that if a net winner comes to the table to clear the air, we will help him/her negotiate a payment plan with the liquidators,” GetaQuid says.
This seems a bit odd, as GetaQuid also opposes MTI’s declaration as illegal, forcing the winners to refund their winnings.
“Coming to the table with a full and honest statement benefits the losers of net worth as it increases the pot and prevents liquidators from spending money on unnecessary lawsuits and asset seizures,” GetaQuid says.