On April 28, 2020, the U. S. District Court entered an Order approving the Receiver’s Plan of Distribution (Dkt. 541). Pursuant to that Order, Receivership assets will be distributed to claimants who have suffered a “net out-of-pocket loss” (calculated as the total amounts invested less any amounts or value received) arising from investments in any of the Breitling entity programs. On May 11, 2020, the Court entered an Order Implementing Plan of Distribution (the “Implementation Order”) (Dkt. 542), ordering the Receiver to establish a “Final Claim Amount” for all potential claimants. The Order allows the Receiver to require Potential Claimants to supply information and documentation for the Receiver’s use in determining notional claim amounts.
The Receiver requested documentation from all Potential Claimants. Deadline for submission of these documents was November 30, 2020. Per the Implementation Order, the Receiver will now give notice to Potential Claimants of a notional claim amount as calculated by the Receiver. Potential Claimants will have 30 days to formally dispute the amount (i) in writing, (ii) asserting an alternative claim amount and the calculation for same, and (iii) with documentation supporting the calculation. If there is no dispute to the amount, the notional claim amount shall become a “Final Claim Amount.” This Final Claim Amount will be the basis for calculation of any potential distributions from the Receivership Estate in the future.
There is currently no estimated date for when this claims process will be completed.