Following an overwhelming majority vote in favor, the TelexFree liquidation plan has been approved.
Approval of the liquidation plan paves the way for distribution payments to TelexFree victims.
Any outstanding objections were deemed overruled as of July 9th.
Looking forward, TelexFree victims with a valid claim have been given until January 13th, 2021 to provide payment details.
Claimants have two options with respect to payment:
- a one-time 43% payment of your allowed claim; or
- a 39% payment of your allowed claim plus “additional payments as they may become available”.
The second option comes with the caveat:
There is no guarantee you will get more money or how much you will get.
As I understand it this is done via “payment.telexfreeclaims.com”. Detailed instructions are provided on page 14 of the liquidation plan court order.
Claimants who fail to provide payment details by January 13th “shall not be entitled to a distribution”.
Also even if you don’t have a resolved claim at this moment, you’re still required to provide payment information.
We don’t have a fixed date yet but, assuming no further hiccups, distribution payments hopefully won’t be too far behind the January 13th cutoff date.
Update 1st August 2020 – As of this evening PayPal payments have been sent out to TelexFree victims with a valid claim.