Archived Information Releases for July 2000 (listed by date of release)
Friday, July 28, 2000: Receiver Goes to Court Today
A Court hearing is being held today on the allocation of the Cash Trust Fund Shortage to account holders. As soon as the Court has reached a decision on the allocation and an Order has been entered by the Court, the Receiver will post the Order on this website. Please do not contact Intrust or the Receiver regarding today's hearing or the Court's decision, as we will provide an update on this website regarding the Court's decision as soon as it becomes available.
Thursday, July 13, 2000: Receiver Files Initial Investigation Report
The Receiver today filed with the Court it's "Report of PricewaterhouseCoopers LLP as Receiver of Independent Trust Corporation on Its Initial Investigation". To read this Report, click on this link to go to the menu [Read Reports].
To read the "Motion for Approval of Receiver's Report on Initial Investigation Of Preclosing Trust Assets", click on this link to go to the menu [Read Report].
To read the "Notice of Motion for Approval of Report on Initial Investigation", click on this link to go to the menu [Read Report].
Thursday, July 13, 2000: Receiver's Recommendation Report on Implementation and Collection of the Cash Trust Fund Shortage
The Receiver today filed with the Court its Recommendation Regarding Implementation and Collection of the Cash Trust Fund Shortage. This Recommendation follows from the Recommendation Regarding Allocation of the Cash Trust Fund Shortage which was filed with the Court on June 23 and is available on this website (see below under Friday, June 23, 2000). In summary, the Receiver has recommended that:
Within fifteen days following final Court approval of an allocation methodology, the Receiver expects to prepare and mail to all current account holders whose accounts were open at April 23, 1999 and are subject to the Allocation, a statement of their accounts as at April 30, 2000, adjusted for cash transactions between April 15 and April 30, 2000, setting out the balances on which their Allocation would be based (an "Allocation Statement") and the amount of the Allocation.
The Receiver also expects to mail to these account holders an outline of the options available to meet their Allocation. In summary, these Options (individually, or in combination) are:
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Send a check to the Receiver in payment of the Allocation; |
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Direct the Receiver to reduce the balance in the Intrust money market component of their Allocation Statement by the amount of the Allocation if there are sufficient funds to do so. |
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Direct the Receiver to sell sufficient non-cash assets in their account to meet the Allocation. The proceeds from such liquidations will be placed in the Intrust money market component of their account and the Receiver will then reduce the money market component of the account by the amount of the Allocation. |
Should account holders not direct the Receiver with respect to implementation of the Allocation within a specified time period, the Receiver will remove cash or the proceeds from liquidating non-cash assets in accordance with priorities set out in the Report.
If there are insufficient assets to meet the Allocation or if the assets are incapable of liquidation, the Receiver will place a lien on the account in the amount of the Allocation and this lien will bear interest until paid.
The lien will prevent the liquidation, transfer or closure of the account or any assets in the account until this obligation has been met.
There may be tax implications for many account holders and the Receiver, to the extent reasonably possible, wishes to implement the Allocation in a manner which account holders believe best deals with those tax implications.
The Receiver is neither identifying tax issues nor giving any advice to account holders with respect to any tax issues. Account holders are strongly urged to discuss the tax implications of the Allocation with their tax advisors.
The foregoing summary of the report is qualified in its entirety by the exact terms of the report as filed. Details of the recommendations are contained in the Receiver's Report. You may access these materials filed with the Court, including the Receiver's Report, by clicking here [Read Document].
Friday, July 7, 2000: Court Approves Payment of Investment Advisor Fees
To read this Order, click on this link [Read Order].
