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Winnie,Winnie wrote:With all that money he seems to have, Greg could have got better value for his advertising dollars - it's a lousy pen.
Well not really. In the real economy money is used to create real wealth (a factory producing wallamigots, a dam, a power station an internet, Barbie dolls) which has "value", ultimately to consumers, who are then willing to pay for the goods and services produced by this money which increases it's circulation and movement (which is in an "idiot's guide to the economy" sense, why low inflation is built into the fiat money system)Skippy wrote:I have never heard of a Ponzi scheme and have just spent a bit of time reading google.
Thankyou Glen and stampboards, this board is so much more than "Just stamps"![]()
For Ponzi schemes in general.... If I understand it right A Ponzi scheme works by using the money of new investors, to pay the earlier investors.... and it circulates like that as long as people keep investing to top it up ?
Our whole econony is one big Ponzi scheme![]()
Skippy
Sorry for my poor reading, but what's the status of the issue?GlenStephens wrote:I stress this brief was only filed March 23, and AFAIK is still before the courts
Apparently when he heard the verdict, he turned to the judge and said "150 years! I can't do that!!!".Nguyen wrote:Madoff was convicted yesterday, June 30, for 150 years in prison. I believe he deserves much much more!
He is 71, so if he was to do the whole 150 (the maximum possible sentence for his crimes) he would need to live to the age of 221! Rather unlikely.Nguyen wrote:Sorry for my poor reading, but what's the status of the issue?GlenStephens wrote:I stress this brief was only filed March 23, and AFAIK is still before the courts
Madoff was convicted yesterday, June 30, for 150 years in prison. I believe he deserves much much more!
Oddly the 'timeline' goes up to December 2006 -OttawaMike wrote:That site is a really dull read, but if even some of that stuff is true, what a mess! I suspect you'll have to look very hard to find anybody who is totally clean in this fiasco.
I wonder how much of that 812.64m Euros will actually be achievable? I suspect 33% will be a dim and distant prospect for the unlucky 'investors'.Global Administrator wrote:Kevin Morgan just passed this onto me -
http://www.barcelonareporter.com/index.php?/news/comments/af ... 11091241pm" onclick="window.open(this.href);return false;
As reported by the High Court of Madrid, the holder of the court, Francisco Javier Vaquer, however temporarily suspend the obligation of the receivers to present a plan to sell the assets of the company and to begin to pay the 190,666 customers
Afinsa go into liquidation. Those affected will receive a maximum of 33% of money invested
The Commercial Court number 6 in Madrid has agreed to dissolve and liquidate Afinsa, after the company failed to provide tangible assets for creditors to support its viability plan.
The 190,666 customers affected will recover a maximum of 33% of what they invested because the company only had assets valued at 812.64 million it should be 2443.75 million, leaving a hole of 1.631 million euros.
Peter ... they forgot the decimal point.PeterS wrote:I wonder how much of that 812.64m Euros will actually be achievable? I suspect 33% will be a dim and distant prospect for the unlucky 'investors'.Global Administrator wrote:Kevin Morgan just passed this onto me -
http://www.barcelonareporter.com/index.php?/news/comments/af ... 11091241pm" onclick="window.open(this.href);return false;
As reported by the High Court of Madrid, the holder of the court, Francisco Javier Vaquer, however temporarily suspend the obligation of the receivers to present a plan to sell the assets of the company and to begin to pay the 190,666 customers
Afinsa go into liquidation. Those affected will receive a maximum of 33% of money invested
The Commercial Court number 6 in Madrid has agreed to dissolve and liquidate Afinsa, after the company failed to provide tangible assets for creditors to support its viability plan.
The 190,666 customers affected will recover a maximum of 33% of what they invested because the company only had assets valued at 812.64 million it should be 2443.75 million, leaving a hole of 1.631 million euros.
Optimist!!Eric Casagrande wrote: What they really meant was 3.3%.
That first sentence sure seems a super example of goobley-gook, especially the string in the middleAs reported by the High Court of Madrid, the holder of the court, Francisco Javier Vaquer, however temporarily suspend the obligation of the receivers to present a plan to sell the assets of the company and to begin to pay the 190,666 customers
Afinsa go into liquidation.
It might not, necessarily, be damages. The settlement could amount to settlement of severance issues (termination payout). Happens here often enough, when a CEO or such is terminated and cannot reach an agreement over severance pay.aethelwulf wrote:The SEC compiles a 60-page document outlining how Greg Manning rigged prices, tried to buy a catalogue so that he could invent whatever prices he wanted (such as a $6 stamp becoming "worth" $160), etc etc, and he still manages to get $2.7 million in damages from the company he was kicked out of?Obviously he still has some connections (given his behaviour I'd hesitate to call them 'friends') on the board of directors who did him a favour...
This is taking...like...forever.In July 2013, a Spanish court handed down indictments against 14 officers of Afinsa and Escala.
Two words, Norm: SPANISH. COURT.fromdownunder wrote:Has anybody on the ground got any more information on the Afinsa Pontzi Scheme? The latest I found was from Wiki which claims:
This is taking...like...forever.In July 2013, a Spanish court handed down indictments against 14 officers of Afinsa and Escala.
Norm
ottawasteve wrote: ↑15 Apr 2019 09:39
I just stumbled across this thread today. How interesting!
I always wondered whatever happened to Greg Manning Auctions, and especially Nutmeg.
steve
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