Dinar distribution

The Receiver has been contacting investors in order to verify their claims for part of the recovery. He has imposed a deadline for response of August 7, 2009.

Thereafter, he will determine what has been claimed and prepare a Receiver's report for Judge Mitchell. We will also provide a proposed order for the judge, approving the plan for distribution. After the judge signs the order, or a revised order is he desires changes, the Receiver can begin distribution of the Dinars.

The Receiver is also exploring the feasibility of converting the Dinars back to dollars, and distributing dollars to investors who choose that option. A consideration for the Receiver is that dumping many Dinars into the market all at once may depress the price and lower their value. Whether this will occur has not yet been determined. However, if this is a risk, the Receiver may have to control the release rate in order not to artificially lower the value of the Dinars.

Smiley released

At the hearing regarding Mr. Smiley's continuing incarceration, Judge Mitchell ruled that Mr. Smiley will be released from jail at 10:00 AM on Thursday, 2 July 2009.