Reymundo Torres: once the company comes back everybody is going to receive their money.
-snippet of a TelexFree social media discussion, published 6 hours ago
Although it’s sort of died down, one of the more persistent assertions TelexFree affiliates are making is that the company is flush with cash. The picture painted is that TelexFree would easily be able to pay out the $1 billion it accumulated in ROI liabilities.
Contrasting with this rosy vision however, is the reality that continues to be conveniently ignored by many of TelexFree’s affiliate investors. Having filed for bankruptcy just days before, we’ve already covered how TelexFree CFO attempted to flee with $37.9 million in checks as an FBI led raid was executed.
Now, as part of an exhibit of the SEC’s request for a jurisdictional change in the bankruptcy proceedings, comes even more sordid details of management’s last minute cash-grab before the Titanic-like TelexFree ship went under.