Work on a “plan of distribution” has begun, according to the Traffic Monsoon Receivership.
The news comes after a large number of investor disputes have been resolved.
According to the Receiver’s April 15th Third Status Report on the claims process, a total of $55,132,872 in Proofs of Claim has been permitted or is expected to be approved, with just 511 Proofs of Claim claiming claims totaling about $12,923,100 still unresolved.
This is an increase from the $36.3 million in claims permitted a little over a year earlier.
The Receiver hopes to reduce the $12.9 million in contested claims to $549,472 pending court approval.
PayPal has a $3.1 million allegation that is being investigated.
The Receiver writes: Now that Disputed Investor Claims have been greatly reduced, the Receiver also wants to embark on a plan of distribution, pending clearance by the court to continue forward with settling disputed claims.
The court’s permission and the distribution procedure have no set dates.