Post by electricrocks on Dec 23, 2010 11:22:20 GMT -5
In thinking about the logistics of the money transfer, I believe that there are two overriding considerations. 1) Security, and 2) Speed. I believe that there may well be legal reasons for physical documents to be delivered to the shareholders, although I could only guess as to what they might be.
I believe that any “packet,” “package,” or “envelope” will contain at least the following documents: 1) an explanation of what exactly is happening, instructions to access the money and any options that may be available; 2) a release of claims, and 3) a non-disclosure agreement (I realize that it may well be unenforceable from a practical standpoint, but I believe it will be included anyway). There would be no information personal to the recipient, only an indication of pps. This generic document can be produced quickly and would not put the shareholder’s personal information at risk. In the event “New Corp” options are available, such as renounceable rights, a prospectus will be included.
If I were to devise a system to incorporate the two priorities of security and speed, I would do something along the following: I would use one of the major courier companies to deliver the documents (Fed Ex or UPS). A signature would be required. I would instruct shareholders to take the contents of the packet to a federally chartered bank. They have access to the Federal Reserve wire transfer system. Along with the contents of the packet, shareholders would need to bring the certs and identification. The packet would contain instructions for the bank to access the money allocated to the particular shareholder online (cert number, social security number). The bank would notarize the shareholder’s signature on the release and NDA. The bank would indicate online that the shareholder had executed both documents. The bank would then be responsible for sending the signed documents to a processing center.
Once all items were completed, the bank would be able to transfer the shareholder’s money into an account in that bank. The shareholder’s bank account information would not be required to be revealed to the trust. That prevents any hacker from stealing the bank information.
From the time the shareholder gets the documents to the time the money is transferred could be as little as a couple of hours. However, I strongly recommend all seek professional advice before making any major decision.
I would not use the TA because I do not believe it offers sufficient security when this much money is involved. e.g. most passwords are easily cracked using sufficient computer power.
This is all imo- just speculation
I believe that any “packet,” “package,” or “envelope” will contain at least the following documents: 1) an explanation of what exactly is happening, instructions to access the money and any options that may be available; 2) a release of claims, and 3) a non-disclosure agreement (I realize that it may well be unenforceable from a practical standpoint, but I believe it will be included anyway). There would be no information personal to the recipient, only an indication of pps. This generic document can be produced quickly and would not put the shareholder’s personal information at risk. In the event “New Corp” options are available, such as renounceable rights, a prospectus will be included.
If I were to devise a system to incorporate the two priorities of security and speed, I would do something along the following: I would use one of the major courier companies to deliver the documents (Fed Ex or UPS). A signature would be required. I would instruct shareholders to take the contents of the packet to a federally chartered bank. They have access to the Federal Reserve wire transfer system. Along with the contents of the packet, shareholders would need to bring the certs and identification. The packet would contain instructions for the bank to access the money allocated to the particular shareholder online (cert number, social security number). The bank would notarize the shareholder’s signature on the release and NDA. The bank would indicate online that the shareholder had executed both documents. The bank would then be responsible for sending the signed documents to a processing center.
Once all items were completed, the bank would be able to transfer the shareholder’s money into an account in that bank. The shareholder’s bank account information would not be required to be revealed to the trust. That prevents any hacker from stealing the bank information.
From the time the shareholder gets the documents to the time the money is transferred could be as little as a couple of hours. However, I strongly recommend all seek professional advice before making any major decision.
I would not use the TA because I do not believe it offers sufficient security when this much money is involved. e.g. most passwords are easily cracked using sufficient computer power.
This is all imo- just speculation