Return of NETeller funds for US customers delayed again

[The Buzz]

According to PokerNews, NETeller won't be returning seized funds to US customers today, as it had previously stated it would.

http://www.pokernews.com/news/2007/7...stribution.htm

Apparently, the U.S. Attorney's Office hasn't been able to resolve the criminal investigation of the company, so everything is still up in the air.

Buzzy couldn't find the press release that PokerNews refers to in the story, but he'll keep looking.

[The Buzz]

Here's the press release:

Press Release

Update on US Situation


Friday, 13 July 2007 - NETELLER Plc (LSE: NLR), the independent global online payments business, today issued the following statement regarding its progress in resolving the investigation by the United States Attorney's Office for the Southern District of New York (USAO) into the Company.


As stated in the Company’s announcement of 12 July 2007, NETELLER stated that it had advised the USAO that it will use its best efforts to resolve the investigation on or soon after 13 July 2007. The Company believes that it is making significant progress towards achieving a resolution and hopes to be able to announce this within a number of days.


As announced on 4 June 2007, the Company has agreed to a plan for the distribution of funds to its US customers and anticipates implementing the plan upon the resolution of the investigation. The agreed distribution plan details the process and mechanisms by which US customers will be able to initiate the return of their funds after the plan is implemented. Further information will be communicated to NETELLER’s US customers via email, through our website and through a press release once the date for implementation of the plan is finalised.


The Company continues to make progress regarding the ongoing suspension of the Company’s ordinary shares from trading. The restoration of trading in the Company’s ordinary shares will depend on resolution of the investigation within a short time frame and finalisation and publication of the Company’s audited annual accounts for 2006. Further information will be announced as and when it becomes available.


The Company also today confirms that earlier today, the Board accepted the resignation of Gord Herman as Executive Chairman and Director of the Company. Mr Herman has indicated that he wishes to concentrate on personal matters. Dale Johnson, non-executive director, will assume the role of non-executive Chairman. Both of these changes will take place with immediate effect.

[vinism]

Mini-analysis: One of the key things to remember here is that once the investigation is complete, NETeller will then announce its plan for reimbursement. When the actual funds will be distributed is a completely separate matter. From a timing standpoint, the announcement of the plan should happen soon. Both NETeller co-founders have plead guilty, which will help clear the way. And NETeller is indicating that this announcement will be made in matter of days, not weeks. On a related note, Isaac Haxton, the poker player who one a huge tournament only to see all of his winnings locked up by NETeller, is still alive at the World Series of Poker Main Event. He has $791,000 chips, which puts him in the top 25 entering Day 4 action. It would be nice to see him win the big event after becoming a poster boy for the NETeller U.S. withdrawal.

[big fish]

thanks for the update. i have been traveling in california so this is news to me...

[matted]

I really wonder if I will ever see this money again.