What´s the biggest mistake you made in investing?

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To All Investors of Just-Pays-Daily:

In the wake of Richard O’Neill’s announcement regarding the failure of the program, several of the largest investors have been working behind the scenes to see what we might be able to do to “rectify” the situation and recover the losses that have been made.

In talking extensively with one another, we have pooled our collective business and investment experience and believe we have created a viable recovery plan for those of you who might be interested. We will say upfront that the plan involves Richard O’Neill in a significant role, but is not totally dependent upon him for its success.

We will not comment on Richard’s past activities with JP-Daily, as we think that all that can be said has been said in various forums and undoubtedly in many emails that folks have sent him. His participation in this recovery program is a business decision that was weighed carefully and is judged a calculated risk. By his own admission, he screwed up and we will leave it at that. We understand however, if anyone decides never to get involved in any venture involving him.

Generally speaking, what initially attracted those of us who invested heavily in JP-Daily was the plan. It was brilliantly conceived and had it been adhered to, none of us would be in the position we find ourselves in today. What was lacking was discipline, experience, maturity and proper controls. We are addressing each of those issues and more in our recovery plan.

Our goal is twofold: recovery of principle for the participants and generating a continuing cash flow. This will not be a program for attempting to get rich via excessive compounding. We want to keep things practical and feasible.

What we wish to know is, “how many people would be interested in the plan we propose?”

Here is our plan in broad strokes:

1.This will be a Private Program. This will be a legitimate private program with limited participation.

The plan is offered to all former JPD members but is be limited to 100 participants.

We anticipate having a pool for interested smaller investors to participate in, but we do not know what the requirements for the pool will be at this time.

2.Raise New Capital. The fact is, it is going to take cash in order to recover our previous losses. Our goal is to raise $100,000. Buy-in to this program will require a minimum of $1000. New capital funds will be added to the principle accounts of former JPD members.

A minimum of 50 participants will be required in order for this program to proceed.

3.Division and Investment of Funds. This would be a key point for the new program. We aim to split the new capital in two with 50% going towards gaming (poker) as was intended before and the other 50% going into a new managed investment fund. (We are currently evaluating a few promising options.) The poker funds would be allocated towards cash flow and the managed funds would be allocated towards recovery of principle.

4.New Administration & Money Management. A new team will manage this plan. We will set up private web sites, forums, communication systems and direct the flow of funds, etc. as necessary. If we elect to go ahead with this, we intend to run and administrate this as a business with proper controls and procedures. E-bullion will be used for all transactions.

5.Return of New Capital. This is a priority. As quickly as possible, investors will see their new $1000 returned from poker earnings.

However, no earnings or withdrawals would be paid out to investors for 30 days in order to grow the gaming half of the New Capital account.

6.Recover Lost Principle. After the new capital has been returned, 50% of earnings would begin to be paid out as cash and 50% would be applied to the principle account to keep it growing. Once we’ve recovered the full principle of involved investors, they would then be able to withdraw principle at a maximum rate of 20% per month.

Allocations would be based on each investor’s principle account (just like a bankruptcy might be handled, lined up in order of claim).

Whether or not we proceed with this plan depends on the amount of interest. If sufficient interest exists, we will begin to put the plan in motion and announce the details. If not, we’ll drop it and proceed with plans of our own.

If you are are interested in participating in this recovery plan as described, then send an email to our temporary autoresponder account: jpd-recovery2@securedoffice.biz with the following information in the body of the message:

Name
JPD Forum Account Name/Number
The amount of principle you had in JPD as of 2/17/07
Preferred contact email address

We will not be answering questions at this time. Right now, we are only trying to determine if there are enough parties interested in this plan.

You do not need to respond if you are not interested in participating or if you are simply interested in participating in the pool. If we find there is sufficient interest to proceed, we will announce details of how to join the pool later.

Thank you,

SECOFF
(speaking for the Independent Recovery Team)