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Moorish Treasury: Additional past due payouts update
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Posted by: Doro Ajani
Past due payouts have been made out to a number of e-gold accounts last night. I've sent emails out as E-gold won't be sending any notifications of payments.
Posted by: moremoe
I'm hoping you haven't paid anyone ahead of me Doro, because there has been nothing in my Egold...
Posted by: moremoe
And it's time to repeat the same unanswered message again!
9 months and counting...
Posted by: Doro Ajani
Here's the situation:
The original timetable for OutX's to be processed was within 48 hours once the DXSystem was reset.
OutX's are now taking up to two weeks to be processed, most likely due to the end of the year holiday season. While this is slower than 48 hours, it's still a SIGNIFICANT improvement from last year as this time, when you'd be lucky if OutX's listed would get processed in 4 or 5 months.
There are also a number of people who had pending OutX's sitting unprocessed last year for several months, who are now having the experience of their listed OutX's being processed within days.
Anyone want to place a wager of how many of those people kept that e-bullion or e-gold in their accounts once their OutX's got processed?
Also, OutX's can only be listed for $500.00 at a time, and DXUsers are only allowed to have two OutX's pending.
Last year at this time, it was possible to have up to 20 OutX's pending, for amounts as low as $25.00 and as high as $70,000.00
This probably explains why the amount of OutX requests waiting to be processed last year was estimated at $20 million.
Which all comes down to this:
At the rate of two OutX's processed every two weeks for $500.00 each,[$2,000.00 a month] it would take years to clear the total amount of e-bullion and e-gold past due that owed to certain Moorish Treasury investors. There are some investors whose principal deposits alone are in the amount of $10,000.00 or more.
This is unacceptable. And this is why I'm working with a group of DXMerchants and Portfolio holders in order to create the economic activity within the DXSystem that would justify DXAdministration lifting the current OutX limits, along with clearing more time release dXGold into production funds, [so they are can be OutX'd]in additional to securing funds from other sources legally.
Much as I'd like to, I can't discuss the details. I can tell you that the goal is to have all of the backlog cleared by the end of Spring, 2007.
As for the email communication: That duty will be left to others.
It's impossible for me to put the plans for clearing the backlog into implementation and personally respond to most of the email at the same time.
It's something that I really should have done sooner, instead of thinking that I'd be able to do the work neccessary to make progress on clearing the backlog and be able to discuss it all at the same time.
Email updates will be sent out at least once a month, starting in January.
Here are three recorded phone calls that cover some of the issues regarding the DXSystem that I just mentioned:
http://www.dxgp.com/legal_inquiry/legal_inquiry.html
http://www.dxgp.com/g2-call/Part_1/g2-1/g2-1.html
http://www.dxgp.com/g2-call/Part_2/g2-2/g2-2.html