ATM LEASEBACK SCHEMES-- any insight?

[CoachSG]

Webhick, just emailed you everything. Please post ASAP.

Best,

[grimreaper]

Webhick, just emailed you everything. Please post ASAP.

Best,

Coach..Thanks again.

[Nationwideinvestor]

Holy shit. Check your PMs.

Can I get my PM back now ?

[snookered]

Finally! Some progress. Thank you all for your resources and for sharing with the rest of us.

[Lost Income]

I agree, thanks to everyone for helping to verify some actual progress!!

Please can someone advise where we can find/download these new documents?

[Lost Income]

Any insight on what will happen on Nov 6th at Bankruptsery Court, or if this will even happen now?

[webhick]

Just uploaded the documents to my Drive account. I'll just list them out, in date order:

• 9/16 - Civil Cover Sheet
• 9/16 - Certificate of Interested Parties
• 9/16 - Complaint
• 9/16 - TRO Brief
• 9/30 - Minutes for the TRO
• 9/30 - Temporary Restraining Order

I didn't have a chance to read them over yet.

[webhick]

There are no new entries to the Involuntary Bankruptcy docket, save for some NEF stuff which means nothing.

[webhick]

It appears that the bankruptcy is at least temporary dead in the water, I've quoted the relevant section of the TRO below:

IT IS FURTHER ORDERED that, except by leave of this Court, during the pendency of this receivership, all clients, investors, trust beneficiaries, note holders, creditors, claimants, lessors and all other persons or entities seeking relief of any kind, in law or in equity, from Defendant Nationwide Automated Systems, Inc., or its subsidiaries or affiliates, and all persons acting on behalf of any such investor, trust beneficiary, note holder, creditor, claimant, lessor, consultant group or other person, including sheriffs, marshals, servants, agents, employees and attorneys, are hereby restrained and enjoined from, directly or indirectly, with respect to these persons and entities:

1. commencing, prosecuting, continuing or enforcing any suit or proceeding (other than the present action by the SEC or any other action by the government) against any of them;
2. using self-help or executing or issuing or causing the execution or issuance of any court attachment, subpoena, replevin, execution or other process for the purpose of impounding or taking possession of or interfering with or creating or enforcing a lien upon any property or property interests owned by or in the possession of Defendant Nationwide Automated Systems, Inc., and
3. doing any act or thing whatsoever to interfere with taking control, possession or management by the temporary receiver appointed hereunder of the property and assets owned, controlled or managed by or in the possession of Defendant Nationwide Automated Systems, Inc., or in any way to interfere with or harass the temporary receiver or his or her attorneys, accountants, employees, or agents or to interfere in any manner with the discharge of the temporary receiver’s duties and responsibilities hereunder.

ETA: The TRO expires on October 27th at 1PM. At 10AM that same day, there's a hearing to decide whether to issue a preliminary injunction. NASI has to appear to show cause as to why it doesn't deserve that injunction. We know they'll lose.

[webhick]

I keep seeing the phrase "Relief Defendants" popping up in the paperwork. Anyone know what that's about?

[notorial dissent]

Any insight on what will happen on Nov 6th at Bankruptsery Court, or if this will even happen now?

Since this is now an SEC receivership, the bankruptcy is now officially an ex-parrot. Unless something major happens or changes, and the big boys get to play now.

The TRO is against NASI as a corp, Joel, and Ed individually, and three LLC's that appear to be variations of the same company, which usually indicates some kind of investment(scam). It is for preliminary injunction, usual boiler plate, request for temp receiver and OSC re: injunction and appointment of permanent receiver. In other words, they're serious and aren't going to go away. Now the fun(if you can call it that) begins.

They still have to go through all the court hoops and shuttles, but they will have a receiver up and running shortly and then they will start the audit and taking things apart, and at which time the receiver will begin contacting the victims and setting up the call for proofs, if they follow recent precedent, there will probably be a website for basic information and updates. At this point they are going to have to inventory the carcass and the records and put it all together to make a preliminary report to the court before they do much of anything else, and it will take precisely as long as it takes depending on the mess they have to dig through.

The thing I don't like is the three LLC's tagged on to the end of this, not in my experience a good sign at all, will be really interested in more details on them, and don't expect it to be good news.

I also get a download error when I try and access the documents and can only get the first page.

[ATM'd]

The SEC Complaint makes interesting and sickening reading.

NASI's own records show they reported 31,000 machines under sale/leaseback. At only $12,000 per machine, that's $372 million!

They also were taking in new investor money even after they started bouncing checks.

[notorial dissent]

Well, 908 machines is quite a bit different from 31,000 for sure, just a slight exaggeration is well beyond the realm of understatement.

The fact that the principals seem to be involved in the LLC's is not even remotely comforting.

[Judge Roy Bean]

I keep seeing the phrase "Relief Defendants" popping up in the paperwork. Anyone know what that's about?

I believe those are the net "winners" in such schemes.

[CoachSG]

I thought I read that Relief Defendants was a fictitious investor company that Wishner allegedly hid/funneled funds through.

[grimreaper]

I thought I read that Relief Defendants was a fictitious investor company that Wishner allegedly hid/funneled funds through.

Yes.

[Tednewsom]

"Relief defendants" is not the name of a company or LLC, it's the classification of the alternate "defendants," i.e.., the three LLCs Wishner set up after the walls started cracking. There's the "Defendants" (Wishner, Gillis & NASI), and the possible alternative targets, the "relief defendants" (Oasis Studio Rentals 1, 2 and 3).

[grimreaper]

Just uploaded the documents to my Drive account. I'll just list them out, in date order:

• 9/16 - Civil Cover Sheet
• 9/16 - Certificate of Interested Parties
• 9/16 - Complaint
• 9/16 - TRO Brief
• 9/30 - Minutes for the TRO
• 9/30 - Temporary Restraining Order

I didn't have a chance to read them over yet.

BTW. those papers were stamped SEPT 17!

[The Observer]

...Oasis Studio Rentals...

Sounds suspiciously like a timeshare scheme...it would be ironic if Joel and Ed had sunk all of their illgotten gains into buying timeshares.

[grimreaper]

"Relief defendants" is not the name of a company or LLC, it's the classification of the alternate "defendants," i.e.., the three LLCs Wishner set up after the walls started cracking. There's the "Defendants" (Wishner, Gillis & NASI), and the possible alternative targets, the "relief defendants" (Oasis Studio Rentals 1, 2 and 3).

From Document:
Wishner is also the registered agent of and

is affiliated with Relief Defendants Oasis Studio Rentals, LLC, Oasis Studio Rentals

#2, LLC and Oasis Studio Rentals #3, LLC.

It is confusing, but I guess you're correct. Thanks.