| Subject: Re: Why No Updates from MMFC??? |
Author:
Anonymous
|
[
Next Thread |
Previous Thread |
Next Message |
Previous Message
]
Date Posted: 11:46:30 05/13/05 Fri
In reply to:
's message, "Re: Why No Updates from MMFC???" on 14:08:44 06/14/02 Fri
August 16th, 2002 - Dear Members:
Table of Contents
1) E-bullion payments.
2) Additions and modifications to the MMFC website.
3) In Europe next week.
4) Regarding best efforts.
5) Some things that need repeating from time to time.
___________________________
1) E-bullion payments.
We do not have access right now to our e-bullion accounts nor have we had access for several days now, as e-bullion is undergoing a security upgrade. We are supposed to call them to get new passwords. We have called constantly and always busy. I did fill out the website form for them to call us and they have not called. I am unable to deal with the issue now until I am back from Europe and in the office on Tuesday August 27. If you have a payment due via e-bullion, and you do not want to wait, then you can either update your payout instructions in your online account or email us new instructions.
___________________________
2) Additions and modifications to the MMFC website.
a. E-Bullion - We have added an automated interface for accepting E-Bullion to our funding options page, available via the "Make Loan" menu option. We have also added E-Bullion as another method for depositing funds into your Freedom Cash Account.
b. Payout + Withdraw Instructions - You can now specify specific instructions for each specific loan. Click on the link on the appropriate row under the Payout Method column on the "View Loans" page to set the payout method for that loan. On both the update payout and withdraw method pages there is an option for you to apply the new instructions to all your current PLAs.
Separate from payout instructions, are your withdraw instructions, for withdraw requests made from your Freedom Cash Account. You can specify your withdraw instructions via the "Withdraw Instructions" menu option.
___________________________
3) I leave Sunday for Europe again to bring one of our trades to fruition. I am unable to share much detail about it other than it's to do with banking related issues. I will update you all upon return. I plan to be back in the office on Tuesday August 27.
___________________________
4) Regarding best efforts - We have funds committed to trade and we have told you before that only the principal is guaranteed. Please read your PLAs and the website information. We are experiencing delays. Best efforts are just that, and timeline expectations are difficult to pin down, especially in the present banking compliance climate. There are way too many variables at play beyond my control to be able at this time to predict what best efforts are and when they will be available. May I remind you that the funds are under my sole signatory control, and will remain so, so our principal is not at risk.
___________________________
5) Some things that need repeating from time to time.
a. Please ALWAYS include your member ID when you email us.
b. Some emails we send out to members are bouncing back to us because their email account is incorrect, the mailbox is full, the service is temporarily down, etc. It is always good to make sure your phone number is in your profile info online, in case we really need to contact you and your email does not work.
For Freedom and Nature,
James F King and Team
July 25th, 2002 - Dear Members:
I am back now from another successful trip to Europe. I am behind on emails, more than a week in some cases. Phonecalls have been constant and overlapping. I will catch up ... however, for a few days I have MMFC business that must take priority, so please be patient and hold off on the phonecalls. I expect to catch up by next Tuesday or Wednesday.
Please note that ALTA no longer requires a cybercorporation to get an account, not even an email address! Start at the DMT (Digital Monetary Trust) Gateway (used for anonymity, see the site for more details) ... https://196.40.46.24/ ... then choose the ALTA link to get to the ALTA login page where you can set up a free account. Lots of information about DMT and ALTA is available from the gateway.
You are now able to make e-gold deposits into your MMFC Freedom Cash Account. By the end of the month you will also be able to make loans to MMFC using funds in your Freedom Cash Account. We are also changing the process for making a new loan, to more easily allow for funding a single loan from multiple sources. We will send another update out when this is complete, with more details and instructions on how to use the new setup.
Many of you have asked us whether the economic climate around the $US has effected us or will effect us. Please be assured that what we are doing occurs on a different level and we expect no problems from any amount of downturn in the $US markets.
We have no more news of OSGold than you do. We have no inside information. Yes, we have some funds in OSGold, however not enough to pose any problems.
Some members have been asking about making small loans. The current minimum accepted new loan amount is $2000 US. There are no exceptions to this rule. The lower amount ranges on the charts pertain to loans that were converted from our original loan system, some of which were under $2000.
To clarify, we currently offer two payout options only on all loans ...
1. Monthly Payout - first payout is sent 90 days after loan is received (loanterm starts 60 days after we receive the loan funds, to give us time to place the funds, and then first payout is 30 days after loan term starts. 60 + 30 = 90), followed by another payout every month (30 days) for 11 months, 12 in total.
2. Rollover Payout - first and only payout is one lump sum payout 14 months (420 days) after we receive the loan funds, including a Rollover Bonus equal to 50% of total profit earned over the entire term.
Both Payout options return your principal at the end of your loan term. If you wish to rollover the principal into a followup loan so that you do not miss a monthly payment, you must give us notice at least two months before your principal is due to be returned. We will place an automatic option for that on the website and inform you when we do so.
Just a reminder ... we have a links page that is constantly being added to. Many of you are asking for offshore and related information. You will find lots of information there.
We will report on the best efforts and how we will distribute them when we receive them, which we expect now to be late next week. Due diligence on the banking side spotted a problem (that had nothing to do with us) and stopped one of our trade entries. The problem was removed, we are told all is clear now, and that we are in trade again with payment due next week.
From where we stand, the future looks very good for MMFC.
For Freedom and Nature,
James F King and Team
June 16th, 2002 - Dear Members:
We are a PRIVATE CLUB. The following information is for MEMBERS ONLY. The information below, if released publicly, and especially when it is misrepresented, will cause damage to the club and our members. PLEASE remember your NCND Non-Circumvention, Non-Disclosure agreement. For the protection of all members, we will pursue any viloations of the NCND vigorously and immediately terminate the membership of the violators.
TABLE OF CONTENTS
1) Trade entry successful in Europe
2) What we learned and our options
3) MMFC restructuring
4) New minimum interest rate schedule
5) MMFC website offline for new system upgrade
--------------------------------------------------------------------------------
1) Trade entry successful in Europe - We are back from Europe after having successfully entered funds into two different trades. The safety of our principal entered into these trades, is beyond question, as it is protected in a sole signatory account (my signature) for one and a bank guarantee for the other. We are very confident that we are dealing with legitimate entities. This is an important achievement for MMFC that promises to ensure our future even more.
--------------------------------------------------------------------------------
2) What we learned and our options - Quality trading instruments are now more difficult to obtain and returns from the buy/sell of these instruments are smaller. New banking compliance issues have effected this arena as well. The ability to get larger returns now, depends on the ability to leverage the principal, and also the amount you come in with. Entries are much more difficult now for small investments under 10M. Investments of 10M and up are much easier to place, can be placed quickly, and pay significantly higher returns. We will pursue this option soon.
Here are the facts. The guaranteed returns negotiated in our current contracts are not sufficient to support our existing interest rate schedule. Our contracts came with a guarantee for a certain amount of return on principal. The contracts also state that we will receive additional returns based on best efforts. Best efforts can produce higher returns, but we cannot count on them.
Given these facts we have only two options available to us today.
a. Keep making payments at the current interest rate schedule and wait and see if the "best efforts" returns over and above the guaranteed returns are sufficient to cover the existing interest rate schedule. While this option is attractive from the individual member's point of view, it is extremely dangerous to the overall wellbeing of the club as we would be paying out monies that we in effect do not have a compensating income for. A variation of this option would be to keep the current interest rate schedule but delay making any payments until we see how the current contracts perform. However, again we would be making plans based on no factual information.
b. Adjust the interest rate schedule to a level that is consistent with what is "guaranteed". This option is obviously less attractive to the individual club member but would ensure that the club is stable, only paying out that which is covered by earnings. We could compensate for the much lower rates of return (less than half) by making "best effort bonus payments", if and when the best efforts returns are higher than what is guaranteed by contract.
I know you will agree that option b. is the most obvious, based on good management practices. Consequently we have decided to proceed with the following changes.
--------------------------------------------------------------------------------
3) MMFC restructuring - Here are the following changes we are making to MMFC over the next few days.
a. As you know and as we already discussed, the loan agreements are structured on best efforts. These best efforts do not support the current rates of return. We expected, as we were promised, to be signing contracts at higher amounts of returns sooner, and on that basis we started with the new system loan rates as they were, believing that they would be supported by higher returns that have not materialized to date.
b. It has taken us almost 3 months to get the new MMFC loan system loans into trade, which is more than the 60 days that we originally planned for. On top of this we will have to wait for an additional 30 days to start receiving proceeds from our current contracts. We were not lacking in opportunities, however, obtaining a good safe contract with security of principal and the confidence that the trade will perform as promised, was by no means an easy thing to accomplish.
c. It has become too complicated and cumbersome dealing with the old system, the new system, and the private programs in the background, so we are restructuring all into one system. This you will see on the website shortly, as we expect to finish the upgrade by the end of this week.
--------------------------------------------------------------------------------
4) New minimum interest rate schedule -
These monthly rates are effective immediately as of today June 16, 2002.
$ 200 - 499 5% + best efforts
$ 500 - 999 6% + best efforts
$ 1,000 - 1,999 7% + best efforts
$ 2,000 - 4,999 8% + best efforts
$ 5,000 - 9,999 9% + best efforts
$ 10,000 - 24,999 10% + best efforts
$ 25,000 - 49,999 11% + best efforts
$ 50,000 - 99,999 12% + best efforts
$ 100,000 - 249,999 13% + best efforts
$ 250,000 - and up 14% + best efforts
--------------------------------------------------------------------------------
5) MMFC website offline for new system upgrade -
At the time of this update, most of our MMFC website at www.mmfreedomclub.com will be offline during the upgrade. Any payouts due while the upgrade is in progress will have to wait. We do expect to be able to stay within our "payments made within 5 business days of due date" policy.
--------------------------------------------------------------------------------
I am sure that some members will have questions regarding this update. Please wait until the website is upgraded and online before you email us. Please ensure that any questions you may have are clear and focused. This will aid in both the speed and clarity of response.
For Freedom and Nature,
James F King and Team
May 6th, 2002 - Dear Members:
Our new membership effort was very successful. We have approximately 500 new members and more money came in than we expected, which is great, and it has kept us very busy.
We have been hard at work placing that money. This involves a great deal of paperwork, as well as phonecalls, due diligence, meetings, etc. Getting funds working is a very tedious process and can be very demanding. We are very pleased with what we have accomplished. Our persistence and determination has produced opportunity and results in an environment that has been more difficult than ever before. We are working with a great group of professionals, experts in the fields of financial instrument trading, banking, due diligence, offshore structuring, taxation, and investment security.
One of these professionals is Mike Grosh who is an advisor to our club on taxation and related offshore issues. He is posting articles at his new website ... http://www.offshorecybertax.com/index.htm All enquiries need to be directed to Mike, not us, please.
We want to thank you all for being a great group of members. You responded to our last update really well, and emails have cut back dramatically. Hey, I almost have my life back again. :) Reminds me... I am late this year getting out on my annual wilderness trip, but I still have a lot of work to do.
We have been adding links to the Links page on a regular basis. Thanks for your input, keep them coming. I have about 30 on hand that I need to review before putting them up ... no time lately to get to them, but I will eventually. We also want to establish a community bulletin board and forum on our MMFC site and we will sometime within the next few months.
As always, when you do need to send an email to MMFC, please always include your membership ID, it really helps us.
Best,
James F King and Team
April 3rd, 2002 - Dear Members:
Just a quick note here to ask you for your patience in waiting for replies to your emails. Presently we are about one week behind, as I am now replying to emails sent last Thursday. I have been away on MMFC business from last Tuesday until Monday morning, a couple days ago. I will also be on the fly again shortly for a few more days. I had hoped the dust would settle by now, and it hasn't. We've been extremely busy on several fronts.
Most emails are informing us about HYO, VNC, and other clubs that have stopped doing business, because of enforcement of "know your customer" rules and compliance issues. They are concerned about how we stand. On this topic I am being asked to spend far too much communicating my opinions about these clubs when I know no more than the average person about their specific situations. In this regard, my sole responsibility is to the effective operation of this club and its successful continuation.
From this point on I would appreciate it if the only emails forwarded to me for my action relate specifically to matters pertaining to your account. If you will cooperate with me in this regard, the number of emails will be drastically reduced and I will be able to devote my attention without distraction to the important matters of the club, such as income generation and safety. For those few who will choose to ignore this request, their emails will not be answered.
While these are difficult times for many, all the more reason for me to concentrate on the safety, security, and ongoing success of the club.
I genuinely regret having to take this decision, 14 hour days have become the norm, and 10 of those 14 are spent answering emails about matters that pertain generally to the industry and not about this club. As many of you know, I love to communicate with you, but I must set priorities for my time in all of our best interests.
James F King and Team
Thursday March 21st, 2002 - Dear Members:
Tonite we close the membership as promised. We now have 453 new members and there are still more members to be confirmed as soon as their loans arrive. We just might reach our target of 500 new members. We were very successful in raising more funds than we had expected to. This is great, as it allows us to enter funds into good solid programs that we have access to.
To be clear here, tonite is the last chance for a new member to sign up, complete and submit their MIS and PLA and send their loans in. Tomorrow we will delete all guest member accounts who do not have both an MIS and a PLA registered with us. All those who have completed an MIS and a PLA and have sent funds in will be OK. We will allow enough time for all the funds to arrive. The marketplace has been short of e-gold, making it difficult for some of you to get your e-gold accounts funded in order to make your loan by today. That's OK, as long as your PLA is in and your funds come sometime soon.
We will have the online account programming finished in a week or so, so that you will be able to see the details of who you referred.
We are behind in emails 2-3 days, and expect to catch up fairly quickly, as the dust is starting to settle around here.
You may want to visit the links page, as I have re-organized it, and have been adding a new link or two every day. If you have some good links relating to the interests of the club, please pass them on to us, altho it may be a while before we can reply to those emails.
I will probably have another update out soon to cover details I have not thought of here and now. It is late and I am tired.
Happy Spring Equinox to you all.
James F King and Team
https://www.mmfreedomclub.com
Thursday March 7th, 2002 - Dear Members:
We are behind on email, some as far back as Monday. I haven't had much time myself to answer emails in the last couple days. I plan to devote the whole day tomorrow and Saturday to email and expect to be caught up by Sunday. I must say here, that about a third of the emails are asking questions that are clearly answered on the site.
Best,
James
Wednesday March 6th, 2002 - Dear Members:
1) Membership count so far.
2) Memberhip will close permanently.
3) Spam and forum posting.
4) Why do we ask for personal information, such as passport information?
5) Other security information.
6) Why can't we see the Prvate Loan Agreement before we fill out the MIS?
7) ACT NOW as there is not much time left.
1) ______________________________________________
Membership count so far.
417 signed up as new guest members.
2) ______________________________________________
Memberhip will close permanently.
As you can see we have had a tremendous response to our new membership opportunity. At this point, we doubt that we will have to keep the membership opportunity open until March the 21st. Considering the hundreds of emails and telephone calls we have received, we are concerned that those who are still undecided will miss this opportunity. The target of 500 or the cutoff of March 21st is FIRM AND Not NEGOTIABLE. Let us emphasize here, that WE WILL NEVER OPEN THE CLUB AGAIN as we will never need to. So this is the last time you will have this opportunity to invite your family and personal friends into MMFC. Mailing lists created using acceptable protocol, for gathering members for that list, are the ONLY acceptable method on the net to obtain referrals. If you do not already have that set up, then please stick to inviting personal friends and family by telephone. This is a solid opportunity second to none that you will find on the internet.
3) ______________________________________________
Spam and forum posting.
We have a lot of emails we have not replied to yet, that relate specifically to reporting members spamming the opportunity to join MMFC, as well as postings made in forums. While we are not acknowledging the emails reporting spam, you can be assured we are acting upon them.
First of all, we are quite safe regardless of the spam and the forum postings. If you see us posted anywhere, at anytime, please inform us. Notice that the website front door remains firmly closed and is password covered. The only way in, is thru a personalized link from someone who considers you to be family or a personal friend. We have protected ourselves by our declarations, our NCND, MIS, and PLA.
After March 21st, when the dust settles here, we will then take the time to investigate the records thoroughly and make the proper adjustments. Any members with posts in forums will definitely lose credit for their referrals. Any members who do not take down their posts, will be thrown out of the club. There are arguments that some forums are private or are inside private clubs. That does not matter. Mailing lists created using acceptable protocol, for gathering members for that list, are the only acceptable method on the net to obtain referrals. If you do not already have that set up, then please stick to inviting personal friends and family by telephone.
We thought it was simple ... family and personal friends. Some members have clearly abused that, most haven't, and there are some members in the grey area where we have to investigate and make a decision. That will take time, and will have to happen after March 21st. We will not delete a membership or take away any referrals without a dialogue with that member first, unless they refuse to communicate.
4) ______________________________________________
Why do we ask for personal information, such as passport information?
One of the basic tenets that this club was founded upon is the promotion of individual freedom. Upon that freedom would rest our increased ability to make a positive difference in our communities and the world around us. Whether we like it or not, a significant part of our freedom is based on our financial capability.
When Soma Corporation is approached to accept loans from lenders, it is a fundamental responsibility to ensure as much as is reasonable and possible that the funds being offered are of legal origin, and that interest earned from these loans will not be used for illegal purposes. That is why all lenders without exception are required to make a declaration regarding the funds being offered and the uses of the proceeds.
While Soma Corporation is doing everything that is prudent to the best of its ability to ensure that funds are of legal origin, it does not prevent the unscrupulous few from perjuring themselves and misrepresenting their facts, such as false information about themselves on our documents. We are doing everything we can to ensure that we are dealing with real people whose money is of legal origin. In the event that misrepresentation occurs and these individuals come to either our attention or the attention of the authorities in their respective countries, and Soma Corporation is asked to cooperate, it will do so without violating all the legal protections (available to both itself and the vast majority of honest lenders). We are free to decide whether we will provide a safe haven for the unscrupulous and the dishonest, and the answer is we will not.
We promote freedom, not illegality. There is an important and fundamental distinction between the two. Anyone who confuses the two does a disservice to freedom, by dragging it into the gutter, and elevates dishonesty to the highest realm we are striving to maintain, namely, freedom.
So when we ask for an acceptable form of identification such as a passport number, we are not invading your privacy, we are trying to protect it from the problems caused by the unscrupulous few. We have made every attempt to admonish you to comply with the laws of your respective jurisdictions. We have never given any member any indication of any tax savings or avoidance through membership in this club.
We will be contacting those of you whose information is missing or inappropriate to make the appropriate adjustments.
5) ______________________________________________
Other security information.
- MMFC and SC are legal Corporations registered in Panama.
- MMFC and SC are not located in the continental United States, nor its territories or its protectorates.
- We are not US citizens, nor do we have any US bank accounts or US based assets.
- MMFC is a private club with a password protected SSL https site.
- We do not imply any tax saving or avoidance through a member's participation with MMFC and SC.
- We admonish all members to operate in compliance with the laws of their jurisdiction.
6) ______________________________________________
Why can't we see the Prvate Loan Agreement before we fill out the MIS?
This was an oversight on our part. A few members have pointed that out to us and we will change that ASAP, hopefully tomorrow.
7) ______________________________________________
ACT NOW as there is not much time left.
You may not want to be one of those who will be refused membership because you were not in time. When we are closed , we will be FIRMLY CLOSED, NO EXCEPTIONS.
For Freedom and Nature,
James F King and Team
Friday March 1st, 2002 - Dear Members:
1) We are now flooded with email to reply to. Some emails may not get answered for up to 48 hours and in some cases 72. The dust will settle soon and we will be able to answer more promptly. In the meantime, we appreciate your patience.
2) We have "would be" members trying to get in without using a personal referral link. We just tell them membership is closed. THE ONLY WAY IN is by using a present member's personal referral link. The front door is firmly closed. :) Also, we do not answer questions from non-members until they have at least reached the stage of guest member, that is, they have agreed to the NCND and have their login and password.
3) There is some spamming happening out there. Be assured that no spammer will be credited with referrals. Also, a big thank you to all those who are reporting the spam. We are dealing with them as quickly as we can. However, your emails reporting the spam may not get answered until later after we have dealt with other priority email first.
4) March 21st, 2002 is the cutoff for new members, not for new loans. Loans can be made to the new system at any time, before or after March 21st, as long as you are a full member (which you are if you are reading this on the News page).
5) Many bank wire transfers have arrived. We will get around to confirming them after we catch up to emails, which we expect to happen over the next 2-3 days.
Best,
James
Tuesday February 26th, 2002 - Dear Members:
1) We had several requests for how you can refer new members, so we put this together to help you. There are two emails that need to be sent out ...
1st email to your family and personal friends ...
______________________
Dear .....
I am passing on some information here that I think may interest you.
I am a member of a solid 2 year old successful private club. This club has about 5,000 members and its membership has been closed since May 31, 2001. It is now open to 500 new members or until March 21, 2002, whichever comes first. Lifetime membership fee is $50. Minimum loan is $2,000 US. Unlimited maximum.
- They have never missed a single payout.
- They answer all emails usually within 24 hours.
- Members loaning $5,000 and up, can telephone and/or visit them.
- They are well connected and their due diligence is thorough and professional.
- They empower positive change in the world.
Highlights are ...
- Loan interest rates range from 20% to 36% per month.
- 12 monthly payments, or Rollover bonus option. Principal returned.
- Referral fees are equal to 5% of all payouts made.
This is a solid private club with a great reputation and I highly recommend them. If you are interested in joining as a new member, please reply to this email and I will send you the link to join.
Regards,
(your name)
______________________________________________
2nd follow-up email to those who replied to the first email you sent them ...
____________________
Dear .....
The club is Money Matters Freedom Club and your link to join is ...
https://www.mmfreedomclub.com/pre-join.php?ref=(put_in_your_member_ID_here)
Please read their site thoroughly before emailing them with questions.
Regards,
(your name)
_____________________________________________
Please note in the link above that you need to put your member ID in place of (put_in_your_member_ID_here). Of course you can modify the above to what suits you. Please realize tho, that the first email should not be a solicitation. That's why the 2 emails.
2) New members can only join by making a minimum loan of $2,000 and paying their $50 membership fee. NO EXCEPTIONS. Present members still have access to the old system for now. We do encourage them to move into the new system as soon as possible. We want members to become financially independent, and we don't see how they can do that with loans under $2,000.
3) Each loan stands on its own. For example ... today you make an $8,000 loan at 22% and 11 weeks from now you want to add another $17,000 to make a $25,000 loan to get the higher return rate of 27%. That is not possible at this time. You would have 2 loans, one at $8,000 at the 22% return, and the other $17,000 loan at 24%.
4) The loan term is 12 months, and, we need 2 months to get the money working and making profit. That is a very important part of making our loan principal safe and secure. That means that your 12 month term starts exactly 60 days after we have received your loan. If you choose the monthly payment option, then you will then get your first monthly payment 30 days later. So ... this means that you will get your first payment 90 days from the day we received your loan. Most importantly, it also means that the payment you get, is indeed money earned on your principal.
5) We highly recommend the rollover option. Simply put, choosing the rollover option means that you will receive an additional 50% over and above the monthly payout profit. For example ... the interest paid on an $8,000 loan is 22% per month if paid monthly. If rolled over and left for a year, it would be the equivalent of 33% permonth.
Best,
James F King and Team
Monday February 25th, 2002 - Dear Members:
We are proud to announce that MMFC has a new loan system in place on the website. Just login and all the details are there.
Highlights are ...
- Interest rates on NEW LOANS range from 20% to 36% per month - minimum loan $2,000 US
- 12 month term, 2 payout options - 12 Monthly payments, or Rollover option with bonus, principal returned at end.
- Open to 500 new members or until March 21, 2002, whichever comes first - PERSONAL FRIENDS AND FAMILY ONLY
- Referral fees are 5% of all payouts made.
- Old loans have an upgrade option.
For 2 years now ...
- We have never missed a single payout.
- We answer all emails usually within 24 hours.
- Members with loans of $5,000 and up, have access to us by telephone.
- Many members have visited us in person, and we visit members as well.
- We are well connected and our due diligence is thorough and professional.
- We empower positive change in the world.
To keep the volume of email at a manageable level, please read the site thoroughly before emailing us with questions.
For Freedom and Nature,
James F King and Team
View Latest News
Copyright © 2000-2003 ----- Soma Corporation ----- All Rights Reserved.
[
Next Thread |
Previous Thread |
Next Message |
Previous Message
]
| |
Feedback: 