| Subject: Re: Why No Updates from MMFC??? |
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Date Posted: 11:51:14 05/13/05 Fri
In reply to:
's message, "Re: Why No Updates from MMFC???" on 11:46:30 05/13/05 Fri
March 23, 2003 - Dear Members:
We have completed the programming to reflect the temporary lowering of interest rates.
IMPORTANT - As a result of the change, all previously setup reloans are now incorrect, and so we have cancelled them. For those of you still wishing to reloan - go the the View Loans page and choose the link in the 'Re Loan' column, following instructions from there. Your new loan (reloan) will continue immediately after the first one without loss of time, meaning no interruption to your monthly interest credits. We apologize for this inconvenience and appreciate your understanding.
IMPORTANT - Please note that there is a new clause added to the Private Loan Agreement form relating to future reloans. This will apply to all new PLAs, including reloans. You can choose the "Make Loan" link to view the new PLA.
The response to our March 20th announcement has been supportive to our efforts to handle the situation proactively as soon as possible.
Regards,
James
March 20, 2003 - Important Announcement
Dear Members:
1) Temporary lowering of interest rates.
2) Maintaining necessary capital to work with.
3) Delays, underperformance and/or non-performance.
4) Payments now made to FCA accounts.
5) Resuming regular interest payout rates.
6) How you can help.
7) Our resolve.
8) Best efforts.
9) New loans just sent in.
10) Account access.
11) Communications.
1) Temporary lowering of interest rates.
- As a temporary measure, we are lowering interest rates to 0.5% per month for all member accounts, effective as of March 14, 2003. We must do this, because we do not have enough liquid funds on hand to make payments due. Due to delays on returns and fluctuating returns on our investments we are not able to satisfy our current payout obligations. We need time to shift funds from underperforming and non-performing investments. Lowering regular payout rates temporarily, for a period of time, will enable us to do that. Another major concern is that over a period of 8 weeks starting at the end of April, more than 1000 member loans are set for payout. This means that 1000 sets of loan principal have to be repaid. This is a private club operated for its members; it is not a large financial institution. The simultaneous repayment of 1000 member loans will have considerable impact on our continued viability.
2) Maintaining necessary capital to work with.
- The club needs a certain amount of capital to work with, and that needs to increase, not decrease. On that note, to maintain the capital we need to work with, in the best interests of all members, those who have an active loan in the club, please reloan at least the minimum loan. If you do this now, before the end of your loan term, we will set it so that your reloan will continue as a new loan, without loss of time. This means that your monthly interest credits will continue un-interrupted.
- The process for us to withdraw funds from the club's investments to pay back principal, as well as to reinvest capital, takes time and can also be a bit complicated according to the liquidity of the various investments and their entry and exit requirements. This, we would like to avoid as much as possible, and I am saying this here for those of you who were planning to withdraw your loans.
3) Delays, underperformance and/or non-performance.
- We have experienced numerous delays, underperformance and/or non-performance, on a large portion of our club investments. We are able to, and may do better by shifting our focus to other areas of our investment portfolio. However, if any member actually knows FOR A FACT of any high quality trade programs that are performing up to the 5M level, please contact us right away. We are not interested in vague information or referrals that will waste our time. The following criteria must apply ...
1) We maintain control of the funds (funds may be moved if necessary).
2) We deal principal to principal (no broker chains).
3) Currently operating with proven performance.
4) No time delays to participate.
5) Reasonable rates of return.
If you know of an opportunity that meets the above criteria please send an email to me at james@mmfreedomclub.com with a brief program outline and the contact details of the principal(s) or their DIRECT representative. Include your name and membership number. An intermediary fee will be paid to those members who have made a recommendation that we have successfully acted upon. Again, I cannot stress enough, no vague information or referrals please ... only hard provable facts.
4) Payments now made to FCA accounts.
- All 0.5% payments will be paid to you on your interest due dates into your FCA accounts online. To view your FCA account and its options, choose the "FCA" link from the main menu. When we resume normal interest payouts, we will pay out again, by the same method you were using up to now, unless you choose to login and change your payout instructions in the meantime.
5) Resuming regular interest payout rates.
- At this point, we are hesitant to state when we will be able to resume the regular posted payout rates. We will have a more accurate assessment of schedule once we have funds shifted and working, and also when we get a better grasp on the reloan situation. We will send out biweekly updates and report as accurately as we can.
6) How you can help.
- You can help by being patient and giving us the time we need to make this transition period work well for us all. Before asking us, please read everything thoroughly and try to answer any questions you may have from the information we have already provided in our updates, as well as the information on the website. Un-necessary emails and phone calls take up far too much of our time. We need to focus as fully as possible right now on our club's investments and their profitability.
7) Our resolve.
- Most of you have experienced some loss in the many programs on the Internet, and many of you are counting on us to help you recover from those losses. We stand by our integrity and resolve and ask you to be patient and continue to support us during this transition period. We have been thru setbacks before and bounced back in a timely manner. We have learned a great deal in the last 3 years, and the experience and contacts we have gained, gives us much confidence for attaining our club's goals. Each setback we have incurred has resulted in us growing stronger, and we do not expect it to be any different this time either.
8) Best efforts.
- Some of you have counted heavily on your monthly interest payments, perhaps too much so. This is a private club, whose mission is to contribute to its members' financial independence, through long-term investment. It was not designed to be counted on to provide salary or survival money for members. This is a field, where when the returns are high, risk is always involved, and it is not unusual to have some bumps along the way. Remember, your private loan agreement is based on a best efforts basis only.
9) New loans just sent in.
- For those of you that have recently completed new loan agreements, please realize that you have signed up for best efforts. Having said that, it may be that by the time the 90 days to your first payment have gone by, the rates will be back up. For those of you getting close to your first payment, and it is 0.5% instead of what you were expecting, we ask for your understanding, support, and patience. Remember best efforts also mean our best efforts on your behalf.
10) Account access.
- To implement the changes outlined in this update, we need to temporarily suspend account access. We will complete the site programming changes as soon as possible, probably within 24 hours (by 8pm ET, March 21st). An email notification will be sent to you when the site programming changes are complete. You will then be able to login to your account as usual and this update will be available to you on the News page.
11) Communications.
- We will send out updates biweekly while we are in this transition period. Even right now, as this update is going out to you, I am 5 days behind on emails. It is very important right now, that I put all my focus into our club's investment activity, and so as a temporary measure, I won't be directly answering phone calls, however, I will check my voice mail and respond to those that I feel are a priority. Please be patient. I thank you for that.
Sincerely,
James
March 14, 2003 - Dear Members:
Your present loan (if you have made one) can be continued with MMFC beyond the end of its term, if you so choose, by setting up a reloan. Here we clarify how and when to do reloans, and also how to add funds to the reloan.
You can setup a reloan, which becomes a new loan, when your original loan term ends, via the link in the Re Loan column on your View Loans page. Clicking that link will take you to a page with further instructions for setting up the reloan.
After following the on site instructions to setup a reloan, that reloan will automatically activate when your current loan term ends. If the reloan is setup at least 60 days prior to the end of the original loan term, you will not "lose time", meaning that there will be no interruption of your monthly interest credits relating to that loan.
To add funds to the new loan (increase the size of the loan) without "losing time", the additional funds must be in your Freedom Cash Account (FCA) at least 60 days prior to the end of the current loan term. Every day less than 60 prior will push the scheduled payout date(s) on the new loan further away by a day.
You do the actual funds adding, once the new loan has been activated, which is when the current loan term has ended. As long as the funds being added were in your FCA for at least 60 days you will not "lose time" by adding them to the principal of the new loan. For every day less than 60, it will push away the scheduled payout date(s) by a day on the loan being added to.
Your reloan becomes a new loan with a new PLA ID number and will be visible on the View Loans page once it has activated.
Best,
James
February 14, 2003 - Dear Members:
Greetings from our new office here in Panama.
We now have ADSL which allows phonecalls while we are on the Internet. I have not been able to pick up any messages, however, as the phone is not working properly. The programming is in Spanish and I goofed somewhere in the setup. I will replace it soon. Dealing with these things can be tedious, as the last two times at the phone company here, I was there for 3 plus hours.
Email volume has increased considerably. Please, only email us regarding issues specifically related to your account. I am here to make money for us all, and really have very little time for anything else. I will in turn, make more of an effort with general updates such as this.
The most questions I am asked lately, are about the war on Iraq, and how will that effect the club. If the war is "contained" to Iraq, I doubt that it will effect us at all. If it gets out of hand, then maybe the flow of money and e-currencies will be slowed down or stopped. Otherwise your guess is as good as mine. I do want to make one thing clear... we are not invested in the military industry.
Some of you are concerned that the USD may crash dramatically. I hear that a whole lot more new USD money has been printed, as an off-budget way to finance the military effort. If so, then we will all pay for that eventually, as this devaluates the value of the dollar greatly. The rates of return that we achieve on our USD investments, I expect to always keep us ahead of any drop in the value of the USD, which I think will continue to drop, but will never completely crash overnite.
Regarding best efforts. We are doing well enough, maintaining our present payout rates, and building our reserve is a priority, so that we are well buffered for whatever may come. So please be patient on that front for a few more months.
Many of you are asking what is Panama like? Well, I've had little time to explore yet, however, the city is growing on me and I am happy to be here. The people are warm and friendly and most everything you would ever want, can be found here. Unemployment is very high, and the economy is suffering, just like everywhere else.
Happy Valentine's Day to you all! "Love is that flame that once kindled burns everything, and only the mystery and the journey remain." - Mevlana Jalaluddin Rumi
For Freedom and Nature,
James F King and Team
January 24, 2003 - Dear Members:
Greetings from Panama.
This week I finally signed a contract to rent our new office space. Next week, after they finish cleaning and renovating, I will have the keys and be able to move in. We will still need to set up electricity, telephone, gas, and Internet. That, I am told, should not take any longer than a week. The space is unfurnished, and there is no equipment, so we will need to take care of that as well.
The physical address is ...
Edificio Aurora, Apto 2-B
Cangrejo, Panama City
Republic de Panama
The mailing Address is ...
Suite 8003, APDO 87-4677
Panama 7, Republic de Panama
I am pleased with the space and its location. Panama and its people are growing on me. :) After about 3 weeks, we should be completely setup and open for MMFC members to visit.
The new server is now setup and working. Altho all the testing is not finished, we do expect to have MMFC running on it by early next week. What a battle that has been! The server is not located at our office, it is in one of the data centers at the City of Knowledge, at Fort Clayton, where the US military abandoned the complex in 1999, giving control of the Panama Canal back to Panama. The facilities are a high tech dream and super secure. All the major fibre optic global crossings meet there. If the regular electrical grid goes down, there is enough battery power backup there to sustain operation of their servers, a whole 3 days without electricity. In my mind, Panama is the premier place to be webhosted offshore. To that end, should any of you want to setup a website with a reliable webhost here in Panama, just email us (and we will put you in touch with them).
Once we have the office running, that is the telephone and Internet are hooked up, we will then be able to obtain the certificate we need to stop the annoying security alert popup. Again, the website is secure now.
We get several requests about best efforts bonuses and when will we pay them. This will take some time and you really should not be counting on them. It took us far longer to get one particular larger investment placed and working than we anticipated, and it is with a different entity than we originally contracted with, and the returns are lower. Over the many months, our other investments have had to carry the burden of the expense and obligations relating to that principal. This has also slowed us up in attaining our goal of a reserve large enough to cover all of the principal loaned by members. To be frank, we do not expect to be able to produce best efforts until sometime this summer. We feel that the rates we are paying now are very good, given the present post 9-11, USA PATRIOT Act climate, which will not get any better probably for a long time to come. As such, I am proud of our accomplishments to date.
NO MORE PAYOUTS BY CHEQUE. We still have some members who have not updated their payout instructions to something other than cheque. We cannot send them payouts until they provide new payout instructions.
We have added notes to both the "Withdraw" and "Payout Instructions" confirmation pages in an attempt to avoid further confusion about the two different kinds of instructions.
For Freedom and Nature,
James F King and Team
January 11, 2003 - Dear Members:
Our server arrived here in Panama damaged (during transit) and we have been scrambling to source the replacement parts needed and get them here in one piece. We expect to have that working before next weekend. The process of setting up the new office is challenging and slower than I expected. We do have the location and expect to be able to announce it's opening before the end of January. It may take a bit longer to get the new secure site certificate in place. Again, please realize that the site is secure now, regardless of whether we have the new certficate or not.
I am behind a few days on emails and expect to be caught up over the next couple of days.
Hackers are getting more and more sophisticated. A couple of our members have had their e-gold accounts robbed. For preventative measures, I include here some advice about the security of your PC.
I highly recommend that you use Steve Gibson's "Test My Shields" at https://grc.com/x/ne.dll?bh0bkyd2 which will show you your PC security leaks. http://www.anonymizer.com/ has a good "Snoop Test" and more. You can also go to http://scan.sygatetech.com/ and http://privacy.net/analyze to learn more.
You must keep your operating system, internet browser, email, office programs, chat, messenger programs always up to date with the latest patches.
You must use a top rated, always up to date, anti-virus program. Norton Antivirus from http://www.symantec.com/ is just about always rated as the best.
You must use a firewall. We highly recommend ZoneAlarm from http://www.zonelabs.com/. You must take the time to learn this program well. The tutorial is excellent for that, and does not take much time.
You can download The Cleaner from http://www.moosoft.com/. It detects Trojans on your system that are capable of "sending out" any vital information from your computer, such as logins and passwords, to others over the Net. http://www.anti-trojan.net/ is a good one as well.
You may want to add a hardware firewall.
Even with all the above done well, there is no guarantee that your computer will not be compromised.
Public computers are very dangerous to use to login to your accounts from, and are best avoided for that purpose, unless you are a computer expert and know how to do it safely.
Please do not ask us for any further information on this subject.
For Freedom and Nature,
James F King and Team
November 15, 2002 - Dear Members:
Tomorrow I leave for Miami to attend the "1st Due Diligence & Asset Recovery Symposium" on Monday. Details of the conference can be found at http://www.offshorealert.com/ I will have some time available on Sunday for any MMFC members who may be in the area and wish to meet me. Please contact me via the message center for an appointment.
For Freedom and Nature,
James F King and Team
November 7, 2002 - Dear Members:
I am pleased to announce that yesterday I was contacted by the Asset Manager, with whom I have a signed contract for a 2M investment, requesting 2 documents. After sending the documents, in a telephone coversation, I was informed that this 2M private placement is finally approved, and first payment will occur by the end of this month of November!
This is the one that we wanted, the one that will allow us to start adding best efforts to payments, if the contract is honoured as we expect it will be. Please note however, that we need to increase our reserve and we will not start best efforts payments until January or February. The security and viability of MMFC must be looked after first.
The "Offshore Opportunities 2002 Conference" put on by the Sovereign Society and International Living, that I attended a couple weeks ago in Panama, was a good one. I made some excellent contacts and learned some things that will contribute to our success.
For Freedom and Nature,
James F King and Team
October 4, 2002 - Dear Members:
We have updated the programming for the reloan process (setting up some or all of an existing loan's principal and/or interest to carry on for a followup loan term after the end of the current one). On the View Loans page, for each PLA, the last column titled "Re Loan" has a link labelled either "Yes" (for PLAs that you have setup to reloan) or "No" (for PLAs you haven't setup to reloan). To setup a reloan, click the "No" link on the row of the PLA you want to setup a reloan for and follow the instructions from there. Reloans can be setup at anytime prior to the end of the current PLA loan term.
IMPORTANT - For those of you who had previously requested to reloan, you will need to login and complete the new process as we do not have complete information from your previous request. Sorry for the inconvenience, now that the complete programming is in place this will not happen again.
We have also added the ability to add funds to your existing loan(s) via your Freedom Cash Account. Only PLAs that have not yet received any payments are eligible to be added to and doing so will reset the scheduled payout dates to be based upon the date the new funds are added. More details are on your FCA page. Once there, click the "Loan" link and then choose the "Add to Existing PLA" option from the drop down menu.
We are happy to see many members using our secure online message system. For those of you who have not used it yet, the next time you want to send us a message you can do so securely via the "Messages" link on the main menu of your online account with us. When we reply, an email notification will be sent to the primary email address registered in your profile with us telling you that there is a message waiting for you in the message center. When you go into your account and go to the "Messages" page, our secure message to you will be there for you to read and reply to or delete.
We are still not able to schedule exactly when we can start to apply best efforts. Next week I expect more solid news on that and will let you know.
There are many irons in the fire that require a great deal of my attention right now, so I have gotten behind a few days with email. I expect to be caught up with it by Monday.
For Freedom and Nature,
James F King and Team
September 29, 2002 - Dear Members:
The website was down temporarily. We just went thru a server upgrade, so a glitch or two is not uncommon, and usually quickly solved.
I had expected to get a regular update out to you by now, however I will til Monday or Tuesday. We are still working on some programming that I would like to finish first.
All payments have been made for September.
For Freedom and Nature,
James F King and Team
September 23, 2002 - Dear Members:
In the last two days, there have been some glitches at our MMFC website. If you encountered a security alert pop up, it was a default one, put in place only for the duration of an upgrade to our server by our webhost. There was no breach in security, as some of you had suspected.
I will be sending out a full update to you all by the end of this week. We have been very busy on many fronts, all adding to our success for the longrun.
For Freedom and Nature,
James F King and Team
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