Definitions
“ACTUAL BENEFICIAL OWNER” refers to the actual beneficial owner of funds invested in the Program. The actual beneficial owner of funds may also be the Investor of Record, or a Sub-Investor, or it may be some other Person whose funds were invested in the name of an Investor of Record or a Sub-Investor.
“ADMINISTRATIVE EXPENSES” refers to the actual, necessary costs and expenses of preserving the Receivership Estate, including wages, salaries, or commissions for services rendered, expense reimbursement, and taxes of any type.
“AFFILIATE” includes, but is not limited to: family members (by blood or marriage), and entities (such as corporations, trusts, partnerships, or limited liability companies, etc.) in which you or your family members were equity owners, officers, directors, trustees, beneficiaries, general partners, members, managers, or otherwise played a significant role or held a significant position.
“ALLOWED CLAIM” refers to the amount of the Claim that the Receiver recommends be paid in accordance with the terms of the Plan of Distribution.
“APPROVED CLAIM” refers to Claims that have been approved by Order of the Court.
“CLAIM” refers to any demand made in writing that is received by the Receiver from any Person that demands payment from Receivership Property. Claims that do not conform to the Proof of Claim format may be considered by the Receiver, in its sole discretion, or as otherwise permitted by the Plan of Distribution, but the Receiver is not obligated to consider such Claims unless it specifically agrees with the Claimant, in writing and prior to the Claims Bar Date, to depart from the Claims Procedure.
“CLAIM DETERMINATION” refers to a document sent to a Claimant at the address specified in the Proof of Claim Form, which sets out the Receiver’s proposed Allowed Claim and classification of the Claim.
“CLAIM NUMBER” refers to the number assigned to a Claim by the Receiver. This Claim Number should be made known to the Claimant utilizing the procedures provided in the Plan of Distribution. In case of conflict, the number stated in the Claim Determination sent to the Claimant by the Receiver shall control.
“CLAIM PACKET” refers to a packet consisting of: a Notice to File Claims, a Proof of Claim Form, a Plan of Distribution, and a copy of the most recent Order approving Summary Procedures for Claim Administration and Plan of Distribution (without exhibits).
“CLAIMANT” refers to a Person who asserts a Claim in this case.
“CLAIMS BAR DATE” refers to a date set by an order of the Court by which all Proofs of Claim must be filed with the Receiver. The Claims Bar Date shall serve as the bar date after which any investor, creditor, party in interest or potential Claimant shall be estopped from forever asserting claims against the Receivership Property.
“CLAIMS PROCEDURE” refers to the procedure authorized by this Court pursuant to the Order approving the Summary Procedures for Claims Administration and Plan of Distribution, as it may be supplemented, amended or modified by this Court.
“COMMISSION PAYMENTS” refer to any “introducing party” fees, commissions, portions of Profit Payments on amounts invested by other IFC Investors, administrative fees, or other payments received apart from any Profit Payments or Principal Returns. Typically, such payments were received by Persons as consideration for introducing other investors to the Program, either directly or indirectly.
“COURT” refers to the United States District Court for the Eastern District of Virginia, Alexandria Division, Judge Gerald Bruce Lee presiding.
“DEFENDANT” refers to a defendant (International Fiduciary Corp., S.A.; Daniel Eric Byer; Malcolm Cameron Boyd Stevenson; or Preston David Pinkett, II) or a relief defendant (Terry Martin; CD2E, Inc.; Winchell Corporation; M&M Technologies; Robert Lowery; or SZE Coast Operating Corp.) in the underlying action, or to any person who may subsequently be named as a defendant in the underlying action.
“DISALLOWED CLAIM” refers to the amount of the Claim that the Receiver recommends not be paid in accordance with the terms of the Plan of Distribution.
“DISTRIBUTION” refers to a payment by the Receiver on a Claim in accordance with the procedures outlined in the Plan of Distribution.
“GROSS AMOUNT INVESTED” refers to the total actual funds invested by a Claimant in any trading program involving International Fiduciary Corp., S.A.
“IFC” refers to International Fiduciary Corp., S.A.
“IFC INVESTOR” refers to a Claimant whose funds were actually invested, directly or indirectly, and with or without the Claimant’s knowledge, in the Program.
“INSUBSTANTIAL MARKETER” refers to a Person who received, directly or indirectly, less than $1,000.00 in compensation or commissions or any other financial benefits in connection with obtaining investor funds ultimately invested in any trading program involving International Fiduciary Corp., S.A., or any other financial venture which is or becomes the subject of this proceeding.
“INVESTOR CLAIM” refers to a Claim for principal invested, directly or indirectly, with a Receivership Entity, or used to pay others who invested, directly or indirectly, with a Receivership Entity. Claims will be based on a calculation of the Net Shortfall Amount for each investor.
“INVESTOR OF RECORD” refers to a Person shown to be an investor in the books and records associated with a trading program involving International Fiduciary Corp., S.A.
“INVESTOR RECEIVER” refers to any judicially appointed or other legally authorized Receiver over the funds of an Investor of Record, Sub-Investor, or Actual Beneficial Owner. Investor Receivers may file Proofs of Claim pursuant to the Plan of Distribution on behalf of any of the above for which they are appointed. Notwithstanding the foregoing, the Receiver may determine to disallow any such claim filed on behalf of anyone other than an Actual Beneficial Owner.
“LATE CLAIM” refers to a Claim submitted in accordance with the Order approving the Summary Procedures for Claims Administration and Plan of Distribution, as such Order may be supplemented, amended or modified by this Court, except that the Claim was received late.
“MARKETER” refers to a Person who received, directly or indirectly, any compensation or commissions or any other financial benefits in connection with obtaining investor funds ultimately invested in any trading program involving International Fiduciary Corp., S.A., or any other financial venture that is or becomes the subject of this proceeding.
“NET SHORTFALL AMOUNT” is the Gross Amount Invested minus the sum of all Principal Returns, Profit Payments and Commission Payments.
“NON-MARKETER” refers to a Person who, neither directly nor indirectly, received any compensation or commissions or any other financial benefits in connection with obtaining investor funds ultimately invested in any trading program involving International Fiduciary Corp., S.A., or any other financial venture which is or becomes the subject of this proceeding, but who himself invested in such program.
“NOTICE OF CLAIM DETERMINATION” refers to a document sent by the Receiver to a Claimant at the address specified on the Proof of Claim, which provides the Claim number assigned by the Receiver and states the Receiver’s proposed treatment of the Claim.
“NOTICE TO FILE CLAIMS” refers to notice authorized and approved by this Court to be utilized to assert a Claim.
“OBJECTION” refers to the form authorized and approved by this Court to be utilized to object to the Receiver’s proposed treatment of a Claim.
“OBJECTOR” refers to a Person who files an Objection and seeks a hearing with respect to that Objection on the official Objection form.
“PERSON” refers to any natural person, corporation, partnership, association, trustee, agent, or other entity of any kind.
“PLAN” or “PLAN OF DISTRIBUTION” refers to the Order approving the Summary Procedures for Claims Administration and Plan of Distribution, as it may be supplemented, amended or modified by this Court.“PRINCIPAL RETURNS” refers to the return of any portion, or all, of the principal amount invested by any Claimant.
“PROFESSIONALS” refers to certain professionals retained by the Receiver.
“PROFIT PAYMENTS” refer to any payments actually or beneficially received by any IFC Investor, Investor of Record, Sub-Investor or Actual Beneficial Owner of funds that constituted (or were purported to constitute) the payment of profits or returns on investment. Profit Payments do not include any Principal Returns or Commission Payments.
“PROGRAM” refers to a fraudulent investment program, purportedly involving “prime bank securities,” involving a corporation known as International Fiduciary Corp., S.A.
“PROOF OF CLAIM” refers to the form authorized and approved by this Court to be utilized to assert a Claim.
“RECEIVER” refers to Roy M. Terry, Jr., Receiver for International Fiduciary Corp., S.A. pursuant to the Order Directing Appointment of Receiver over Defendant International Fiduciary Corp., S.A., as it may be supplemented, amended or modified by this Court, and to any other receiverships established by order of this Court with respect to other Defendant or Defendants in this case.
“RECEIVER’S CLAIM DETERMINATION” refers to a schedule prepared by the Receiver showing for each Claim the proposed allowed amount, the proposed priority classification, and such further explanations and recommendations as are relevant to the Proof of Claim.
“RECEIVER’S WEB-SITE” refers to www.ifcreceivership.com.
“RECEIVERSHIP ENTITY” refers to a Person over whom the Court has appointed the Receiver.
“RECEIVERSHIP ESTATE” refers to Receivership Property that has been or may be collected by the Receiver.
“RECEIVERSHIP PROPERTY” refers to the assets defined as Receivership Property in the Order Directing Appointment of Receiver over Defendant International Fiduciary Corp., S.A., as it may be supplemented, amended or modified by this Court, and any other assets obtained by the Receiver as the result of any other or further order of the Court with respect to any other Defendant or Defendants in this case.
“SEC” refers to the United States Securities and Exchange Commission.
“SUB-INVESTOR” refers to a Person whose funds were invested in the Program by an Investor of Record. A Sub-Investor is not necessarily the Actual Beneficial Owner of the funds invested.
“SUBSTANTIAL MARKETER” refers to a Person who received, directly or indirectly, more than $1,000.00 in compensation or commissions or any other financial benefits in connection with obtaining investor funds ultimately invested in any trading program involving International Fiduciary Corp., S.A., or any other financial venture which is or becomes the subject of this proceeding.
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