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Archived Information Releases for June 2000 (listed by date of release)

Friday, June 23, 2000: Receiver's Recommendation Report

The Receiver today filed with the Court, its Recommendation Regarding Allocation of the Cash Trust Fund Shortage. In summary, the Receiver has recommended that:

The Shortage of $68.1 million be allocated to all current account holders whose accounts were open at April 23, 1999, other than land trusts, accounts for which Intrust only performed bookkeeping services and never held any assets, and certain limited other accounts.

The Shortage be allocated based on the total asset values in the accounts (including cash, securities and non-cash trust assets) maintained by Intrust as at April 30, 2000, adjusted back to April 14, 2000 for certain cash transactions.

Details of these recommendations are contained in the Receiver's Report. You may access the materials filed with the Court, including the Receiver's Report, by clicking here [Read Documents].

Should you have questions regarding this Report and/or its recommendations, please communicate by email (info@intrust.com) or by fax to Intrust at 708-873-5320. Note that neither the Receiver's staff nor Intrust's staff will be able to respond to telephone enquiries related to this Report.

Wednesday, June 14, 2000: Additional Litigation Filed in Court

To read the document, click on this link [Read Document].

Monday, June 12, 2000: Court Sets Date for Meeting with Interested Parties

To read this Order, click on this link [Read Order].

Monday, June 12, 2000: Court Sets Date for Hearing for Allocation of Cash Trust Fund Shortage

To read this Order, click on this link [Read Order]. To read Exhibit A, click on this link [Read Exhibit A].

Monday, June 12, 2000: Court Increases Amount of Hardship Withdrawals

To read this Order, click on this link [Read Order].

Wednesday, June 7, 2000: Court Grants Motion to Set Up Process for Allocating Cash Shortage

On June 5, the receivership court granted the Receiver's motion to set up a process for allocating the cash trust fund shortage in the accounts at Independent Trust Corporation. Notice of this process will be mailed to account holders by June 14. The Receiver's recommendation for allocating this shortage is due to be filed with the receivership court by June 23. A copy of the recommendation will be posted on this web site. Objections to the recommendation must be filed and served by July 14. A hearing on the recommendation will be held in the receivership court on July 28, 2000, commencing at 11:00 a.m.

A copy of the receivership court's order will be posted to this web site shortly.

Wednesday, June 7, 2000: Court Approves Increase in Hardship Withdrawals

On June 5, the receivership court granted the Receiver's motion to modify the court's May 18 ruling regarding hardship withdrawals from accounts. As a result the $5,000 cap on hardship withdrawal requests has been raised to $25,000 per account per month (except for requests for withdrawals to make Federal and State tax payments). There is no dollar cap on hardship withdrawal requests to make those types of tax payments. In all cases hardship withdrawal requests are still subject to the percentage and other limitations set forth in Directives 2 and 3. Hardship withdrawal requests in excess of the dollar cap will be heard by the receivership court once a month on a specific date to be determined by the court. If an account holder cannot wait for the regularly-scheduled hearing date for authority to get a withdrawal in excess of the dollar cap, the Receiver may present the request to the receivership court on a non-regularly scheduled date, but only if the account holder agrees to reimburse the Receiver's fees, expenses, and costs in presenting the request.

A copy of the receivership court's order will be posted to this web site shortly.

Monday, June 5, 2000: Civil Litigation Filed in Court

To read the Civil Litigation that was filed in Court on Thursday June 1st, click on this link [Read Document].

Friday, June 2, 2000: Receiver Requests Increase in Hardship Withdrawals

The Receiver has filed a motion requesting that the Court increase the $5000 cap it had previously imposed on hardship withdrawals. The motion was heard on June 1, 2000. Because an attorney for one account holder objected that he did not have sufficient notice of the motion, the Court will entertain additional argument on June 5, 2000 at 10:00 a.m. When the Court rules on the Receiver's motion, that information will be posted to this web site.

Friday, June 2, 2000: Communications to Court

At a hearing on June 1, 2000, Judge Jones noted that he had received a letter from an investment advisor concerning Intrust. Judge Jones requested that the receiver advise all account holders and investment advisors not to send letters to the Court or make other informal contacts. Account holders who wish to address Judge Jones should do so through an attorney or by filing an appearance with the Clerk's office to appear on their own behalf.

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Last modified: November 23, 2005