IMPORTANT: The information provided below is not to be considered a solicitation of any kind in any way. This information is not applicable or available to any party coming in contact with this information (whether inadvertently or intentionally) who is not a sophisticated or accredited investor. By continuing to read the information below, you affirm that you are a financially sophisticated or accredited investor. Further information regarding this historical asset opportunity will be provided only in direct response to a request for that information from yourself or through your duly appointed liaison/representative.
OLDHistorical Asset Purchase Update-3
Review our Complete Historical Asset Sale FAQs
Review our Complete Historical Asset Sale FAQs
Update - March 10, 2021
Over the past few days, SRM has received additional information and understanding related to the current status of the Historical Asset Sale and Purchase opportunity underway right now. This Update-3 represents our best effort to summarize the current status of this opportunity.
A new Phase-4 package collection period has not been announced, but it appears that the Phase-3 package collection period (expected to close at the end of February) has been "unofficially" extended for an unspecified amount of time.
Buyer Interest
At the present time, Buyer's predominant purchase interest has been on:
U.S. Historical Assets
Interest in U.S. Historical assets seems (to us) to have faded and, beyond the Buyers' previously mentioned interest in the $10,000 U.S. Treasury Bond, 10 1/8% of 1994, we have been unable to obtain clarification regarding purchase interest in any other U.S. Historical assets, including such items like TOV, FRN boxes, etc. It is our sense that this information is not forthcoming due to massive quantities of 1924 German bonds and Super Petchilis that have become available to the Buyers. There may be interest in purchasing large quantities of U.S. asset boxes, but SRM has been unable to confirm that interest at this point in time.
Purchase Phase Status
Since all TTM's are scheduled in the geographical locations where the major sellers have their bonds (with smaller asset packages being clustered around these major purchase points) there have been delays in scheduling TTMs. Based on SRM's best understanding, these delays are due to three primary reasons: (1) Buyer completion of deep due diligence on the selling bond owners so there is bank clearance for distribution of sale proceeds to sellers and their intermediaries, (2) issuance of contracts and (3) Covid-related restrictions/delays. Contracting and closing schedules have been impacted by these issues and are proceeding at a much slower pace than originally expected. Accordingly, the information presented in Update-2 for Phase-2 and Phase-3 package collection periods is now amended to read as follows:
Some sellers who participated in the Phase-1 package collection period were able to successfully execute a "test" sale strategy for a smaller number of bonds and then follow-up, during Phase-2, with submissions of much larger quantities of bonds. SRM believes that it is very risky for a bond owner to attempt to execute this type of sale strategy at this time. Since another package collection period is "highly unlikely," SRM is counseling new Phase-3 sellers (1) to make sure they include the serial numbers for at least 1,000 bonds and (2) to make sure they include the serial numbers for "all" the bonds they really want to sell in their original submission package.
Processing Activities
Relative to the packages that were received during Phase 2 and that are continuing to come in during Phase3, the following list represents SRM's best understanding of the Processing Activities that will occur:
Commissions
The total commission being paid by the Buyers is 10%. Rather than the normal division of the total commission into 50% for the buy-side parties and 50% to the sell-side parties, the entire 10% commission will be split equally between all buy-and sell-side parties. There are 5 parties expected on the trade-group buy-side plus an unknown number of banker/buyer representatives that will be included. At the appropriate time, each intermediary will be asked to submit a designated CIS document that includes the paymaster to which their portion of the commission will be delivered by the Buyer's paymaster.
Payment process for Intermediaries
The prime paymaster will make one payment to the seller and one to a paymaster representing all intermediaries. Each intermediary will be required to establish an account with the intermediary paymaster and then arrange for any further distribution of payments directly with that paymaster. The U.S. attorney and Federal Paymaster that has been chosen to distribute intermediary commissions is located in Florida and has U.S. Homeland Security clearance for making distributions anywhere in the world. SRM will be providing its client-side intermediaries with the documents needed to create their paymaster account.
Over the past few days, SRM has received additional information and understanding related to the current status of the Historical Asset Sale and Purchase opportunity underway right now. This Update-3 represents our best effort to summarize the current status of this opportunity.
A new Phase-4 package collection period has not been announced, but it appears that the Phase-3 package collection period (expected to close at the end of February) has been "unofficially" extended for an unspecified amount of time.
Buyer Interest
At the present time, Buyer's predominant purchase interest has been on:
- 1924 German External Loan (Dawes) bonds $1000
- Chinese Super Petchili bonds
- Yottalillian Zimbabwe currency
U.S. Historical Assets
Interest in U.S. Historical assets seems (to us) to have faded and, beyond the Buyers' previously mentioned interest in the $10,000 U.S. Treasury Bond, 10 1/8% of 1994, we have been unable to obtain clarification regarding purchase interest in any other U.S. Historical assets, including such items like TOV, FRN boxes, etc. It is our sense that this information is not forthcoming due to massive quantities of 1924 German bonds and Super Petchilis that have become available to the Buyers. There may be interest in purchasing large quantities of U.S. asset boxes, but SRM has been unable to confirm that interest at this point in time.
Purchase Phase Status
Since all TTM's are scheduled in the geographical locations where the major sellers have their bonds (with smaller asset packages being clustered around these major purchase points) there have been delays in scheduling TTMs. Based on SRM's best understanding, these delays are due to three primary reasons: (1) Buyer completion of deep due diligence on the selling bond owners so there is bank clearance for distribution of sale proceeds to sellers and their intermediaries, (2) issuance of contracts and (3) Covid-related restrictions/delays. Contracting and closing schedules have been impacted by these issues and are proceeding at a much slower pace than originally expected. Accordingly, the information presented in Update-2 for Phase-2 and Phase-3 package collection periods is now amended to read as follows:
- Phase-2 started in November 2020 and ended at the end of December. Processing Activities began in January 2021 and are on-going. Contracts should start coming as soon as the heavy due diligence activities have been completed. No timing projections are available right now. After contract execution of the "super-sized" packages, TableTop meetings will be scheduled. Covid-related disruptions have been increasingly delaying TTM scheduling/travel. The only bonds previously selected for purchase in Phase-2 were 1924 German bonds and Super Petchili bonds.
- Phase-3 started in January 2021 and was expected (not guaranteed) to conclude at the end of February 2021. Phase-3 Processing Activities are expected to begin after Phase-2 processing activities have concluded, with purchase/payment meetings to be scheduled as quickly as possible thereafter. While a new Phase-4 package collection period has not been announced, it appears that the Phase-3 package collection period has been unofficially extended for an unspecified amount of time. As indicated above, currently the only packages being accepted are those that contain serial numbers for 1,000 or more German or Super Petchili bonds.
Some sellers who participated in the Phase-1 package collection period were able to successfully execute a "test" sale strategy for a smaller number of bonds and then follow-up, during Phase-2, with submissions of much larger quantities of bonds. SRM believes that it is very risky for a bond owner to attempt to execute this type of sale strategy at this time. Since another package collection period is "highly unlikely," SRM is counseling new Phase-3 sellers (1) to make sure they include the serial numbers for at least 1,000 bonds and (2) to make sure they include the serial numbers for "all" the bonds they really want to sell in their original submission package.
Processing Activities
Relative to the packages that were received during Phase 2 and that are continuing to come in during Phase3, the following list represents SRM's best understanding of the Processing Activities that will occur:
- Trade Groups review incoming packages to determine which ones are most desirable to foundation Buyers.
- Deep-level due diligence on seller and asset validation is performed on the assets by Buyer’s representatives and Banks.
- Based primarily around mega-sized packaged of bonds that have been made available, pools of packages (including the "smaller" large packages) are created for each geographical location.
- Contracts are issued for the packages chosen for purchase.
- TableTop Meeting dates are scheduled, based upon the logistical closing capabilities of the mega-sized asset owners.
- Purchases and payments are concluded at the TableTop Meetings.
Commissions
The total commission being paid by the Buyers is 10%. Rather than the normal division of the total commission into 50% for the buy-side parties and 50% to the sell-side parties, the entire 10% commission will be split equally between all buy-and sell-side parties. There are 5 parties expected on the trade-group buy-side plus an unknown number of banker/buyer representatives that will be included. At the appropriate time, each intermediary will be asked to submit a designated CIS document that includes the paymaster to which their portion of the commission will be delivered by the Buyer's paymaster.
Payment process for Intermediaries
The prime paymaster will make one payment to the seller and one to a paymaster representing all intermediaries. Each intermediary will be required to establish an account with the intermediary paymaster and then arrange for any further distribution of payments directly with that paymaster. The U.S. attorney and Federal Paymaster that has been chosen to distribute intermediary commissions is located in Florida and has U.S. Homeland Security clearance for making distributions anywhere in the world. SRM will be providing its client-side intermediaries with the documents needed to create their paymaster account.
Note: Details regarding this asset sale opportunity have never been presented to SRM in writing. What you read here on our web page is SRM's best understanding of the information initially relayed to us in phone conversations with the principal of the Tier-1 trade group that is in-taking packages on behalf of the Foundation Buyers. SRM attempts to update this information as we receive new or more clarified information, consequently the above information may be modified at any time. In addition, this purchase opportunity may terminate and be withdrawn from availability without any advance notice.
Request More Information
The above program was available recently. We are continually introduced to a wide variety of programs and the program mentioned above may no longer be available as specified above. Each program has its own structure and requirements. If you have specific questions, then upon your formal request, we will assist you in obtaining this information. Unless you have previously submitted it, use our Request for Information form to submit your formal information request now and we will respond to you promptly.
Request More Information
The above program was available recently. We are continually introduced to a wide variety of programs and the program mentioned above may no longer be available as specified above. Each program has its own structure and requirements. If you have specific questions, then upon your formal request, we will assist you in obtaining this information. Unless you have previously submitted it, use our Request for Information form to submit your formal information request now and we will respond to you promptly.
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