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-2
Review our Complete Historical Asset Sale FAQs
Review our Complete Historical Asset Sale FAQs
Update - February 15, 2021
Yesterday, SRM was party to a telephone conference with the attorney who is a principal of one of the large European trade groups that are facilitating the historical purchase activity for multiple trillion-dollar foundations who are functioning as the “private Buyers” on behalf of various governments. This Update-2 is a summary of what was learned on this conference call.
The remaining time available during which asset packages will be accepted seems to be rapidly drawing to a close--and may not even extend until the end of February as originally intended. This is due to the Buyers recent receipt of several "super-sized" packages of the most highly targeted assets. Consequently, the possibility of a Phase-4 package collection period is now even more remote than it was when we issued Update-1 just 2 weeks ago.
Buyer Interest
At the present time, Buyer's purchase interest is definitely focused 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's 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 is unable to specifically 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 some of the TTMs. Based on SRM's best understanding, these delays are due to two primary reasons: (1) Covid-19 travel difficulties and (2) the logistical delays caused by some of the super-sized bond package sellers who need to reposition their assets to more conducive TTM locations. Contracting and closing are proceeding, but at a slower pace than originally intended. Accordingly, the information presented in Update-1 for Phase-2 and Phase-3 package collection periods is now amended to read as follows:
The current Phase-3 collection period is increasingly expected to be the last phase of this unique purchasing activity. Selling opportunity may terminate even before the end of February 2021 and can happen at any time. Sellers who participated in Phase-1 and Phase-2, had the opportunity to submit smaller amounts of assets (as a test) and then were able to submit larger amounts of assets in the following package collection phase. Phase-3 sellers should not expect to have this opportunity. Phase-3 sellers should make sure they include the serial numbers of “all” the assets they want to sell in their submission packages--because another package collection phase is "highly unlikely."
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 commission information on the Historical Asset FAQ page formerly stated that the commission available to sell-side intermediaries was 2.5%. That information proved to be inaccurate. It has now been revised to the upside as follows:
Payment process for Intermediaries
The Buyer's prime paymaster during Phase-1 ended up making direct payments to the seller and direct payments to the large numbers of intermediaries involved in transactions and informed the trade groups that they would no longer follow that procedure. To resolve the issue for Phases 2 and beyond, 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.
Yesterday, SRM was party to a telephone conference with the attorney who is a principal of one of the large European trade groups that are facilitating the historical purchase activity for multiple trillion-dollar foundations who are functioning as the “private Buyers” on behalf of various governments. This Update-2 is a summary of what was learned on this conference call.
The remaining time available during which asset packages will be accepted seems to be rapidly drawing to a close--and may not even extend until the end of February as originally intended. This is due to the Buyers recent receipt of several "super-sized" packages of the most highly targeted assets. Consequently, the possibility of a Phase-4 package collection period is now even more remote than it was when we issued Update-1 just 2 weeks ago.
Buyer Interest
At the present time, Buyer's purchase interest is definitely focused on:
- 1924 German External Loan (Dawes) bonds $1000
- Chinese Petchili and 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's 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 is unable to specifically 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 some of the TTMs. Based on SRM's best understanding, these delays are due to two primary reasons: (1) Covid-19 travel difficulties and (2) the logistical delays caused by some of the super-sized bond package sellers who need to reposition their assets to more conducive TTM locations. Contracting and closing are proceeding, but at a slower pace than originally intended. Accordingly, the information presented in Update-1 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 are scheduled to start coming out this week. 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 selected for purchase in Phase-2 were 1924 German bonds and Petchili/SP bonds.
- Phase-3 started in January 2021 and is expected (not guaranteed) to conclude at the end of February 2021. Phase-3 Processing Activities are expected to begin in March 2021 with purchase/payment meetings to be scheduled as quickly as possible thereafter. During this phase, in addition to purchasing the top-3 priority assets (listed above), any other historical assets on the list “can” be selected for purchase, but packages of other assets will most likely be selected only if they are very large-sized packages.
The current Phase-3 collection period is increasingly expected to be the last phase of this unique purchasing activity. Selling opportunity may terminate even before the end of February 2021 and can happen at any time. Sellers who participated in Phase-1 and Phase-2, had the opportunity to submit smaller amounts of assets (as a test) and then were able to submit larger amounts of assets in the following package collection phase. Phase-3 sellers should not expect to have this opportunity. Phase-3 sellers should make sure they include the serial numbers of “all” the assets they want to sell in their submission packages--because another package collection phase is "highly unlikely."
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:
- Due diligence on seller and asset validation is performed on the assets by Buyer’s reps.
- Packages reviewed to determine which packages are most desirable to foundation Buyers.
- Directors of various foundations have discussions with different Traders to assess most strategic geographical locations where asset purchases will be made.
- 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 in respective geographical location.
- TableTop Meeting dates are scheduled, primarily based upon the logistical closing needs of the mega-sized asset owners.
- Trillions of dollars are moved into the designated closing bank for each geographical pool.
- At the TableTop Meeting purchases and payments are made.
Commissions
The commission information on the Historical Asset FAQ page formerly stated that the commission available to sell-side intermediaries was 2.5%. That information proved to be inaccurate. It has now been revised to the upside as follows:
- 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 on the buy-side. 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 Buyer's prime paymaster during Phase-1 ended up making direct payments to the seller and direct payments to the large numbers of intermediaries involved in transactions and informed the trade groups that they would no longer follow that procedure. To resolve the issue for Phases 2 and beyond, 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 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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