Gold Nugget Invest updated 8-31-2010

August 30th

Greetings to all GNI clients:

My apologies for the recent lack of communication. We needed time to sort out the current state of affairs as they were / are many.

The over-riding concern I have as the Managing Principal of the GNI Program is the safety and well-being of GNI Staff, their family(ies) not withstanding myself and my family.

Reading emails whereby disenchanted GNI customers or GNI Pool Funds Managers are offering $10,000 for providing personal information of those trusted persons who have busted their tales working to provide the best Customer Service any On-Line Program has EVER provided, makes me sick. Death threats, verbal assaults, profanity, abuse, false accusations; none of it grounded in anything more than misinformation, disinformation and malfeasance.

Further exacerbating this situation, all I read on our own Private Forum is that "we don't care," or that "we have run." This I just don't understand. We have paid staff who have competently and consistently been there to answer questions and attempt to give you, our trusted members some sort of "Peace-of-Mind." As most forum members can surly appreciate, I visit the forum regularly. If I don't post, it's because I have nothing to say. I am more than satisfied with the performance of the GNI Staff you should have come to know and trust.

Despite all this, we are still here. We haven't disappeared!! It would have been easier if we had, it would have made the principals in this program wealthy, but it would have been wrong. Need I expand on this?

To conclude the refund process and dissolve GNI in a fair and equitable manner, we must now expand the closure criteria to include the word and associated activities, "SAFE" !!!

Anything less would not just be irresponsible, it would be reckless.

Therefore, we have consulted with those privy to the situation - how best to conclude GNI in a manner depicted above but should also include any potential for GNI Administrative Conflict of Interest; would necessarily provide for the relief of any further refund responsibilities by me or any other current or former GNI principal / partner or employee.

Therefore, it has been decided to place the program and the available funds into receivership for liquidation. We will hire competent, professional court approved receivers who will liquidate the assets consistent with the laws of Belize governing the liquidation of an IBC.

I cannot be anything less than straight-forward, this is probably the least preferred method of concluding GNI, in terms of what it will cost and how quickly it will deplete the available funds which would otherwise go to you, the refund recipients.  

When I am accused of engaging in anything less than stellar activities when it comes to client resources, I am compelled to take the course of action which will show that my conduct should never have been called into question.

The logical question(s) which come to mind would be:

1.  How long will this process take?

Answer - No idea. An educated guess would be 6 months to a year or more. We are working diligently to retain proficient professionals to handle this. Beyond the hiring of these persons, it will no longer be in our hands.

2.  Will the refunds be as you promised, 101.5% of the Principal amount?

Answer - No it will not. It will be less. How much less is not for any GNI personnel to comment or state as we will not be consulted in this fashion.

3.  What about the funds at Yesilada Bank?

Answer - The receivers will be made fully aware of all GNI funds outstanding. Certainly these funds will constitute a significant influx of funds. Whether this will further delay refund payments will no longer be subject to current GNI staff.

4.  Will we have to submit new documentation?  

Answer - Whether the receivers will accept the Refund Application(s) as a viable "Proof of Claim" is not for current GNI Staff to comment on. This decision will be made by the receivers accordingly.


CONCLUSION:

We understand this decision may not appeal to everyone, it was one that truly was easy for us to make. We worked very hard to make this program work; unfortunately we made some tactical errors from which we learned and vowed not to repeat, while maintaining a strategic, forward thinking plan which we have used to build upon, strengthen and embellish upon those who maintain their trust in us.

As always, we remain with best regards,
Robert and Team