02/06/2018 eCheckit Update

Here are the latest developments in the eCheckIt bankruptcy proceeding so you are aware of the recent activity:
 
1.    An Adversary Proceeding was filed against our company.  It alleged issues with the R07 and R10 requests made relative to rent payment returns.  We moved the Court to dismiss those claims and are seeking clarification from the Court as to whether the held funds are property of the eCheckIt estate. 
 
2.    The Court has ordered the trustee to find and retain an expert to trace the funds from the reserve account to their destination.  At the last status update on 02/01/2018 the trustee advised that additional time was needed.  The Court continued the status conference to 02/16/2018 in order to give the trustee additional time to retain the required expert. 

3.    We have received some of the additional return information for disputed transactions so those records were updated in our system on 02/01/2018.  We have requested additional information multiple times to ensure our information reflects the correct status for the pending items in order to submit our discovery information as requested by the court.  We will continue to discuss options to receive the necessary information with the bankruptcy trustee.
 
We are working with our legal counsel to respond as quickly as possible to assist the bankruptcy trustee in resolving the matters delaying the proceeding and will continue to work towards addressing the held funds.  

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