- Dealers: Over a week ago the dealers were shut down from selling currency. They are not able to get new inventory. US dealers still selling. Ray said there may come a time when the US dealers will not be able to get inventory.
- IMF ordered it get done by Friday or fees and fines would be imposed against the banking industry.
- Rates: Private exchanges rates vary from sucker rates to very good rates.
- Banks: Banks are waiting. Privately exchanging. Rates are still on the bank screens with RV beside them. Not all banks or branches are involved in the lock downs. Ray: I leave it ambiguous so you can't pinpoint the location. . . be happy in knowing it's taking place and we're going in the right direction.
- Trust/Foundation: Ray: A foundation should be separate from a Trust.
Highlights of TNT conference call. Updated as the call progresses.
Ray: Banks are surprised we did not show up . . . on Friday. Some anticipation for that. Again Monday. From the information I’ve received there was an expectation to have the exchanges open on Sunday with a new rate. So far, it has not materialized at the highest rate.
On Friday, we heard the IMF had sent out orders to have it done. . .heard there would be fines against the banks if it didn’t get done on Friday, so we will see how that unfolds because it wasn’t done by Friday or by this morning.
Rates still on the bank screens with RV beside them and just waiting for the authority. . . they are not at a full RV yet. There has been a change in the rate/value in the country, and perhaps they need a few more things before the full RV comes through.
CURRENT WINDOW: Ray: Based on information I received this morning, this could be the last call.
IRAQ: Cards not fully activated at the new rate. Some adjustment going on with prices as they are adjusted downward. Ray: Progress over there. Some Iraqi’s being told to look to the 10th (March) as new cabinet established. Most of us do believe that an I-rate exists over there between 90 cents and $1.08. . . . not at a full RI/RV over there yet. Have made progress. A rate change in value of the currency in the country. Still not at $3 + where we need them to be.
EXCHANGING: Ray has no knowledge of intel saying 800#'s being released tonight.
Q & A:
Q- Do you talk to Tony and DC daily? Ray, Yes. DC is saying the information we have.
Q- Caller: Trust Question: If you have successor trustees, is it necessary to have clauses so that a remaining trustee has no power of activity until the successor can be installed? Ray: Appointing of successor trustees, upon your death, happens immediately. You set it up that way . . . in the indenture. That's automatic, so the other Trustee can't do anything in the interim. The successor Trustee is now the new Trustee. You only name one.
Q- Article in major newspaper this week said Iraq was going bankrupt. Ray: The country that is labeled "richest in the world," - don't see how they can go bankrupt. If they are talking about not being able to pay their debts, they could pull that off, but that doesn’t mean they are completely broke and have no money. That doesn’t mean they will go bankrupt and disappear overnight.
Q. - Do you really think this might be your last call? Ray: Based on information I received this morning, this could be the last call.
Q - Is getting rid of the corrupt people slowing the RV down? Ray: Sure that could hold this up
Q-Abadi’s movement with the cabinet has nothing to do with this hold up? RayRen: I’m not sure, because they are not at a full RV yet. There has been a change in the rate/value in the country, and perhaps they need a few more things before the full RV comes through. However, if we should have been at the banks on Friday, then what’s happening in Iraq should not be an issue. Perhaps it will all come through together, in the twinkling of an eye.
RAY’S CLOSING STATEMENT:
Call it a Super Fantastic Monday. Other good information, but just not solid. I like to have solid information to get excited and share with you. If it's as good as I want it to be, will Tweet out to you guys . . . if I can substantiate it. It might just happen and we won't need another call.
Hopefully we will have another call and I can give you the 800's. I'm optimistic to see what happens this week. Continue to believe. (played "I Believe.")