- Cabinet - Abadhi's Announcement: is unknown when he will announce the new cabinet. Abadhi is maneuvering and replacing people. Ray: Announcement from Abadhi is a sign. Getting the cabinet together could be the lynch pin to bringing things together or it could be the scapegoat.
- Maliki: Ray has no new information on him but does not think he is affecting the RV.
- Iraq banks received a memo and Ray considers this a sign although he does did not yet know what the memo said.
- Iraq bonds issued to contractors were scheduled to be paid at $3.53 on April 15th
- Mosul unrest: Ray personally thinks it's not a factor but is a good excuse.
- Demonstrations: The cleric Sadr has called for a stand down by protesters.
- Dinar Sales: Ray: You did not hear me say there would be no more sales of Dinar. Iraq stopped sales as far as distribution goes. No one will get anymore currency out of Iraq. . . Dealers still have inventory to be sold. When dealers and distributors exhaust their inventory, there will be no more. Iraq knows where all it's currency is that will be redeemed. The redeemed currency in the US will not be returned to Iraq.
- Rates: .
- Private Exchanges: Ray has not heard of any that happened over the weekend.
- Banks: Were looking both at Saturday and Sunday. Some looking at today and others looking at tomorrow. Ray: I like that. Better than them looking to June or July. Not a promise, just there expectation. They can't call the shots.
Highlights of TNT conference call. Updated as the call progresses.
Ray: A lot of political things in Iraq, parliament being turned upside down, folks fired. What about the bonds? Contractors to be paid with the bonds on the 15th. The 15th has come and gone. Unanswered questions over there. Way overdue. . . We can't find anyone who will speak to us about the bonds. . . Funding the bonds would be a sign.
. . . I don't see anything lining up for fall. I see it for spring. . . Who knows what's been done versus what's been done of what needs to be done.
CURRENT WINDOW: Ray: Window any time, any moment. Going with that. Some (banks) looking at today and some at tomorrow. Not a promise, just there expectation. They can't call the shots. I'm waiting to see what Abadhi is going to say. . . . Are they ready to push the switch?
IRAQ: Ray: Heard sometime ago they wanted to freeze the currency and then RV it. The lock down of the currency was a good sign of things yet to happen. Well, they have effectively frozen it, just can't find the when of the RV.
EXCHANGING: The internet groups, that includes TNT, are to be processed/exchanged prior to the public.
Strategic Planning: Can convert your IRA to a self-directed Roth IRA and use those funds to purchase currency.
Q & A:
Q. - All the currencies were bought in my name. I'm older. My daughter has my POA. Do you think this is a problem? Ray: Not at all.
Q. - Put currencies in a Trust for minor children? Inheritance tax on it? Ray: No inheritance tax if you do it properly.
Q. - Jack Lew helping them prepare for RV? Ray: I don't know where they are in the process. It could be posturing. We don't know what needs to be done or why he's there. He could be there for a reason that has nothing to do with the RV.
Q. - Can the bank answer questions about bail out's, bail in's and being Basel compliant? Ray: They should be able too. I'd be disappointed if they couldn't.
Q. - Can a Trust be set up after exchanging that will qualify for tax deferment? Ray: I don't know what kind of tax deferment they are referring too. Pre or post RV does not make any difference. It's who is doing the exchange. If RV happens today and you create Trust on Wed. and put the currency in the Trust and the Trust exchanges on Friday, then the Trust will be taxed. No taxation until you do a taxable activity.
Q: Trust set up by bank? Shell trust? What's your thoughts? Ray: I have not questioned the bank on that. Two members have. Bank indicated they would be a Trustee on a shell trust. Trustees call the shots. Ask the bank yourself. Let the banking people tell you exactly what a shell trust is and the role they are going to play in it. Get this done before the exchange. You don't want to be at the exchange and asking these questions at the same time.RAY’S CLOSING STATEMENT:
Thank you for your patience and understanding. Tough time last week dealing with sickness. Then to go out of town for the "Thunder over Louisville" event that we said we'd do last year for a birthday.
What are we waiting for? Information like we always have been. Recapped our banking contacts. A lot of folks looking to Tuesday. I have no reason to look to Tuesday. I'm waiting to see what Abadhi is going to say. How sound is their GOI? Are they ready to push the switch?
So we wait and while we wait, do what you need to do before the RV happens. For those of you who thought it's too late. there is the Roth IRA. It's never too late. Put the tools in place now, while you still can.
Some of those things we worry about, taxes, asset protection, inheritance, put those things in place. If it can be done pre RV, jump on it, get it done and get it out of the way.