Mantria Update #10

I have just received notification that Wayde Mckelvy's hearing scheduled on January 27, 2010 has been postponed. It appears that it will be rescheduled in approximately two weeks. I will send out email notifications when I have the date and time confirmed.

Does anyone know for how long Wayde's hearing is scheduled? Thank you!

Mantria Update #9

I have confirmed that Wayde's hearing was rescheduled for Wednesday 1/27/10 at 9 AM.. It is to be held at the Court House located at 901 19th St., Denver (corner of 19th and Champa) with Judge Arguello in room A602.

Mantria Investors who will be able to attend the hearing are encouraged to add comments to this post.

Update #8

H&R Block just confirmed to me the new tax rule associated with Fraud losses. The IRS rule Rev Rule 2009-9, Rev Proc 2009-20 states that Mantria Investors can deduct 95% of their initial investment from their 2009 taxable income. If Mantria Investors recover any of our initial investments later on, we will report it as taxable income. The SEC case number and a copy of my Mantria Investment was all that was required for documentation.

H&R block used Form 4684 to process the loss.

Please check with your tax advisor to confirm the new rulings. With this IRS rule, I will recover at least some of my investment thru a reduction of my taxable income. This is some consolation, for now.

Mantria Update #7

The Committee of 8 Mantria investors should be sending us a mass email shortly. Generally speaking there have not been many confirmed events,hard facts or activities associated with Mantria lately. The Committee of 8 would specifically like to report only the facts. Also, due to the litigation, Mantria Investors should not expect much communication from Mantria.

We do know for sure that Mantria Place has been shut down due to lack of operating funds (ie insurance, wages, maintenance) Also, our investments currently have not been written off by the SEC, Mantria as a total loss. There is room for some hope. None of us can officially be 100% pessimistic at this time.

Beyond this, the following information has not been confirmed:

1. No system sales have occurred. Potential Buyers may be worried about whether Mantria will be in existence after the SEC investigation.

2. There are "window shoppers" interested in purchasing the technology. The technology remains a reason for hope for Mantria Investors. It appears to have a marketable value. And, the business world is aware of this. It may take some time for these businesses to formulate plans, work with the SEC, and await the outcome of the case.

3. The SEC vs Mantria case will probably be settled out of court. Mantria simply does not have the money to participate in court. If the case is settled out of court, it is unknown whether this will be advantageous for Mantria Investors.

4. The SEC is still going through Mantria's accounting. This may take a while.

5. In a recent court appearance, the SEC has asked Wayde Mckelvy to account for the nearly $5 million that he has received thru Mantria. He has failed to account for approximately $1 million.

6. The SEC may not force Mantria to disgorge its funds. If this was the SEC's intention, the SEC probably would have shut down Mantria a long time ago. Of course, Mantria currently does not have many assets. Much of the money invested in Mantria has been spent as we all know.

Mantria Investors are encouraged to "stay tuned". This matter will most likely take some time to sort out. Communication among ourselves and from the Committee of 8 should help pass the time. I will keep this blog open at least until the Committee of 8 begins its emailing.