Tuesday, January 26, 2010
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.
Friday, January 22, 2010
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.
Mantria Investors who will be able to attend the hearing are encouraged to add comments to this post.
Tuesday, January 19, 2010
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.
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.
Thursday, January 14, 2010
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.
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.
Monday, December 21, 2009
Mantria Update #6
Mantria Investors were encouraged by Troy Wragg's announcement last Friday of the $100 million system sales Letter of Intent. If this purchase materializes, the proceeds could cover a considerable portion of our collective $30 million dollar investment. Representatives from China, Cowboy Charcoal and other companies are scheduled to visit Mantria Place as well.
Mantria Place is currently operational. The looters Troy mentioned appeared to be interested in any loose metal they could get their hands on. This handywork is typical of drug addicts looking to get the going rate for scrap metal. (The local Civil War battle field parks (ie Chickamagua) have suffered the same fate from looters. I don't think these acts are anything personal.) It sounds like there is still some physical damage to the building.
There are rumors of efforts being made to keep Mantria Place operational into next year. Although Mantria may be facing bankruptcy on their mortgaged property, Mantria does have full ownership of about 500 Acres. Mantria Place is located on this acreage. It may be possible to obtain a loan (from a bank) using Mantria's land as collateral. (We all know about collateral, don't we?) More on this as developments occur.
A committee of 8 investors, one lawyer and one accountant has been set up to review Mantria documents (ie the letter of intent) and to perform other functions. I will post more on this committee as its role and functions are better defined. For now, Mantria Investors are encouraged that efforts are being made to protect our best interests.
Several investors have emailed me with heavy hearts as the holiday season approaches. These are very difficult times for all of us. However, please be assured that none of us are alone. Thru the blogs and contacting our fellow investors, Mantria Investors are well aware that support is available 24/7. This matter has been a terrible way to find out what a good group of people Mantria Investors are! For better or worse, we will continue to face this matter together. And, as Troy announced last Friday, our $100 million dollar letter of intent does give us a "ray of hope".
Mantria Place is currently operational. The looters Troy mentioned appeared to be interested in any loose metal they could get their hands on. This handywork is typical of drug addicts looking to get the going rate for scrap metal. (The local Civil War battle field parks (ie Chickamagua) have suffered the same fate from looters. I don't think these acts are anything personal.) It sounds like there is still some physical damage to the building.
There are rumors of efforts being made to keep Mantria Place operational into next year. Although Mantria may be facing bankruptcy on their mortgaged property, Mantria does have full ownership of about 500 Acres. Mantria Place is located on this acreage. It may be possible to obtain a loan (from a bank) using Mantria's land as collateral. (We all know about collateral, don't we?) More on this as developments occur.
A committee of 8 investors, one lawyer and one accountant has been set up to review Mantria documents (ie the letter of intent) and to perform other functions. I will post more on this committee as its role and functions are better defined. For now, Mantria Investors are encouraged that efforts are being made to protect our best interests.
Several investors have emailed me with heavy hearts as the holiday season approaches. These are very difficult times for all of us. However, please be assured that none of us are alone. Thru the blogs and contacting our fellow investors, Mantria Investors are well aware that support is available 24/7. This matter has been a terrible way to find out what a good group of people Mantria Investors are! For better or worse, we will continue to face this matter together. And, as Troy announced last Friday, our $100 million dollar letter of intent does give us a "ray of hope".
Sunday, December 13, 2009
Mantria Update #5
The poor nationwide weather last week has prevented the prospective systems sales buyers from visiting Tennessee. Also, it appears that the electrical hookup work was finally completed this weekend. The weather forecast for this week looks better and the prospective buyers are scheduled to visit the Dunlap plant. They will be able to view it in full operation.
As mentioned in a previous Mantria Update, there are too many possible outcomes to even speculate the fate of our investments right now. There are many bad rumors and some good rumors out there right now. Mantria Investors will have to sit tight as developments unfold.
I am convinced that Troy and Amanda are motivated to protect our investments. They appear to be sincere about doing everything possible to save our investments. I anticipate that they will come up with as many creative ideas to get out of these circumstances as the came up with when they initiated the Mantria Corporation. (Of course, avoiding serving prison time may be also be a strong motivator for them at this point in time)
The next move belongs to the SEC, Mantria's ability to defend itself, and sales developments.
In the meantime, please continue to create as much "normalcy" in your lives as you can. Let's continue to support each other thru the blogs, regular phone calls, and emails. Also, continue to hold onto some hope.
As mentioned in a previous Mantria Update, there are too many possible outcomes to even speculate the fate of our investments right now. There are many bad rumors and some good rumors out there right now. Mantria Investors will have to sit tight as developments unfold.
I am convinced that Troy and Amanda are motivated to protect our investments. They appear to be sincere about doing everything possible to save our investments. I anticipate that they will come up with as many creative ideas to get out of these circumstances as the came up with when they initiated the Mantria Corporation. (Of course, avoiding serving prison time may be also be a strong motivator for them at this point in time)
The next move belongs to the SEC, Mantria's ability to defend itself, and sales developments.
In the meantime, please continue to create as much "normalcy" in your lives as you can. Let's continue to support each other thru the blogs, regular phone calls, and emails. Also, continue to hold onto some hope.
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