On June 3, 2011, a civil complaint was filed by the Government seeking forfeiture of all value being maintained by e-gold, Ltd. (“EGL”). In addition, the Government has filed an application with the court requesting the issuance of an arrest warrant in rem seeking to arrest all of the e-metal accounts maintained by EGL. On June 20, 2011, District Court Judge Ellen N. Hollander issued an arrest warrant in rem requiring EGL to monetize the value of all e-metal accounts maintained at EGL. The arrest warrant requires Gold & Silver Reserve, Inc (“GSR”) to monetize this value in U.S. Dollars and deliver the proceeds to a Claims Administrator who will deposit the dollars in an interest bearing escrow account in the District of Maryland.
Pursuant to the arrest warrant in rem, GSR has begun the monetization process by coalescing all of the e-metal accounts, resulting in your accounts having a zero balance. The current balance of your account is reported on the Balance page as the "Current Balance". The balance of your account immediately before being coalesced in preparation for monetization is reported as the "Final Balance".
Final Balances of a given e-metal will be used to determine each account's proportional share of the monetized value of the circulation of that same e-metal. For an overview of the e-metal monetization and distribution process, please click here.