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Adam Impromptu CHAT -- Monday AM


pleasantvalleySunday
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If the law goes into effect on July 15th it should'nt stop those who invested before that date. So it's important to have a receipt for your dinar purchase. I think we need a better explanation on this matter. Adam would you please address this? Will the people invested prior to this be effected and what can we do to get around this? I hope that it RV's before that date. I know several people that could be effected by this and they are worried. I don't know enough about this to be able to explain it to them. Thanks for the post. If anyone else can help please send a message to my profile. Many thanks. God Bless Semper Fi

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So, for anyone that doesn't have a net worth of any significance, the issue will come down to what rate an RV could happen at. Doing the math, an RV @ $.05 would require 20mil Dinar, give or take the remainder of your current net worth, to equal 1 mil USD post RV. Likewise, a rate of $.50 would require 2mil Dinar and so on. It definately presents some challenges for many. I will be looking for workarounds but would love to hear what it is that Adam was referring to along these lines. Between myself and all of the other friends and family who are invested, we could certainly pool enough Dinar to achieve an appropriate level. As long as we trust each other, I suppose we could all gift our Dinar to one "trustee" and then sort it out after the fact. A nuisance to say the least and not without other tax implications to address.

Hope we hear more.

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Client Alert—Dodd-Frank Act Excludes Value of Residence From Accredited Investor Net Worth Test

Authors: Gabriella A. Lombardi, Bill Krause

7/15/2010

The U.S. Senate voted today to approve the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), which President Obama is expected to sign into law as early as next week. Upon enactment, the Dodd-Frank Act immediately alters the definition of accredited investor under Regulation D of the Securities Act of 1933 (Securities Act), which will reduce the pool of individuals qualified to invest in private offerings and immediately affect issuers currently engaged in private placements.

Rules 505 and 506 of Regulation D under the Securities Act are two of several rules that allow issuers to raise capital while remaining exempt from the registration requirements of the Securities Act. Rule 505 permits issuers to raise up to $5 million in any 12-month period from an unlimited number of accredited investors, as well as up to 35 additional investors. Similarly, Rule 506 allows issuers to raise unlimited capital from an unlimited number of accredited investors, as well as up to 35 additional sophisticated investors. As a result, the availability of the exemption often depends upon whether an individual is an accredited investor. Under Rule 501(a), the definition of accredited investor includes, among other categories, any natural person:

•whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase, exceeds $1,000,000, or

•who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the next year.

Currently, the net value of an investor’s primary residence may be included in determining the investor’s net worth.

Immediately upon enactment, Title IV of the Dodd-Frank Act will exclude the net value of the investor’s primary residence from the calculation of net worth for purposes of determining an individual’s accredited investor status.

The Dodd-Frank Act also mandates periodic review of accredited investor standards as follows:

•Upon the first anniversary of enactment, the Dodd-Frank Act authorizes the Securities and Exchange Commission (SEC) to review and promulgate rules altering the definition of accredited investor as it relates to natural persons; however, the SEC is not authorized to adjust the net worth requirements.

•Within three years of enactment, the Government Accountability Office will be required to undertake a study, and submit a report to Congress, regarding income, net worth and other criteria for accredited investor status and the eligibility to invest in private funds.

•Upon the fourth anniversary of enactment, and every four years thereafter, the SEC must review the accredited investor standard in its entirety, including the net worth and income tests, and may subsequently alter the definition as appropriate for the "protection of investors, in the public interest, and in light of the economy." However, should the SEC retain a net worth test, the minimum threshold must exceed $1,000,000 and exclude the net value of an investor's primary residence.

While it is unclear what direction the SEC will take in the future with respect to the definition of accredited investor, the Dodd-Frank Act’s immediate exclusion of a natural person’s primary residence from the net worth test may significantly affect private offerings that rely on Rule 505 or 506. Any issuer that is currently in the process of a private placement where the status of individual investors as accredited is being relied upon should promptly review its subscription materials and consider obtaining new net worth representations from the prospective investors.

Link - http://www.pillsburylaw.com/index.cfm?pageid=34&itemid=39739

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I'm so confused about the answer to Frank Dodd. Do we worry or not? Also if we are going to B. then we don't have to worry. But I do have friends that hold small amounts and gifted some also. Can someone please help to understand....I

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I pulled this from Adams chat because it's exactly what I got from the Dodds and, was trying to tell folks in the Phoenix post and in chat.

I was met with argument in chat from some that said "post rv", "pre rv", etc.

It doesn't matter!

If you hold dinar that amounts to $1M or more in post rv value, you meet the qualification set forth in the Dodd.s.

I was pretty confident on my understanding of it but am VERY GLAD that Adam reiterated my findings.

THANK YOU Adam !

[Adam Montana] there is NOTHING to worry about with this rule

[Adam Montana] and I'll explain why

[Adam Montana] the law is reagarding "Accredited Investors'

[Adam Montana] to be an Accredited Investor, you need over $1,000,000 net worth

[Adam Montana] the law is reagarding "Accredited Investors'

[Adam Montana] to be an Accredited Investor, you need over $1,000,000 net worth

[Adam Montana] or an individual income of over 200,000 USD for the last two years with a reasonable expectation of the same in the current year

[Adam Montana] or a joint income of 300,000 for the last two years with a reasonable expectation of the same this year

[Adam Montana] as long as you are an "Accredited Investor", the F rank-Dodd Law does not apply to you for this investment

[Adam Montana] (keep in mind that the 1,000,000 net worth excludes your primary residence)

[Adam Montana] bottom line is this:

[Adam Montana] if the Dinar RVs and you are the owner of over $1,000,000 in assets (Dinar)

[Adam Montana] then you are an Accredited Investor

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Guys, stop the madness. You have nothing to worry about. First, any time there is a law enacted it can only be enforced from the effective date forward unless it is passed retro-actively, which this law is not. You can cash in your dinar in small amounts at any bank that does foreign currency exchange. I promise you, there are many people that would qualify under this new law to cash in for you if the worst case did occur. You will all pay the same tax rate any way. There are many solutions to this problem, just relax and wait for it.

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Maybe I am wrong, he'll I've been wrong many times in my life. History says Uncle Sam always gets his and this new law smells of the gov't knowing something is about to go down with Iraq and they really want to make sure many small investers that might have flown under the radar will not and they, "Washington" will get their cut of our money. Remember, Iraq passed some new laws this past month regarding their tax laws also... JMHO.. go R/V...

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I pulled this from Adams chat because it's exactly what I got from the Dodds and, was trying to tell folks in the Phoenix post and in chat.

I was met with argument in chat from some that said "post rv", "pre rv", etc.

It doesn't matter!

If you hold dinar that amounts to $1M or more in post rv value, you meet the qualification set forth in the Dodd.s.

I was pretty confident on my understanding of it but am VERY GLAD that Adam reiterated my findings.

THANK YOU Adam !

[Adam Montana] there is NOTHING to worry about with this rule

[Adam Montana] and I'll explain why

[Adam Montana] the law is reagarding "Accredited Investors'

[Adam Montana] to be an Accredited Investor, you need over $1,000,000 net worth

[Adam Montana] the law is reagarding "Accredited Investors'

[Adam Montana] to be an Accredited Investor, you need over $1,000,000 net worth

[Adam Montana] or an individual income of over 200,000 USD for the last two years with a reasonable expectation of the same in the current year

[Adam Montana] or a joint income of 300,000 for the last two years with a reasonable expectation of the same this year

[Adam Montana] as long as you are an "Accredited Investor", the F rank-Dodd Law does not apply to you for this investment

[Adam Montana] (keep in mind that the 1,000,000 net worth excludes your primary residence)

[Adam Montana] bottom line is this:

[Adam Montana] if the Dinar RVs and you are the owner of over $1,000,000 in assets (Dinar)

[Adam Montana] then you are an Accredited Investor

Ok my concern is to be "Accredited Investor,you need $1,000,000 net worth. Is that is USD?

and as for the individual income $200,000 USD, alot of people are on unemployment and dont make that

much, Will they make us show proof of income before they let us cash out?

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Ok my concern is to be "Accredited Investor,you need $1,000,000 net worth. Is that is USD?

and as for the individual income $200,000 USD, alot of people are on unemployment and dont make that

much, Will they make us show proof of income before they let us cash out?

I think what Adam is saying is when it RVs if your dinar are worth $1,000,000 or more then you would be considered an Accredited Investor.

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Phoenix posted his take on DV,

and then spoke about it on his Talk Radio show last night.

In summary, he basically said the law is a good thing because there will be a billion jealous people, relatives, and neighbors that want to duplicate what they just saw with the IQD RV after they see the effects of it.

He thinks this will put a stop to a bunch of copycat wannabees and the scammers who would prey on them on the internet after the RV.

I hope I relayed that correctly, in summary.

I don't have the link, but I am sure someone will post it after they read this.

Thanks

ALSO: Adam,

I said Scootter, the impersonator intentionally... I know where the real one is....

Fish you left out something in what you said about Phoenix's opinion the other part was to keep those people who have every little in the bank from betting the farm after they see us making money on this. So with that said Thank You Adam for clearing this matter up now we can get back to having fun again and not worry about it till it RVs.

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Help me out a little here as I am an amateaur when it comes to foreign investments...

Adam...

You mentioned in your chat that to be an Accredited Investor you had to have $1 mil in net worth or an individual income of $200k / household income of $300K for each of the last two years with expecation to do the same this year. Forget about whether it's post or pre-RV, my understanding is that being an accredited investor is only important if you are investing in something held by another individual and has nothing to do with whether you can cash in your Dinars when the RV happens. Is that correct?

For instance let's say for each of the last two years you only earned $25,000 USD from employment or other sources and you purchased 10 mil IQD after July 2010. What happens when you go to cash in your IQD for USD after the Dinar RVs and does it really matter whether you are an Accredited Investor?

Thanks for humoring my questions.

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Sorry - I feel really stupid. but I don't understand..

i Had the worst two years of my life financially...way under 200K! Way Way under!

I now have 700K dinar.

Unless it values over $1, I am screwed. It is worthless. I cannot cash in?

I feel sick thining of this..please if anyone can explain it in very basic terms it would be appreciated.

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Sorry - I feel really stupid. but I don't understand..

I Had the worst two years of my life financially...way under 200K! Way Way under!

I now have 700K dinar.

Unless it values over $1, I am screwed? It is worthless. I cannot cash in?

I feel sick thining of this..please if anyone can explain it in very basic terms it would be appreciated.

I just spent more time on the site...I think I understand it better, and am sorry for frantically posting!

Rule is for investors in hedge funds and the like. We bought ours before July 15, and even if what we cash in may be in the "thousands" of USD, and not millions (for those of us holding under 1M dinar) it will be ok and there will be no problems.

Am I right on this? I sure hope so. Thank you all for your consideration.

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Short answer: We don't have to worry about it, regardless of how much dinar you have.

Buying dinar AFTER the RV might get tricky, but we have nothing to worry about at this time or when we go to cash in.

Well I was going to ask what about the jointness power of the VIP group putting us over the mil thing but I guess since you said we don't have to worry about it regardless how much we have then no worries here. B)

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Short answer: We don't have to worry about it, regardless of how much dinar you have.

Buying dinar AFTER the RV might get tricky, but we have nothing to worry about at this time or when we go to cash in.

Finally an answer I can understand

Thanks for the info Adam!!

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Thanks Adam for your response on The Frank Dod Law.... :)

But with all do respect in listening to Phoenix three times on this. He just said the same thing you did. Except he went a little more in

depth about the Frank Dod Law being passed on June 15 and the deadline for " over the counter " trading will be by July 15. I see it

as the government giving a 30 day warning. As meaning you want be able to trade currency for gold over the counter to dealers.

Also, you know that means no taxes for the government with all this behind the scenes trading. We all know uncle Sam wants his. ;)

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This Accredited investor thing sounds exactly the same as the terms and conditions my bank (Lloyds TSB) use for people who want to apply for private banking.... i'm hoping I will be able to become a member post RV

.

remember the figures below are in pounds sterling .... multiply by 1.63 for dollar equivalent

ie. £250,000 x 1.63 = $407,500

Private Banking in the UK

UK Private Banking - If you have between £250,000 and £2m of savings and investments, or an annual income of £100,000 to £500,000.

Mayfair Private Banking - If you have between £2m and £20m of savings and investments, or an annual income of £500,000 or more.

Private Banking around the globe

For clients wordwide with investable assets of over £2m or an annual income of £500,000 or more.

http://www.lloydstsb.com/private_banking/private_banking.asp

Edited by The Machine
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