Highlights of Tony's CC. Updated as call progresses - exchange & structured payout simplified.
DC's Bottom line: DC said still in heightened state of readiness all over the world. Frustrated it did not go down this weekend. Continuing a super high state of readiness.
Tony: Iraq told Tony, "We have done everything we need to do. You need to start looking somewhere else."
Delay: DC: Got that a few departments were not ready. Pretty mild excuse. Tony: Even though we had specific times for Friday and Saturday here we sit. It was close enough some of the defenses were removed and released this weekend. Within the banking system. Easier to flow through now than it was Friday morning.
CURRENT WINDOW:
IRAQ: All ministries, defense, finance, Parliament are all ready. Not much changed since Friday. Frustration running high. No intel on why it did not happen last Saturday. Tony: I marvel in the fact I'm watching the birth of a nation! The re-birth of a nation!
- ISIL
- TV: announcing all weekend they are doing this and only doing business in dinar inside Iraq.
INTERNATIONAL: Telling banks around the world this will be done this quarter.
- Rates: Dong, $2.28 with NDA was offered over the weekend. Without NDA the rate was lower.
UNITED STATES: Waiting on Iraq and IMF lead. System working well. Everything set up and ready to go.
- Payouts stopped on Friday as it was expected to go live and when it didn't they started them again over the weekend.
- Banks: When choosing a bank consider their derivative exposure. What ratio's are they abiding by? Are they in a risky area? Bank list by derivative rating: http://www.usbanklocations.com/bank-rank/derivatives.htm
NDA: DC: NDA’s we’ve read are very straight-forward. It wasn’t complicated. Just saying you can’t talk about this for 10-15 years. Has exceptions for who you will need to talk to about it like spouse, financial adviser, attorneys, etc.
Rumor~June RV: DC says, "that's BS. . . Sure, it could drag out till June." He went on to explain the setup with banks on alert all over the world is indicative of it being now. Also, the strategy is to initiate this to undermine ISIL. The young men do not have alternatives. Iraq needs this for it's economy and security.
BANK STORY: (1) Tony related story of someone exchanging over the weekend for $200 million and bank said they would give him the balance at 25 million a week until he had all his funds. (2) Dong rate offered over the weekend to an individual, with an NDA was $2.28, and without NDA was lower.
EXCHANGE information is coming from bank people who are doing the process, people who've gone through the process and government institutions. There are several different caps and those limits will be retroactive to those who have previously exchanged. DC: "The exchanges that have already taken place are our insurance." (that we will get paid)
- Contract rate cap is 20 million dinar and 25 million dong. Dinar pool of 350 - 550 billion is expected to only last a short period of time. After the cap you can choose to take the International lower rate or give it away, put in a charity, etc. Over these limits the bank has discretion to do a structured payout.
- ZIM limit is on the amount of USD it can be exchanged for. Rest will have to go in a structured payout. Guys hearing the limit is over 100 million USD. After the limit you must agree to a structured payout plan. ("factoring" is the name of the process where you can have your income stream purchased, at a discount, and your future payments are then paid to the person/firm who gave you the money up front.)
Atlanta, GA is a hub because Sterling Currency located there and may people going there to exchange. Also state and city government's in the area have large amounts of dinar.
This issue is in the states of Texas & Georgia: Bank Account does not have to be in the state (location) where you exchange. So if your exchanging in Atlanta you can have your account set up previously in the state you reside. The guys are not advising anyone. If you live in Georgia or Texas and have an account in other states the bank maybe able to pay you beyond the limits/structure for those states.
Dealers, Sterling Currency, are options if you don't want to deal with a bank, contract rate or NDA.
CAUTION: Carrying all your currency to one bank is risky!
