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Old 09-09-2010, 02:41 PM   #351
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Translation: we have absolutely no news.
Exactly. There was absolutely NO news given at all, just more of the same side stepping dancing.
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Old 09-09-2010, 02:41 PM   #352
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I doubt epassporte makes its money on the little fees and whatnot. 50 cents per transfer? A few bucks for card renewals? How many transactions can possible go through their system a day?

My opinion is Epass likely keeps a certain % reserve to pay out ATMs, and invests the rest like any other bank or pseudo bank. Invests into currencies, companies (like oxymoron productions for instance?). The reserves probably fell below this certain %, and the bank requested from Visa that it shut down it's visa cards.

Why can't we transfer from the VV to the Wallet? Visa says that epass and SKNA has control over the funds, not them, so it's not visa locking it. If the funds from VV and Wallet are stored in two different banks, then there is no chance that they are physically moved when you do a transfer because they would get eaten alive with wire fees. It is far more likely that the money is moved around a database, and batch wires are done once or even a couple of times a day. This suggests SKNA has a lock on the VV account to make sure the balance doesn't go further below the required %.

All in all, this is a fucked up situation and I would be weary even if you do get wires and ach transfers coming through. I say if you can get your money out, get it all out ASAP. With the cards not working, there is little reason for anyone to load their accounts and the amount of money circulating in the system between those still accepting this is finite.

This is all of course my speculation with nothing to back it up other then my own logic, but at least it gives the people refreshing the epass threads something to read and gets some stuff off my mind.
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Old 09-09-2010, 02:43 PM   #353
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Old 09-09-2010, 02:44 PM   #354
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I doubt epassporte makes its money on the little fees and whatnot. 50 cents per transfer? A few bucks for card renewals? How many transactions can possible go through their system a day?

My opinion is Epass likely keeps a certain % reserve to pay out ATMs, and invests the rest like any other bank or pseudo bank. Invests into currencies, companies (like oxymoron productions for instance?). The reserves probably fell below this certain %, and the bank requested from Visa that it shut down it's visa cards.

Why can't we transfer from the VV to the Wallet? Visa says that epass and SKNA has control over the funds, not them, so it's not visa locking it. If the funds from VV and Wallet are stored in two different banks, then there is no chance that they are physically moved when you do a transfer because they would get eaten alive with wire fees. It is far more likely that the money is moved around a database, and batch wires are done once or even a couple of times a day. This suggests SKNA has a lock on the VV account to make sure the balance doesn't go further below the required %.

All in all, this is a fucked up situation and I would be weary even if you do get wires and ach transfers coming through. I say if you can get your money out, get it all out ASAP. With the cards not working, there is little reason for anyone to load their accounts and the amount of money circulating in the system between those still accepting this is finite.

This is all of course my speculation with nothing to back it up other then my own logic, but at least it gives the people refreshing the epass threads something to read and gets some stuff off my mind.
Just listen you, the funds are in motion, ok? Once they settle down out of orbit - all is well. This is my final statment.
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Old 09-09-2010, 02:44 PM   #355
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Is there a limit on how much you can transfer via credit card? I know its prob been asked million times but to lazy to search for it.
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Old 09-09-2010, 02:44 PM   #356
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hoping this gets solved soon. I have some money stuck in there, and lots of my clients have large sums stuck as well, so it affects my work volume.
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Old 09-09-2010, 02:45 PM   #357
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I doubt epassporte makes its money on the little fees and whatnot. 50 cents per transfer? A few bucks for card renewals? How many transactions can possible go through their system a day?

My opinion is Epass likely keeps a certain % reserve to pay out ATMs, and invests the rest like any other bank or pseudo bank. Invests into currencies, companies (like oxymoron productions for instance?). The reserves probably fell below this certain %, and the bank requested from Visa that it shut down it's visa cards.

Why can't we transfer from the VV to the Wallet? Visa says that epass and SKNA has control over the funds, not them, so it's not visa locking it. If the funds from VV and Wallet are stored in two different banks, then there is no chance that they are physically moved when you do a transfer because they would get eaten alive with wire fees. It is far more likely that the money is moved around a database, and batch wires are done once or even a couple of times a day. This suggests SKNA has a lock on the VV account to make sure the balance doesn't go further below the required %.

All in all, this is a fucked up situation and I would be weary even if you do get wires and ach transfers coming through. I say if you can get your money out, get it all out ASAP. With the cards not working, there is little reason for anyone to load their accounts and the amount of money circulating in the system between those still accepting this is finite.

This is all of course my speculation with nothing to back it up other then my own logic, but at least it gives the people refreshing the epass threads something to read and gets some stuff off my mind.
I am leaning more to this explanation. It's Casino Royale all over again.
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Old 09-09-2010, 02:45 PM   #358
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We at ePassporte are as distressed as you, our valued cardholders, over an action that we did not see coming and as of today we still have received no good basis for it.

First, be assured that your funds are fully safe and protected. You are owed that and it will be fulfilled. The funds are secure.

Second, ePassporte is working with the St. Kitts bank to work out how all payments will be made and when. The details are complicated, because there are funds in motion and where and when they settle requires us to all be careful that we fully and properly account for all those funds and their rightful owner. This issue stems from our processing and reporting ability through the Visa system and their processor.

Third, ePassporte's most important asset has always been our account holder's. We are not going to undermine that asset by treating cardholders in any manner other than the best we can.

Most of us have had the unfortunate experience of dealing with banks and card associations that simply ?cut us off? and did not pay us. Those actions were limited to card acquiring (merchant accounts), not card issuing, which is what we do. We can all take some comfort in the fact that this situation is not anything like the acquiring side of the business.

We all fully understand that communication to our cardholders is critical. However, it does not help any of us if we are constantly updating you on the basis of the calls that take place almost hourly. It seems to us that giving you facts, based on agreements we are working on is the best form of communication. This is what we will be doing. When we know something, that is a fact, we will report it, quickly. Our staff is all working diligently to resolve these issues and the many moving and complicated parts of getting the funds returned. Therefore, please do not mistake our silence as ?hiding?, ?avoiding? or ?stringing you along?. We too have funds that are stuck in the system, as well as massive costs of operation without any income.

Rest assured that when we know, you will know and you will all be satisfied with the results. Again, your money is safe.

For those of you that have been in the industry for many years, I hope you will recall that I have a very strong track record of fighting for the rights of webmasters, program sponsors, billing companies, merchants and the industry; that dedication continues.

Thanks you for your understanding in this difficult time and for your support over the last 8 years of our operations.

Chris Mallick
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Obviously Chris knows what the problem is and why the cards were cut off. The only reason I can think of for not coming out in saying it is that it is such a colossal fuck-up on ePassporte's part that stating publicly what happened would open them up to getting sued. AVN or Xbiz needs to contact someone at the bank in St. Kitts and get their side of the story.
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Old 09-09-2010, 02:45 PM   #359
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Old 09-09-2010, 02:47 PM   #360
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a Chapter 11 might be coming
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Old 09-09-2010, 02:49 PM   #361
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Old 09-09-2010, 02:50 PM   #362
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At least they were able to report a statement from Visa saying that St. Kitts requested that everything be halted due to "program deficiencies." What are those deficiencies reported to Visa? Surely Epass knows what they are if Visa does.
I guess it is a "program deficiency" if the necessary funds are not in the bank account.

Then the St. Kitts bank asks VISA to cancel the cards as there are not sufficient funds to cover them.

Sounds logical to me.

Any bank would suspend their issued payment cards if the account holder violates the agreed minimum balance on his account.
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Old 09-09-2010, 02:51 PM   #363
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HAHAHA, That's too perfect for his next movie

Exxxit: Life After Porn (2009) (post-production) (producer)
http://www.imdb.com/title/tt1291547/
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Old 09-09-2010, 02:51 PM   #364
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Chris Mallick
PRODUCER at OXYMORON ENTERTAINMENT

I guess MiddleMen was supposedly an "oxymoron" of an entertainment piece...
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Old 09-09-2010, 02:55 PM   #365
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I guess it is a "program deficiency" if the necessary funds are not in the bank account.

Then the St. Kitts bank asks VISA to cancel the cards as there are not sufficient funds to cover them.

Sounds logical to me.

Any bank would suspend their issued payment cards if the account holder violates the agreed minimum balance on his account.
OF course it is. He used the cash to fund his movie expecting to make millions....the movie bombed at the box office. Where else would he get that kind of money? 20 million.
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Old 09-09-2010, 02:58 PM   #366
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Could we get some screenshots showing that our funds are safe or...?

hehe
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Old 09-09-2010, 02:59 PM   #367
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Could we get some screenshots showing that our funds are safe or...?

hehe

Yeah let's see a bank statement. Ah...well not photoshoped of course.
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Old 09-09-2010, 02:59 PM   #368
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Old 09-09-2010, 03:00 PM   #369
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I doubt epassporte makes its money on the little fees and whatnot. 50 cents per transfer? A few bucks for card renewals? How many transactions can possible go through their system a day?

My opinion is Epass likely keeps a certain % reserve to pay out ATMs, and invests the rest like any other bank or pseudo bank. Invests into currencies, companies (like oxymoron productions for instance?).
That would be illegal without mentioning this in user agreement. They are not a real bank. They could still do this illegally, but I doubt it would go undiscovered for that long.

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The reserves probably fell below this certain %, and the bank requested from Visa that it shut down it's visa cards.
Doubt that as well. Bank does not need a VISA to shut the cards down. They can just block the balance on account. Transaction will not go through.
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Old 09-09-2010, 03:01 PM   #370
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HAHAHA, That's too perfect for his next movie

Exxxit: Life After Porn (2009) (post-production) (producer)
http://www.imdb.com/title/tt1291547/
oh no
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Old 09-09-2010, 03:02 PM   #371
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Honestly, after reading that statement, there is no way he wrote it...so the question is, is Mr. Mallick even around anymore or did he high tail it out of the country?
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Old 09-09-2010, 03:03 PM   #372
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I did. I was abruptly told it was not their problem, that even if Visa said we could get money from them, we can't. They told me to contact epassporte.
Indeed they told you that. Epassporte is the client of the bank not you. Epassporte has an account in the bank, you don't. Hence the bank will not deal with you or any of us for that matter and bank employees will not disclose any information about epassporte account statement to third parties without some kind of court order.

It's all quite obvious.
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Old 09-09-2010, 03:05 PM   #373
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Thanks for the update Micheal. I am sure you guys will get things sorted.
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Old 09-09-2010, 03:06 PM   #374
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Honestly, after reading that statement, there is no way he wrote it...so the question is, is Mr. Mallick even around anymore or did he high tail it out of the country?
he seems to have many close friends when doing a history search on here - but none of his close friends have posted anything regarding this situation.
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Old 09-09-2010, 03:07 PM   #375
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OF course it is. He used the cash to fund his movie expecting to make millions....the movie bombed at the box office. Where else would he get that kind of money? 20 million.
I really don't think this is far off at all...

He expected a quick double up using epassporte customers as the investors and failed miserably.

The numbers you see in your account are just that, numbers.. There is no cash backing them.
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Old 09-09-2010, 03:08 PM   #376
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I hate people who dont read threads they just post shit like this asshole above(Vick!)
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Old 09-09-2010, 03:08 PM   #377
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Honestly, after reading that statement, there is no way he wrote it...so the question is, is Mr. Mallick even around anymore or did he high tail it out of the country?
Indeed. And all those employees just pretending on their own responsibility, probably to buy some time and wire out their "retirements" before they flee completely. Get real. If there was no anyone in charge, they would not bother to write here, they would be browsing job vacancy sites by now.


Not that I'm not worrying about my money, but it's just fascinating to watch all those conspiracy theories being born every hour
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Old 09-09-2010, 03:09 PM   #378
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Honestly, after reading that statement, there is no way he wrote it
Agreed. I don't know who wrote it, but it was not written by Mallick, an attorney, or any professional PR person.
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Old 09-09-2010, 03:11 PM   #379
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Indeed they told you that. Epassporte is the client of the bank not you. Epassporte has an account in the bank, you don't. Hence the bank will not deal with you or any of us for that matter and bank employees will not disclose any information about epassporte account statement to third parties without some kind of court order.

It's all quite obvious.
If it's so obvious why have visa stated that we should still have access to our funds through that bank?
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Old 09-09-2010, 03:13 PM   #380
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Time frame would be great for when Visa cards will work again or new cards will be issued from other bank or whatever: days, weeks, months?
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Old 09-09-2010, 03:13 PM   #381
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Agreed. I don't know who wrote it, but it was not written by Mallick, an attorney, or any professional PR person.
Why you think this, if i may ask ?
And...What would be the reason, for not writing it by hiself?
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Old 09-09-2010, 03:14 PM   #382
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If it's so obvious why have visa stated that we should still have access to our funds through that bank?
Indeed Visa made it perfectly clear on who, what and where....
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Old 09-09-2010, 03:14 PM   #383
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If it's so obvious why have visa stated that we should still have access to our funds through that bank?
Probably because Visa assumes that epassporte isn't run by criminals?
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Old 09-09-2010, 03:15 PM   #384
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he seems to have many close friends when doing a history search on here - but none of his close friends have posted anything regarding this situation.
Under the circumstances can you blame them? I am sure many don't want people to judge them by Chris' actions, or lack there of. If this turns out badly, which I assume it will, none of the stink will stick to them. Friendship is one thing, risking your reputation to support them when you are not sure they deserve that support is another.
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Old 09-09-2010, 03:17 PM   #385
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Why you think this, if i may ask ?
And...What would be the reason, for not writing it by hiself?
I have no idea what the reason is, but the wording does not sound like what a high level businessman or someone representing him would use.
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Old 09-09-2010, 03:22 PM   #386
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I have no idea what the reason is, but the wording does not sound like what a high level businessman or someone representing him would use.
I tend to agree with you, because if you read any of his interviews the tone and language just doesn't match.

The first sentence struck me to be odd "....as of today we still have received no good basis for it."
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Old 09-09-2010, 03:25 PM   #387
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Indeed. And all those employees just pretending on their own responsibility, probably to buy some time and wire out their "retirements" before they flee completely. Get real. If there was no anyone in charge, they would not bother to write here, they would be browsing job vacancy sites by now.


Not that I'm not worrying about my money, but it's just fascinating to watch all those conspiracy theories being born every hour
I'm not trying to be rude but I'm not sure you thought that statement out. I highly doubt Chris, who lives in California walks into an office daily and sees everyone. There is more than one office and I bet that 90+% of the people that work for him have no clue where he is at any given moment and the vast majority have probably never laid eyes on him. The support staff all seem to be from India, excluding MichaelO (who I don't believe lives in California either).

So it is very possible that someone like Chris could leave the country and his staff carry on as usual believing everything is ok and not knowing what the entire story is. Take Michael for example. He has stated he knows nothing more than we do. Has he physically seen Chris since this situation happened? I highly doubt it.

This is the Internet, I do business with a lot of people, but 99.9% of them I have never met and to be honest, I have no clue where half of them are located, nor would I know if they up and left.
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Old 09-09-2010, 03:25 PM   #388
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it appears that nobody is getting wires, but did anyone manage to get out money by withdrawal to their real credit card?

As Michael says that process is automatic, not reviewed by hand as wires..

Anyone with such luck?
It is automatic as long as you already have a valid credit card in their system that has been verified.

If you don't then you can enter a new one but to get it verified you have to scan and send the face of the card, the back of the card, a recent card statement, your ID plus a clean picture of your ass. You send this to them and maybe after a year or two your card will get verified. However by then Epass will be gone along with your money!
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Old 09-09-2010, 03:26 PM   #389
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"just draft something up and send it out under my name" ...?
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Old 09-09-2010, 03:26 PM   #390
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Time frame would be great for when Visa cards will work again or new cards will be issued from other bank or whatever: days, weeks, months?
I would give up on that dream, who ever wrote that statement seemed to be closing up shop.
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Old 09-09-2010, 03:28 PM   #391
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without some kind of court order.
too late IMHO
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Old 09-09-2010, 03:29 PM   #392
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We at ePassporte are as distressed as you, our valued cardholders, over an action that we did not see coming and as of today we still have received no good basis for it.

First, be assured that your funds are fully safe and protected. You are owed that and it will be fulfilled. The funds are secure.

Second, ePassporte is working with the St. Kitts bank to work out how all payments will be made and when. The details are complicated, because there are funds in motion and where and when they settle requires us to all be careful that we fully and properly account for all those funds and their rightful owner. This issue stems from our processing and reporting ability through the Visa system and their processor.

Third, ePassporte's most important asset has always been our account holder's. We are not going to undermine that asset by treating cardholders in any manner other than the best we can.

Most of us have had the unfortunate experience of dealing with banks and card associations that simply ?cut us off? and did not pay us. Those actions were limited to card acquiring (merchant accounts), not card issuing, which is what we do. We can all take some comfort in the fact that this situation is not anything like the acquiring side of the business.

We all fully understand that communication to our cardholders is critical. However, it does not help any of us if we are constantly updating you on the basis of the calls that take place almost hourly. It seems to us that giving you facts, based on agreements we are working on is the best form of communication. This is what we will be doing. When we know something, that is a fact, we will report it, quickly. Our staff is all working diligently to resolve these issues and the many moving and complicated parts of getting the funds returned. Therefore, please do not mistake our silence as ?hiding?, ?avoiding? or ?stringing you along?. We too have funds that are stuck in the system, as well as massive costs of operation without any income.

Rest assured that when we know, you will know and you will all be satisfied with the results. Again, your money is safe.

For those of you that have been in the industry for many years, I hope you will recall that I have a very strong track record of fighting for the rights of webmasters, program sponsors, billing companies, merchants and the industry; that dedication continues.

Thanks you for your understanding in this difficult time and for your support over the last 8 years of our operations.

Chris Mallick
For ePassporte
Total lack of any real information and at least part of it is total pigshit.
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Old 09-09-2010, 03:34 PM   #393
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It sure sucks being broke but I would imagine it sucks even more being broke yet having money that is yours yet not being able to access it, that would drive my bonkers.
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Old 09-09-2010, 03:35 PM   #394
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So the official statement is that nothing has changed and you still know nothing?
Nope, just more horseshit and window dressing and as expected that POS Mallick doesn't have the balls to make a statement himself....... I would say this is because he does not want to get caught in a lie....worthless fuck.
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Old 09-09-2010, 03:37 PM   #395
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For those of you that have been in the industry for many years, I hope you will recall that I have a very strong track record of fighting for the rights of webmasters, program sponsors, billing companies, merchants and the industry; that dedication continues.

---------------------

LOL, well that will buy you some time

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Old 09-09-2010, 03:38 PM   #396
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Houston we have a problem
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Old 09-09-2010, 03:38 PM   #397
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Honestly, after reading that statement, there is no way he wrote it...so the question is, is Mr. Mallick even around anymore or did he high tail it out of the country?
https://youtube.com/watch?v=ScKDOmiQOkQ
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Old 09-09-2010, 03:41 PM   #398
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HAHAHA, That's too perfect for his next movie

Exxxit: Life After Porn (2009) (post-production) (producer)
http://www.imdb.com/title/tt1291547/
yeah man i see that also omg

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Old 09-09-2010, 03:42 PM   #399
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lets give them few more days, i still believe that there is SOME chance that we will get our cash back

if nothing happens in a few days then we should start fund raising for mass lawsuit or A-Team
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Old 09-09-2010, 03:44 PM   #400
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Originally Posted by Michael O View Post
We at ePassporte are as distressed as you, our valued cardholders, over an action that we did not see coming and as of today we still have received no good basis for it.

First, be assured that your funds are fully safe and protected. You are owed that and it will be fulfilled. The funds are secure.

Second, ePassporte is working with the St. Kitts bank to work out how all payments will be made and when. The details are complicated, because there are funds in motion and where and when they settle requires us to all be careful that we fully and properly account for all those funds and their rightful owner. This issue stems from our processing and reporting ability through the Visa system and their processor.

Third, ePassporte's most important asset has always been our account holder's. We are not going to undermine that asset by treating cardholders in any manner other than the best we can.

Most of us have had the unfortunate experience of dealing with banks and card associations that simply ?cut us off? and did not pay us. Those actions were limited to card acquiring (merchant accounts), not card issuing, which is what we do. We can all take some comfort in the fact that this situation is not anything like the acquiring side of the business.

We all fully understand that communication to our cardholders is critical. However, it does not help any of us if we are constantly updating you on the basis of the calls that take place almost hourly. It seems to us that giving you facts, based on agreements we are working on is the best form of communication. This is what we will be doing. When we know something, that is a fact, we will report it, quickly. Our staff is all working diligently to resolve these issues and the many moving and complicated parts of getting the funds returned. Therefore, please do not mistake our silence as ?hiding?, ?avoiding? or ?stringing you along?. We too have funds that are stuck in the system, as well as massive costs of operation without any income.

Rest assured that when we know, you will know and you will all be satisfied with the results. Again, your money is safe.

For those of you that have been in the industry for many years, I hope you will recall that I have a very strong track record of fighting for the rights of webmasters, program sponsors, billing companies, merchants and the industry; that dedication continues.

Thanks you for your understanding in this difficult time and for your support over the last 8 years of our operations.

Chris Mallick
For ePassporte

I appreciate the difficult position Michael O and the folks at ePassporte are in. I would hope that following statements from them quickly resolve the following:

1. In the communication above you state that ePassporte did not "see this coming". Were negotiations to resolve the issue that resulted in the program closure being conducted with St. Kitts bank? Did these negotiations unexpectedly break down suddenly causing the "unanticipated closure" or was this a completely unanticipated closure of the product?

2. Have you been able to verify that a gross amount that meets a "reasonability check" against what ePassporte shows as outstanding VV accounts total balances is either on deposit or frozen at St. Kitts? Are you currently working jointly with St. Kitts to verify VV account balances or has this process not been started yet?

3. Has St. Kitts' Ministry of Finance and more specifically the Financial Regulatory Department been informed of St. Kitts actions against their Visa cardholders? If so, is the Ministry's office directly involved in helping to negotiate a release of these funds?

4. Is there currently any investigation by either St. Kitts Ministry of Finance, the U.S. FTC or any other regulatory agency concerning the disposition of the Virtual Visa balances or the policies/procedures or operations of the ePassporte program?
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