Quote:
Originally Posted by epitome
I think St. Kitts discovered a compliance issue and then pulled the plug on the Visa pipeline.
Meanwhile, Mallick had money going to a "friendly bank" that turned around and lent it back to him for projects.
Then there was a run on the wallet cash and United Trust paid out what little they could and when they ran out they closed the doors on Epass.
I imagine that before all of this there were tens of millions in stagnant funds that Mallick could do with as he saw fit, providing he made a return, which proved hard for him with Middle Men. None of the behind-the-scenes stuff would come to the forefront unless something went horribly wrong. It did.
All speculation in light of not having any real answers provided by the responsible parties.
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I agree with this assessment. But I do believe the St Kitts had NOTHING to do with the movie at all. It only had to do with ePassporte's lack of knowing their account holders and knowing where they were sending the funds. They most likely received a notice from the USA asking about a transaction or several and then realized ePassporte wasn't doing enough to actually know anybody. They pulled the plug.
Those 30 cent transactions and $2 affiliate payouts added up to millions a month. Believe it or not. Here is the speculative part: Chris gambled that if the movie flopped and nobody moved any major money he'd have plenty in the wallet account to cover the flop. The VV program would replace any missing money in weeks. It was just very bad timing that the movie flopped and St Kitts decided to make this move right now. Two unrelated problems turned into the perfect storm for the company.
Had St Kitts made this move in November or December, Chris would have had enough cash available to cover the problem. Then again... He is still making movies so perhaps he would never have had the cash to cover it since he had the two forms of transactions running so close to one another it was like living paycheck to paycheck.