Banks absolutely have special interest rates for people with big money accounts. I don't know what the cut-off is on a deposit amount, but I would think that if you went into a bank with $120K, you're going to better than .07%. How do you think millionaires are able to live off their interest? They give them special interest rates because they want to take those BIG chunks of money and invest it and make 5 times more with it than whatever rate they are going to give you in return.

If I had that much money to invest, the bank is just about the last place I'd go, unfortunately.

Gotta get back to work!!!

thanks for the info but i think i better ask your wife for advice on these matters...no offense

Years ago my CDs were paying 6 1/4 % when the interest on some property was at 5%.
When the cds matured the rate if I rolled them over offered was .02%.
I pulled the cash out and paid off the properties, a little over 1/2 a million.
On our trust account we used to get 7%, the banks would compete for the dollars, not only did we get the 7% but they paid for our accountant.
Now we have to PAY the bank to hold the money.
We used to keep the interest on this account until the state went broke with all the handouts then they came up with regulation Q to steal that money.
The accounting and processing cost to escheat those funds now cost us more than the paltry chump change the bank pays on it.
A waste of time now to bank money, the inflation rate eats up all the interest and then some.
Our crooked politicians sold us out with the bank bailouts, no need to pay interest when they stole us blind.
Most of the people don't get it and don't care since they are buried in usury and have no savings anyway.
I am looking at some Az real estate and possibly another rental here now that RE has bottomed, gotta find a place to park the money and a bank sure as hell isn't it.

I can tell you that is false, anything over 250K isn't insured by the FDIC and there is no special rate.
I am looking for a 3rd bank right now and in the process of looking for an investment for the other 500K in the first two.
15% of my portfolio is in silver and gold.
If you do buy gold don't buy American coins, if the gov't decides to force you into selling them back to them they will pay you face value of the coin.
They have pulled this scam before.

Right!? It just awful no-a-days.

When I was a kid growing up on the streets of Boston, we were poor and on welfare. Later on when I got married, I was out of work 2 separate times once with a broken down car that I couldn't fix the tranny on. BOTH times I had NO money! And because I was filing self employed in the family painting business, I could never collect unemployment either. I use to take the change out of my car ashtray and walk a mile to the Stop&Shop grocery store in Stoneham at the time with my pockets full of change. With total embarrassment I would walk up to the cashier with all this change apologizing up and down telling her I forgot my wallet at home and had to grab the change out of my ashtray. Each time I went I would find different cashier girl to use the same line on. And I always bought peanut butter, bread, cereal and milk. That's what my family would eat every day. I had NOTHING! That's all I could afford. I was so stressed out, sick to my stomach that I swore never to do the bills again.

My life finally changed when I caught a break and got into the Union. That's what got me to where I am at today. And I'm not looking for any sympathy, I just wanted to be 1000% honest with you all cause you're all like an extended family. I love Pinside. It always keeps me entertained and smiling. I've many friends on here as well. But that's why till this day, I never do the bills or look at what's in the bank or how my investments are doing. I can't handle knowing what's going on. My wife handles it all and she loves it. I'd be lost, dead and buried without her.

Wow Tracer, that wild info on the Gold. Our government is really sad. They'll bleed us dry if they could. I wish they could straighten out the monster that is the health care system. For every hour I work, I believe $7.65 cents is taken out of my pay for healthcare. And I know some people pay a lot more than that! It's outta control and insane!

I remember my grandfather used to put all his money into CD's in the mid 90's. He had them at 10% back then and was living off the interest from it at the time. He was in his 80's then.

Side note...Hope Maria is charging along. I've voted earlier today.

Edit...I can't believe all the stuff these banks are doing to you. I know most of the guys at work invest their money into their 401K's and mutual funds.

You two should get a room or at least your own thread.

Nah, just taking the heat off JJP and trying to get this thread to 700! LOL

http://www.forbes.com/sites/richardsalsman/2011/04/06/the-bank-runs-of-the-early-1930s-and-fdrs-ban-on-gold/

Wrong. JJP is culpable because they selected Bumper to act as their agent.

They were negligent in an improper vetting of their sole distributor. Perhaps you would be correct if many others were taking deposits in Oz.

Standing is a trick most often used by organizations like the government when corrupt judges (who are paid by the very same government) protect their cronies. Most often a claim of "lack of standing" can be disproven by a civil rights violation, but since the government is generally criminal, your rights mean exactly jack shit.

until lawyers are involved nothing will happen.

aen.png

That’s a massive backflip from JJP. Citing legal advice from a year ago when they publicly promised pics and shipment of the pins only one month ago. And did they deposit the money in the State of New Jersey bank a year ago per their legal advice?

I really hope that JJP honours their words this time.

With the number of games on pre order Jack should have quite a sum put away if not the games can not be made.

i wouldn't hold my breath

For what? I preordered 2 machines over 3 years ago, am part of the WOZ action group and was part of the phone hook up over 1 year ago when we were promised the games. We had advised and forwarded all information of Aussie buyers then.

I haven't read all this, still working through it, but this is the first thing that came to mind:

So riddle me this, batman. Who is to take shipment of the 22 games, sell them and then divvy the money. Is Jack lying when he says there is no one to ship the games to? What kind of people would have ever agreed to take games instead of money? Do you have anything resembling an agreement as a result of your phone hook up, or were you the one on the line? I can see where the only person who would agree to this would be the person receiving the games. Is that supposed to be you? What percent are you expecting to recover?

Jack said in the post that he doesn't know who to ship the games to. You said it's all been settled. Who is going to take possession of the games from JJP?

I'm trying to be sympathetic here, but the nonsense is wearing me out. And yes, the business practices of JJP is my business because I am hoping to buy a Hobbit, but because of BS like the Bumper debacle, I won't even consider any sort of prepayment.

I am sure they will post but in short JJp seems to know who to ship them to right up to several weeks ago when he said they were being built and would ship soon and pics were coming.

Clearly there were communications on this. You have to read back as they were posted. But again the big thing is JJP said they were all a go after a long wait and all was moving forward only to suddenly say different.

I find it peculiar that the disputed funds weren't segregated into a escrow account of some kind in the first place. Why muddy the waters with funds that appear to be encumbered?

So we were told shipping of ecle's domestically slowed because some were being channeled to Australia? So where did they ship to if they aren't going down under? It seems that the 200+ outstanding ecle's have remained at 200+. It just doesn't add up. Standards are shipping, why not the remainder of the LE's?

Are these pm's JJP is sending out threatening in tone, ie cease and desist type pm's or simply offering an account of things? Hopefully it's the latter rather than the former. Strong arming your customer base is really a bad sign. Lets hope that's not the case.

**edit**
Thinking more on this, Jack's response was peculiar. It was as if the two sides have not spoke about this yet the op said several times they had. If the JJP legal brain trust advised against sending the 22 games, why not contact them directly? Why not spell out what he needed in order to indemnify JJP from future recourse. Lay out at checklist of sorts to get the ball rolling? Perhaps have HIS legal counsel draft an indemnity waiver/contract and stipulate the terms to secure delivery of the 22 games. It just seems like a Rube Goldberg way of trying settle this.

.

There is no cash flow building LE games only in the standard games.

I understand the crux of the matter. I was trying to be a little more subtle than that and provide a little wiggle room.

Who gets the games?
Who stores the games?
Who sells the games?
Who's in charge of the money?
Who's going to sell games to whoever wants's one?
Who's in charge of accounting?
Who can sign a legal document?
Who can speak for EVERYONE?

LOL

Exactly!

Apparently SilverballAUS.

It's the elephant in the room. No one wants to admit that JJP spent the ill-gotten gain and doesn't have the ability to wash their hands of it. Just like no one wants to admit that the WOZLE buyers have been taken for a ride. I guess the true believers are betting against being stiffed with an unsecured loan in a reorganization. I really don't know how a single person can be comfortable waiting for their prepaid machine at this point.

i can only speak for myself but i got two pm's from the username jjp. both of them were polite -ish basically just rehashing what he said in the thread. Someone else got a pm stating that their way of describing what happened was "a harsh way of saying it"

No need to be smart and speculate.If the nonsense is wearing you out,take a break and dont click on the thread.
FYI, I have paid money towards 2 x WOZ LE's.
I was at the Aussie meeting/phone hook with Jack and others and personally wanted cash not machines but the majority wanted machines to try and recoup more of their money. I personally dont think cash was viable for JJP at the time anyway.
A well known Australian pinall person,who can be trusted, volunteered to help import,store and distribute the machines, not me. Jack knows who this person is and has done business with him before.
None of the Aussie WOZ victims are concerned who is to receive and store machines so you need not worry either. My main and only concern is getting the machines into the country,or receiving some cash back

There was a lot of communication on building and shipping games to OZ, not just over the last 4 weeks but from the time Bumper went bust. There is a trail of emails, JJP can confirm as the senders still have copies.

I dont want to get into a mud slinging match, I will be happy with anything I can get back atm.

Hey JJ,

I found this in the bath salts thread and thought it might interest you:

254843-i.jpg

Great questions.

Interesting that Jack never thought to ask any of those 8+ months ago when he *first* agreed to build and ship the 22 machines.... <insert giant eyeroll emoticon>

Some folks are acting as if Jack *just* considered the whole Bumper thing in the last month..... LOL.

The answer to most mysteries is usually the same: Follow the money.
Why did Jack want to build games back in Nov (instead of refunding $$$)
Well, recall he was trying to drum up investment $$$ around that time (pre-JDA)....
Also, ask why they didn't put that money in escrow back then?
All questions are answered by the cash flow problems....
Same as why (new money) standards seem to continue to ship while (old money) LEs slow to a crawl....

Follow the money.

Are all questions that JJP should have ensured were answered before they made any commitment of any kind. Maybe at the same time they were getting the legal advice they just mentioned.

th (2).jpg

Something smells fishy!

Does this mean there will not be a confidentiality provision?

All in Due time...

Bwaaaa

There have been several requests to shut this thread down. I am glad the Moderators have left it alone. This is a critical topic that should concern us all. As long as the vitriol stays toned down, this thread should stay open until the pinball world sees the outcome. We should all be interested. What happens here could severely affect the future of JJP and the future of pins produced by them. We all have a sort of vested interest. Good luck Aussies!!!
Mike

Good stuff.....so where would you put $100k with safety from taxes and best return? Some gold and a Roth?

Sorry for derailing a bit.....just spotted the $$$ part.....

.

If everyone sticks to the Pinside rules (i.e. keep it nice in here) then I see no reason to close this thread down. It's public information affecting a lot of good pinball people both in Australia but possibly also other parts of the world.

People who are only here to stir the pot or cause drama should leave this thread now. It's okay to be critical and, as always, all sides get an equal chance to speak their mind on the Pinside - but only as long as things are kept civil.

I always listen for what people don't say. JJP says they were advised but he did not say they had followed that advice.

Personally after watching the last 3 years there is no way I would pre-order any pinball machine from anyone - the perceived benefit just isn't worth the stress of it all!

+1

+1
But many people are still pre ordering..
Bizarre.

One wonders if the term 'unjust enrichment' came up during the provision of said advice.

It seems the US law pertaining to this is slightly more stringent than here in Australia, but the 79 buyers could still arguably make a prima facie case for it.

http://definitions.uslegal.com/u/unjust-enrichment/

I would imagine Stern Pinball is loving this...Trying to count the money in the boost of sales that will be coming there way. LOL