EMO Update. Not good.

The receiver for the EMO debacle, has posted an FAQ on the EMO site. Things do not look good, looks liek EMO was operating unlawfully...

http://emoweb01.emocorp.com/resources/html/ReceivershipFAQ.html

EMO Corporation, in Receivership

Frequently Asked Questions

• When can I have my money?

The Receiver believes that the process for returning account holder funds will be generally premised on the following:

1. The Receiver will perform an investigation and determine how much EMO Corporation's Pre-Close creditors (including account holders) are owed.

2. The Receiver will marshal EMO Corporation's assets and as appropriate, may pursue various causes of action against parties responsible for the shortfall that may exist.

3. The Receiver will make distributions in the future to Pre-Close creditors (including account holders) from the assets of EMO Corporation.

• Why can't I have my money now?

All accounts are "frozen" pending further order of the Travis County State District Court. No distributions to Pre-Close creditors (including account holders) can be made until approved by the Court. The facts indicate there is insufficient cash funds on hand at EMO Corporation to meet its obligations to account holders and other creditors.

• I want to talk to the Judge who presides over this Receivership.

Account holders who wish to address the Court must do so in a formal pleading filed with the Court and served on interested parties.

• How long is the Receivership going to last?

The length of the Receivership will be determined by the period of time it takes to complete the processes noted above.

• What is the status of the sale of EMO Corporation's assets?

The Receiver will pursue a sale of EMO Corporation's assets. The Receiver will update the web-site with any sale-related documents or information as appropriate. The timing of any such sale, cannot currently be determined.

• Was EMO Corporation FDIC insured, insured by the state or some other governmental agency?

EMO Corporation was not insured by FDIC, the state or any other governmental agency, nor was it licensed by appropriate state regulators.

• Did EMO Corporation have any corporate insurance policies (director and officer or other similar type policies) that might be used to cover any losses?

No.