[B2csp]

Does anyone knows for a fact what is going on with PAR beside all the rumors? We have multiple merchants needing documents from PAR which we requested from them and none of them have been able to reach PAR. We tried to reach out as well to see what was going on but no one is answering the phone.

Does anyone actually know?

[Kevin Henry-Seacoast]

Perhaps searching through the court documents you might find the appointed trustee of attorneys working on the case.

[UrsulaHaun]

Par Funding went into a forced receivership pursuant to a court order in the SEC case. There is also an asset freeze order that encompasses up to $482 million.

The receiver's name is Ryan Stumphauzer of Stumphauzer Foslio Sloman Ross & Kolaya PLLC. He is now in charge of Par.

[UrsulaHaun]

This is the receiver's email address:
rstumphauzer@sfslaw.com

[golf2014]

Perfect, they were dirty as can be.

[Yankeeman07]

All You Need To Know

https://www.sec.gov/litigation/litre...20/lr24860.htm

[SCCNY]

All You Need To Know

https://www.sec.gov/litigation/litre...20/lr24860.htm

Sorry if a stupid question but what will happen with their current fundings will they still be pulling payments from merchants?

[UrsulaHaun]

Sorry if a stupid question but what will happen with their current fundings will they still be pulling payments from merchants?

Not a stupid question. The answer is yes although there may be a temporary pause on them while the receiver works out all the proper bank accounts for everything to run through. This is what happened in 1st Global. All those funds will go towards the money owed to the investors. This case is basically the same situation as 1st Global

[SmartAdvanced]

https://www.inquirer.com/news/par-fu...-20200731.html


So there was a raid?

[golf2014]

Perfect

[iawia_advanced]

So is Par still able to fund new deals ?

[Yankeeman07]

So is Par still able to fund new deals ?

This is NOT legal advice - BUT - I think common sense prevails - Why would you place merchant with a company that has some deep issues?

[ExMCAUnderwriter]

https://www.inquirer.com/news/par-fu...-20200731.html


So there was a raid?

LOL we all knew there was a raid. Of course the people running PAR are going to state that everything is dandy - this is sad.

[Sachip24]

[QUOTE=SCCNY;143690]Sorry if a stupid question but what will happen with their current fundings will they still be pulling payments from merchants?[/QU

Hmm what happens to all those reverses that are not getting their weekly credit. I don't think they have been pulling debits from merchants accounts from the conversations I have had in the past few days.

[Kevin Henry-Seacoast]

[QUOTE=Sachip24;143762]

Sorry if a stupid question but what will happen with their current fundings will they still be pulling payments from merchants?[/QU

Hmm what happens to all those reverses that are not getting their weekly credit. I don't think they have been pulling debits from merchants accounts from the conversations I have had in the past few days.

I believe in one of the articles it said the trustee has paused all transactions so they can set up appropriate accounts. It would make sense to do so.

[showtime73]

[QUOTE=Sachip24;143762]

Sorry if a stupid question but what will happen with their current fundings will they still be pulling payments from merchants?[/QU

Hmm what happens to all those reverses that are not getting their weekly credit. I don't think they have been pulling debits from merchants accounts from the conversations I have had in the past few days.

Agree Do not know what to tell my merchant , debits stopped as well as weekly injections....

[Chambo]

[QUOTE=showtime73;143766]

Agree Do not know what to tell my merchant , debits stopped as well as weekly injections....

Tell them the truth. PAR was raided by the Feds. Accounts are frozen. the debits may start up again soon, once the receiver is st up and has accounts in proper settings, but, heh, GOOD LUCK with any credits. Highly doubt that'll happen