While numerous fans and enemies of goldnuggetinvest.com discuss current program issues, administration has published a detailed report on the program condition, their policy for the nearest period of time and, in particular, their plans for going private:
4.Some of you feel you have wrongfully been denied entry into the Premium Plan; have been saving with the intent of introducing all of your funds into the Premium Plan or something along those lines.
As much as we value our customers (and we most sincerely do!), our current focus is to restore our Project to solid financial health. Some of you had your pending withdrawals reversed back into your wallet for re-deposit, some of you had your deposit(s) remanded to the monthly plan right before your deposits would have, collectively, qualified for the Premium Plan or some other non-elected sacrifice you have had to make. We weren't looking to win any popularity contests by taking these steps, we are looking forward to getting this matter behind us as SOON as reasonably possible. To do this, sacrifices were inevitable. Some were compelled to make more than others and for that we appreciate what you are doing. In the long haul, we will all benefit from these sacrifices.
5. Length of Plan Cycle: While the plan(s), monthly and premium are on a monthly cycle, the specific length of this cycle is exactly thirty (30) calendar days. This will not affect the dates that GNI enables the dates to request withdrawals (the 1st – 7th of each month) nor the dates in which payment will be made (the 8th until the end of the month).
6. Going Private: The issue / question of GNI privatizing has surfaced for legitimate reasons, we had envisioned the project needing this status during the first quarter of this now, current year, 2010. Given our current state of affairs; the exodus of customers preceding the holiday time frame and the decreased revenue coming into GNI at the present moment, the benefit(s) of doing so does not justify the resources (time and expense) to follow this through to completion, AT THE PRESENT TIME. To be sure, GNI has a considerable amount of funds in preparation to going private, all of which will be set back for a future date and time.
