Canopy Financial, Inc. Another HSA Canopy Financial ,Wellfund Story Chicago, Illinois

care too much about this story. You can 'Google' this- RIP OFF REPORT GM CREDIT CARD SERVICES, and go to Betty's Ripoff Report about her credit card interest rate going from 10.99% to 32.44%, and then read the '1st Update' to her Ripoff Report that clearly states that the "COLLAPSE OF THE U.S. ECONOMY IS IN ITS INFANCY", correct?

To follow up and correct my last post, the $6.1 million offer from the firm in Newport is for the Canopy intellectual property, not for all assets.

Yesterday (12/29/09), multiple documents were filed in the Chicago bankruptcy court by the Jenner law firm.  Included among these were schedules stating that Canopy has roughly $19 million in assets (including $2.6 million cash) and $26 million in liabilities.  Virtually all of the liabilities consist of HSA accounts - some 14,000 or so - worth about $25.4 million.  Coventry Health Care appears to be the largest creditor, with about 13,700 accounts worth more than $17 million. 

In addition to the $20 million in missing HSA funds, it appears that another $35 million of venture capital money is unaccounted for.  Canopy raised $75 million in private placement(s) during July and August.  About $40 million of that was used to repurchase common and preferred shares from existing shareholders (Blackburn, the Kashyap family, Frankel, and Granite Global).  The remaining $35 million was supposed to be used for "working capital and other general corporate purposes".  That's a whole big pot of money for working capital for this itty bitty company!  I still think this deserves some attention from the media.  Is anyone interested in representing the Wellfund account holders?

Dear Ripped Off - Latest info is that an unnamed "affiliate" of privately held TriZetto Group based in Newport Beach, CA (all straight-shooters down there, don't you know) has offered to pay $6.1 million to the Canopy bankruptcy trustee to acquire all of the assets and none of the liabilities of Canopy.  If you haven't already been contacted by the Chicago law firm of Jenner & Block who is representing Canopy, you should contact them and make yourself known.  Mr. Vincent Lazar, Esq. is lead counsel on the case.  Court dates have been set in Chicago for the last week of January to finalize the sale.  Nothing more has been heard from the SEC or from the FBI on what actions they are taking or contemplating, and the FDIC has been absolutely silent so far as I know.  If you've read the other threads in this forum, you know that there is also a group on Facebook discussing the Canopy Financial situation, so there may be more information there. 

Andrew Cuomo now!!!