On July 8, 2009, Frank Trotter, Executive Vice President for EverBank, submitted a declaration to the court. One of the most fascinating things about that declaration is his statement concerning how well (or poorly) EverBank clients have done in regard to their WorldCurrency CDs.
12. Based on Vathana's loss calculation methodology, the alleged loss for all EverBank customers who purchased a WorldCurrency CD and who has had their CD converted from the original foreign currency of the CD to United States dollars at any point in the last four years totals $49,183,666.92.
13. This calculation described in Paragraph 12 takes into account all EverBank customers who had a WorldCurrency CD converted to United States dollars, regardless if that customer gained or lost money. If only those customers who suffered an actual loss in their investment are considered, then the alleged loss increases to $78,634,690.64.
Did you catch that? If I am reading it correctly, it says that when you add up all of the money which investors made and lost on WorldCurrency CDs, the result is a net loss of $49 million. If you only consider customers who suffered a loss on their investment, then the loss is over $78 million.
I think I'm beginning to understand why EverBank states on its website that "Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment."
On a separate note, I would be happy to get your comments on the various Icelandic government documents submitted by EverBank.