This letter from counsel for the EPB liquidation trustee directly rejects Qenta’s implied plan to liquidate precious metals and securities it received under the PAA. The trustee’s position is blunt: these are customer-owned assets, and Qenta cannot dispose of them without individualized, written customer direction and any required regulatory authorization. The letter also flags the subsidiary issue, warning that Qenta cannot casually “cancel” acquisitions of separate legal entities without following governing law. It is a formal notice that the “we can do what we want with the assets” narrative is not just wrong, it is contested on fiduciary and regulatory grounds.
