April 22nd, 2008

e-Gold Wins Appeal in D.C Circuit for Asset Seizure

From e-Gold’s blog -

FOR IMMEDIATE RELEASE

Quote:

[Melbourne, FL] — e-gold Ltd is pleased to announce a favorable ruling from The United States Court of Appeals for the District of Columbia Circuit in the matter of whether it, Gold & Silver Reserve, Inc., and Directors of both corporations are entitled to a hearing in the Federal district court regarding whether there was sufficient probable cause to justify seizures of assets from the corporations in December 2005 and April 2007. The higher court concluded: “In short, we hold that where the government has obtained a seizure warrant depriving defendants of assets pending a trial upon the merits, the constitutional right to due process of law entitles defendants to an opportunity to be heard at least where access to the assets is necessary foran effective exercise of the Sixth Amendment right to counsel.” The complete text of the court’s opinion is available here: Opinion for the Court, filed by Chief Judge Sentelle This ruling will ultimately prove to be beneficial to all Americans whose Fourth, Fifth and Sixth Amendment rights have been increasingly encroached upon in the name of fighting domestic wars du jour - whether or not they use e-gold. e-gold Ltd, Gold & Silver Reserve, Inc., and their Directors believe there was insufficient probable cause for the seizure warrants at issue and look forward to finally having their day in court on this matter.

E-gold still faces the previous indictment filed against them for money laundering etc, but I have to assume at this point they will at least be able to recover their assets.

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Good news for e-gold and their customers. Wonder if that`s the end of the road, or could the FBI (or whichever Gov`t dept behind it all) could take it higher up the appeal system?

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To go beyond the DC Circuit Court, I believe an Appeal would have to be filed in the Supreme Court. I don't think this action will take place. It would be contemptible to appeal an Opinion stating:
"the constitutional right to due process of law entitles defendants to an opportunity to be heard at least where access to the assets is necessary for an effective exercise of the Sixth Amendment right to counsel."
Unless of course the prosecution wants to Appeal based on the assets available from day to day business. IMO, this was a slap on the hand, but will not prevent the arguments in support of money laundering and the other criminal allegations against E-gold.

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Good news. I hipe it would become less dificult and less pricey to outexchange e-gold soon.