Apparently they have suspended payment of all liabilities not including client financial instruments ... its breaking down and as Jim Sinclair says 3 weeks is more likely than 3 months.

This is found directly in the website of the institution in Italian

website and translation below

http://www.bancanetwork.it/content/sospensione-dei-pagamenti

translation

THE PRESS May 31, 2012

On 31 May 2012, the Special Commissioners of Bank Network Investments SpA in Extraordinary Administration (MI), with the approval of the Supervisory Committee and with the approval of the Bank of Italy, have decided to suspend the payment of liabilities of any kind, pursuant to art. 74 of Leg. September 1, 1993. 385 (TUB), for the period of one month. The suspension does not include client financial instruments.

The measure was necessary to face the difficult situation of the bank.

Organs extraordinary Bank Network Investments SpA, an intermediary member of the Interbank Deposit Protection Fund, are developing a plan for solving the crisis in order to safeguard clients' rights, provides for the intervention of Consultinvest SIM Group and Bank savings of Ravenna.

orgy