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Hey Vale, has this brutal silver market taken Tulving out?
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Thread: Hey Vale, has this brutal silver market taken Tulving out?

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  1. #37
    Join Date
    May 2007
    Location
    Atlanta
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    Finally some news for those waiting so longgggggggggggggggggggggggggggggg.

    Chapter 7 Trustee, Weneta M. A. Kosmala, has valued the error coins at a total of $2.9M, based on the PCGS Price Guide. This works out to a value of about 18.75% of what each creditor is owed.

    You will receive (or may already have) a form that you can fill out and return, to let the court know whether to [1] send the error coins your address on file, [2] send the coins to a different address, or [3] opt out (not send you the coins). The form will list what coins you are due to receive (somewhere from about 10 to 200, depending on their value and how much you are owed). If you do not return the form by the July 3, 2017 deadline, the Trustee has requested that the court assume you wish to receive the coins.

    As the Trustee says, it is possible that you might not receive any other form of distribution. By receiving the coins, you are at least guaranteed to get something.

    The only other news is fairly minor. The Trustee filed a motion to subpoena a coin dealer for a 2004 Exam, which would help the Trustee find out if they may owe The Tulving Company some more error coins. Also, a pre-trial conference for the $2.1M lawsuit against Levon Gugasian and his son Armen Gugasian has been delayed to October or November. Armen has been deposed already, but Levon had not (as of late March).


    Finally, Hannes Tulving, Jr. has now been in prison for over a year.


    Error Coins: Not Much Longer. Maybe.

    June 2, 2017 4:10PM EST from about.ag

    In December, 2015, then Chapter 7 Trustee Mr. Neilson expected the error coins to be distrubuted to creditors by mid-February, 2016. That got delayed to early May, 2016. As August hit, the new Chapter 7 Trustee Ms. Kosmala expected the coins to be delivered in early 2017.

    Finally, however, the coins have now all been graded, and are waiting to be shipped once the court approves Docket 667. The 2-page Exhibit A lists the coins in 59 different categories (based on coin type, date, error variety, and grade), along with the PCGS Price Guide value of each. There are a total of 15,580 coins, with a PCGS value of $2,955,113.

    After the order is approved, each creditor should receive in the mail a list of the coins they are to receive, along with an option for updating their mailing address and/or opting out (samples here). They point out that if you opt out of receiving the coins, it is possible that you may get no other form of distribution out of the bankruptcy estate (in other words, it may be the coins or nothing). There are scenarios where opting out could be advantageous (not being a lawyer, I cannot go into depth on that). But if I had ended up being a creditor, I would definitely not opt out of receiving the coins.

    A quick spot-check shows these values to be more in line with the actual values, but still appear to be somewhat high (especially given that the Tulving bankruptcy will bring a lot more of these to the market).
    Last edited by valerb; 6th June 2017 at 18:23.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

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