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Hey Vale, has this brutal silver market taken Tulving out? - Page 10
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Thread: Hey Vale, has this brutal silver market taken Tulving out?

  1. #91
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    May 2007
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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!!!

  2. #92
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    May 2007
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    Atlanta
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    Who knows, maybe now!!!!


    Error Coins: Very soon.

    September 9, 2017 8:25PM EST from about.ag

    I have now heard from two separate sources that the error coins will be delivered soon. It seems that all the legal hurdles have been dealt with, and it is just a matter of the company that has the coins sending them out.
    The best guess seems to be within the next two weeks.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  3. #93
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    Atlanta
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    Then on September 21st another update followed by still another one yesterday saying "DON'T WORRY, BE HAPPY", they are still coming. Just how long does it take to ship out these coins, it's been over two months now. It sounds like they have hired NWTM to fill these shipping requests.


    Error Coins: On Their Way!

    September 21, 2017 8:55AM EST

    The error coins hold different meaning to different creditors. Some chose not to receive them, some just want to get rid of them as soon as they can, others will hold on to them.
    The coins, however, are on their way. I believe that most creditors received an E-mail yesterday letting them know when the coins were or will be sent, along with a tracking number. Some have already received them.




    Error Coins - Many Shipped, Values

    November 12, 2017 11:40AM EST

    So far, it seems that quite a few creditors have received their share of error coins, but there are still some who have not yet received them. If you haven't received them yet, you should not worry (unless you received an E-mail saying that they have already been shipped).

    I have heard from a number of creditors regarding the value of the coins. This has been an issue since the beginning, where the U.S. Attorney called them worthless, yet estimated valuations ended up ranging as high as $20 million. The Trustee originally used a $7 million valuation as a way to determine which creditors should get which coins (which ended up failing, as the coins were not individually graded). About a year ago, the new Trustee said that Heritage Auctions estimated the coins were only worth about $500,000, but that the coins would need to be individually graded to determine whether the value was closer to the $500K or $7M. The grading was completed around May, 2017, with the Trustee reporting a value of $2,955,113, based on the PCGS Price Guide.

    Unfortunately, reports I have heard from creditors seem to indicate much lower values. That means that if, for example, you were sent coins with a valuation listed as $10,000, it is unlikely that you would be able to actually get that much money if you were to sell them (perhaps getting $2,000-$4,000 or so). Part of the reason seems to be that the PCGS Price Guide had unrealistically high values to begin with. Another reason is that there are a lot of these coins that will be coming to the market, decreasing the value. Also, the easiest way to dispose of them is going to a local coin dealer, who cannot offer anywhere near what the coins are valued at (a typical coin store does not specialize in error coins, and would likely have to sell most/all to another dealer, and factor in the risk of overestimating their value).

    I have had several creditors ask me for advice on the best way to sell them. Unfortunately, I do not have an easy answer for this. If you are just looking to sell them as quickly as possible, and are willing to put in a bit of effort, you could try auctioning them on eBay (where you can reach a large audience). If you can find a coin store that specializes in error coins, that might be a good way selling them quickly with little effort, at a price greater than what a local coin store would likely be able to pay. Alternatively, you could just hold on to the coins without planning to sell them. If anyone knows of a better way, please let me know, and I can post the information here.



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    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  4. #94
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    Atlanta
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    Gugasian Settlement Reached...

    November 22, 2017 2:45PM EST from about.ag

    Last night I found out that Chapter 7 Trustee Weneta Kosmala signed a settlement agreement with Levon Gugasian and Armen Gugasian. A hearing will be held on December 14 to see if the court approves it.
    The terms of the settlement agreement require the Gugasians to pay $648,250.00 (compared to the $2.1M the Trustee was looking for). The original lawsuit claimed: $259,500 for the 2 apartments, $971,200 for the main office, $454,067.88 for the unused 16th Street building, $225,000 each against Levon Gugasian and Armen Gugasian for consulting fees, and that Levon drop his bankruptcy claims (which he will per the settlement agreement).

    I will be writing further about this, as it bring up a number of issues.
    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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