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Is Bullion Direct/Nucleo Exchange joining Tulving? This doens't look good.
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Thread: Is Bullion Direct/Nucleo Exchange joining Tulving? This doens't look good.

  1. #1
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    Default Is Bullion Direct/Nucleo Exchange joining Tulving? This doens't look good.

    No it doens't and that's what I get for not looking at the title before posting it!!


    I just went out looking for any new information on Tulving and Bullion Direct/Nucleo Exchange was staring me in the face.

    Far too much and yet too little to go by other than this doesn't look very good for these people either.

    Rather than waste time trying to follow all the leads myself, I'm posting the primary sites for anyone interested, especially those that love trading in that market and might be in for a huge surprise soon.

    I know there has been a number of our member that have stated they find buying and storing their stash on that system convenient, maybe not!!!

    This first one will more than likely be the primary site to provide ongoing information as he finds out more. However it's listed in reverse order, as in the most current information first. So you'll have to drop down to find out how all of this has developed to date as it's being uncovered. It's not as if Bullion Direct is keeping him informed with blow by blow details. It also gives some detailed information as to the potential status of inventory and who has what standings as far as any claims or I believe that is what he was getting at as I was browsing through. I was trying to find the meat of the story.

    http://about.ag/BullionDirect.htm

    This next site is one he references in the above which is for his forum members based on this subject. This looks like where you can find the real meat from the peoples perspective. Just a ton of info to browse through, over 260 posts so far. How much is from actual experience with Bullion Direct I don't know versus just comments. That is a lot of posts to run through. I think I'll wait for the updated version

    http://forums.bulliondealerdata.com/?forum=455294

    Good luck to all that might have any inventory tied up with these people.
    Last edited by valerb; 15th July 2015 at 18:14.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  2. #2
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    Report of Intent to File Chapter 11 Bankruptcy seems to be true



    New Statement on Bullion Direct Website

    July 16, 2015 8:20PM EST

    The website says:
    Bullion Direct's management continues to work with its consultants and attorneys, as well as with legal authorities, on a plan to address the complex issues which have resulted in the cessation of BD's ordinary course business activities. Other important considerations involve the preservation of BD's Intellectual property, which include a multi-industry Patent and proprietary software platform. The cessation of BD's ordinary course operations will continue while we finalize our plan to resolve all issues affecting our customers. We expect to have a more detailed update, posted on our website, by the end of next week.

    It's the same as what had leaked a few hours ago, but is now official.





    What To Do

    July 16, 2015 8:50PM EST

    My understanding is that IDS (the depository holding metal for Bullion Direct, which may include stored metal, catalog inventory, and/or metal shipped to Bullion Direct in the past month or so) will only act on instruction from Bullion Direct.
    It appears that they have shipped out at least one package to a customer that had sent metal to IDS/BD, and not received payment for it.

    Customers are reporting that IDS is saying that inquiries should be sent to Bullion Direct's counsel, and is giving out that information.

    Although you can contact their counsel, it may be best to wait a day or so to see if their counsel will make a general statement (e.g. what might be returned). That way, their counsel will not be unnecssarily overwhelmed. I am waiting to hear back from their attorney.


    I hope for everyone involved this doesn't turn out to be ugly like Tulving where the IRS will swoop in and grab any and all metal held at IDS belonging to investors.

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

  3. #3
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    Sorry, but I'm not sorry for anyone who isn't savvy enough, not to trust a 3rd Party to store their PMs. They do, afterall, enable these Companies to commit their Hog Fraud. Redeem your Hog Ticket before all the Hogs are gone.

  4. #4
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    One thing that P!sses me of is the lack of morals on the part of this band of brothers that know when this crap is going down at places like Tulving and Bullion Direct and not one dealer has a word to say about it.

    It's like there is honor between thieves and you never rat on a fellow thief.

    Are they afraid of acknowledging there are a few bad apples in their midst also?

    Does this lesson their non-stop reteric about never being able to trust anyone selling you physical Silver in any form other than your trusty LCS?

    After 20 years I've never heard of any investor not being able to get his 5,000 ounce contract delivered from COMEX.

    I've also never heard of anyone that bought and stored their Silver in a COMEX vault being refused delivery at a later date.

    I wonder how these so called SilverSellers can justify this discrepancy between what's really been happening to us small time investors with a couple bad apples in their group compared to the constant scare of the same thing never happening on the COMEX which is suppose to be the real threat to your wealth!!

    Could the truth be they do not want anyone buying 1,000 ounce bars off the COMEX because they lose that $1,000 - $3000 or more in sales commission by not selling us a pile of generic Silver rounds or their favorite overpriced ASE's?

    The war they wage is always for your Dollars and the chance to take even more at any opportunity they can.

    Those are your true friends, the ones with their hands in your pocket while calling everyone else a thief.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  5. #5
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    Reputation and trust is the only thing these dealers have to offer. They blow that and they're done.
    "If you don't know where you're going, you might end up some place else."
    - Yogi Berra

  6. #6
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    Quote Originally Posted by Xizang View Post
    Reputation and trust is the only thing these dealers have to offer. They blow that and they're done.
    So they have their so called analyst bad mouth the only real competition they have in the market place for our cash.

    When it comes to physical, they have to bad mouth the futures market as a place where you might not be able to take delivery because they don't believe "you" can trust them.

    When it comes to playing with shares of Silver, you can't trust them as it might not really be there to play with.

    The real question is, how much does it cost the retail investor to avoid those two options that are both lower cost investments in Silver and especially buying shares of Silver in an ETF as compared to the much higher costs of buying physical from a LCS, especially their bread and butter premium products which can often have a pemium as high as 50% for low volume investors.

    Shares of that dreaded ETF SLV that is doomed to failure at any day along with our US Dollar seems to have survived the first nine years of its existence and at pennies per ounce to buy those shares. Not to mention it only costs pennies per ounce to sell those shares and you can do it online from your house at anytime you want. No shopping around for a buyer and no expensive postal fees. Not to mention no Tulving at the other end or maybe some other dealer to bite the dust that shall remain hidden from daily assaults by our trust worthy analyst that wish to keep us safe from all harm, unless it happens to be one of their own doing the harm. Not to insinuate they would wish us any harm, but to keep us in the dark when there is "real" harm to avoid and not potential maybe someday it has to happen crap is not looking out for anyones best interest but their own!!

    Does any of this sound at all familiar, bombard your reading audience with whatever crap you want to convince them you are great, you are good, everyone else is bad news. Our two internet terrorist sure do. They are part of the 23,000 internet sites dedicated to convincing the world they are great and every other government is corrupt and evil and needs to be overthrown. If you say it enough times, people will start to believe anything. It must be true, it's all over the internet!!!

    I'm not comparing these guys with our two extra special members, but they work the same way, destroy the credibility of all competition by a continued assault that is unrelenting, even when they can't backup any of their decades of failed predictions. It doesn't matter as they are all on the same team and no one will ever challenge the other guys fails.

    And they say the other guy lives in a rigged market place, but they are the only ones guiding you to "their" store, their brand, their profits.

    That's the true reputation and trust these analyst bring our way in our rigged market place.
    Last edited by valerb; 18th July 2015 at 15:04.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  7. #7
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    Keep it safe, and keep it secret!

  8. #8
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    [B]
    Quote Originally Posted by gollumthegreat View Post
    Keep it safe, and keep it secret!

    You can store it in vaults, safe deposit boxes, your night stand or buried in your backyard to try and keep it safe, but nothing is ever 100% safe, never!! Wars, earthquakes, thieves, lucky bastards with metal detectors or your plain old meteor falling out of the sky.

    The really hard part is keeping it secret unless you can walk into a LCS and buy some small quantities at a time with no sales slip involved. Buying it from another person who knows you is not a secret, if your not the only one that knows about it.

    But for the many that buy their inventory online, your secret is not a secret at all. Records are kept by law as part of any business and if your government demanded those records with a court order or an act of congress they would be handed over no matter what any of these dealers tell you. I sure don't know what the IRS rules are for record retention for a LCS, as they have different requirement for different types of business for different reasons. Once those years have passed then there is no official reason for any dealer to keep your history record, but can you actually see any dealer pitching that history list? You are always going to be a potential customer and who would toss out your buying history?

    The bulk of all my buying was done over the phone as not many dealers had online order processing systems back in the 90's. They posted their inventory and prices but you still had to call a large number of them. But you can bet that order went into a computer for processing as if it had been placed online. I use to run business computers back in the 1960's so this was rather an archaic method of doing business at the time. But for small dealers not wanting to hire outside help to do all this work, it must have been a bitch for a lot of these people.

    And when the IRS says record retention they mean the records must be kept and that means an actual copy of any document, not just some figures on a computer. They use the computer data to do an audit and then demand to see the actual documents to verify facts when spot checking an audit. Which might be the print out of the order and the shipping document to verify the quantities match for an LCS. An audit is different in every type of business.

    I don't think most of us will have to worry about any of this unless you sell a lot of Silver and don't report any capital gains, you might get a letter from the IRS demanding to know why!!

    I won't go into the ways you might get away without being audited as that might not go over well with the IRS for me and that would not be my intention, but you never know how someone might interpret my intentions.

    Let me state for the record, everyone should pay capital gains tax on the sale of any precious metals they sell, if they should happen to owe any taxes at all.

    What you do is up to you, just don't try and get cute with these people as they are not your civil court system. When it comes to the IRS, if it looks like your guilty, then your guilty unless you can prove your not. I'd like to listen in on a boating accident excuse just one time to hear their response. I can hear it now. Alright sir, just draw a circle around the general area on that lake where you had that boating accident for us. Thank you, what we are going to do is send out a search team capable of finding any metal on the bottom of that lake and if they don't find your 400 pounds of Silver, we are going to fine you the tax on that so called lost Silver plus penalty for not paying it as you should have, plus we are going to fine you the cost of this search team which in the past has run in the neighborhood of $125,000 for an area of this size. Do you understand what I'm saying? So your options today are, paying the capital gains on that 400 pounds of Silver, plus a late penalty or we will go searching for your Silver and if we don't find it, you know the results. On the other hand, if we do find your Silver, then you will not have to pay anything as you never sold your Silver and the search team was on us and your government will be happy to have served you and help retrieve your lost Silver.

    On the other hand if you get really clever and tell them you can't mark the spot as your boating accident happened in the open seas, they will probably arrest you on some charge of trying to illegally smuggle Silver out of the country, because the amount far exceeds any legal amount that can be taken out of the country without going through customs and declaring it. Whatever is the case, they will have you nailed one way or the other.
    Last edited by valerb; 18th July 2015 at 16:06.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  9. #9
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    Represent your Legal Fiction in Court for a Fee. $175,000 per hour. Book a profit.

  10. #10
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    Default Bullion Direct Bankruptcy information

    Here is the latest on Bullion Direct and there Bankruptcy



    Chapter 11 Bankruptcy Filed

    July 20, 2015 6:25PM EST

    BullionDirect, Inc. has filed a petition for Chapter 11 bankruptcy. The case is 15-10940-tmd in the U.S. Bankruptcy Court of the Western District of Texas (Austin).

    Noteworthy is that BullionDirect, Inc. now has only one director, Dan Bensimon (President, Chief Restructuring Officer and Sole Director). I find this encouraging. Previously Charles McAllister was the only Director.

    It also only lists 11 unsecured creditors in the list of the 20 largest unsecured claims. This may be due to the fact that it is a Chapter 11 (e.g. Kitco's CCAA/bankruptcy filing did not include customers as creditors, as their storage customers did not appear on their balance sheet).

    But then it shows an estimated 5,000-10,000 creditors. It shows assets of $10M-$50M, and liabilities of $10M-$50M.



    Further Details


    July 21, 2015 4:50PM EST

    The proposed attorneys for Bullion Direct filed a Notice of Designation as Complex Chapter 11 Bankruptcy Case.
    In it, it shows that the debt is more than $10M (perhaps as great as $25M). It shows that there are about 50 known creditors, and as many as 6,000 claimants (suggesting about 6,000 customers with metal stored at Bullion Direct).

    It also shows that they believe that the ceasing of operations at Bullion Direct is the subject of inquiry by the FBI, Travis County DA, and the Texas Attorney General.


    Creditor's Meeting August 25

    July 21, 2015 12:50PM EST

    The bankruptcy court just filed a notice that states among other things that the Creditor's Meeting will be on August 25, 2015 at 1:00PM at Austin Room 1500, Homer Thornberry Bldg., 903 San Jacinto, Austin, TX 78701.
    All creditors are welcome to attend the Creditor's Meeting; however, you are not required to go. With The Tulving Company, only a handful of creditors showed up to the two Creditor's Meetings. If I were a creditor (I am not), I would likely only go if I lived close enough to drive there within a couple hours.

    At the Creditor's Meeting, a representative of Bullion Direct is required to show up, and answer questions under oath.


    Proof of Claim Deadline: November 23, 2015

    July 21, 2015 12:50PM EST

    The noteice that the bankruptcy court just filed shows that the bar date (deadline) for filing a Proof of Claim is "11/23/15".
    The status of customers is unclear (e.g. if they are considered creditors, or will be handled differently). Anyone who feels they are owed metal or money should download the notice to see what the court wants you to know.


    No Rush

    July 22, 2015 8:05AM EST

    I posted yesterday a link to the notice the court filed. It mentions the Proof of Claim form and a whole bunch of other stuff, in words intended for laypeople, but still difficult to understand.
    I want to emphasize that while the Proof of Claim bar date (deadline) has been set, it is about 4 months away (as I write this), and the Proof of Claim form is likely not necessary (but please assume that it is required unless you find out otherwise).

    I have heard from several people who have already filed a claim, or are working on it, or are looking for help from an attorney. With the Tulving case, the vast majority of creditors filled out the Proof of Claim form themselves.

    If Proof of Claim forms are necessary, I will help to the extent that I can. I cannot, for example, answer "Should I check Box X on the form?" (even if the answer is crystal clear to me), as I believe that might be considered legal advice. However, while I cannot provide legal advice, I can can provide information, and expect to if the form is needed.
    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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