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Northwest Territorial Mint - Page 7
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Thread: Northwest Territorial Mint

  1. #61
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    Creditors' Meeting Transcript

    The following is the full transcript of the creditors meeting. I thought it would be a long boring read and it's definitely long at 159 pages, but there is a lot of great back and forth moments in there.

    Ross Hansen (owner of NWTM) came to the meeting without a lawyer and is on the stand for almost the entire meeting and does not back down from these lawyers when they came at him and even went after them a number of times. Right, wrong, is was interesting to read and must have been more entertaining to have been there in person, but I'm sure anyone that was in attendance was worried about losing their a$$ than any entertainment factor from the show going on before them.

    The chapter 11 trustee is calling it a Ponzi scheme and he offered the worse evidence I think anyone as a silver investor knows about NWTM is wrong without actually buying anything from them.

    If this was the same as the OJ trial, I think that Trustee would have set Ross Hansen free and not by choice. He presented his credentials at his opening and I thought this guy is loaded with mad skills and will put Ross Hansen in jail if anyone can, assuming he's found guilty of a crime. And then he fell flat on his face by sabotaging his own case. Ross Hansen put on that shriveled up glove so we can prove it fits!!!

    I'm not 100% sure but it sounded like the Trustee is looking at a claw back of all shipments for the 90 days before they filed for chapter 11. If that is true, that will be a devastating blow to potentially thousands and a bit higher refund for those that are looking at some pretty bad returns right now according to the trustee. However Ross Hansen says the trustee doesn't know what he doing and that the company is worth far more than the trustee understands. Hopefully he's right for everyone's sake. The trustee did say there is a lot of stored inventory that is identifiable to individuals, but far less than the records seem to show, but he doesn't know how much that is. He did say those that can be identified would probably get their metal returned in about 60 days. Ross Hansen seems to think there was far more that was improperly removed and comingled with other metal that shouldn't have been. The trustee doesn't agree.

    http://existingbullionorders.com/key...-Condensed.pdf.

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  2. #62
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    You can be sure that the only losers in this total clusterfcuk, will be the Hog Ticket Holders, and the winners whoever stole the precious and the stinking Lawyers.

  3. #63
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  4. #64
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    'Looted', 'Stole', 'Thief'

    June 16, 2016 7:05AM EST

    There hasn't been much of interest going on with NWT lately -- until yesterday.

    Yesterday, Chapter 11 Trustee Mark Calvert filed a Trial Brief, discussing the legal standard to be applied at an evidentiary hearing on June 22. What makes it interesting is that for the first time we are seeing phrases like 'The evidence will show... Diane Erdmann and Ross Hansen stole from NWTM in the weeks prior to its bankruptcy filing' and 'A thief does not take title to assets stolen from another' and 'The evidence will show... that Diane Erdmann and Ross Hansen looted assets from NWTM prior to the bankruptcy.'

    This is specifically referring to funds that were used as a retainer to pay the bankruptcy attorney, without which the bankruptcy likely could not have occurred, and my understanding is that without the bankruptcy all the assets would have gone to the person who won a defamation judgment against NWTM. Since NWTM assets were frozen, the attorney could not use NWTM funds to pay his retainer. So to me, it looks like this move ultimately benefited most creditors.

    Meanwhile, Diane Erdman filed a Trial Brief countering this, explaining that the money came from a life insurance settlement, which she invested in precious metals and kept in private safety deposit boxes and her personal safe, and through strategic trading she took advantage of the 3-fold increase in the price of gold. She points out that if she or Ross Hansen needed more money, they would have just increased their owners' draw, that there would be no need to resort to theft.



    Below are the two trial brief actually filed with the court with their lengthy arguments, which is interesting. One side says your a thief, we have you on video and the other side says your full of crap and we have witnesses that say otherwise.

    Here is a direct link to the trustees brief filed with the court: http://about.ag/pics/bk/nwt/409.pdf

    Here is a direct link to the Diane Erdman brief filed with the court: http://about.ag/pics/bk/nwt/410.pdf

    Last edited by valerb; 18th June 2016 at 21:14.
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  5. #65
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    Proof of Claim Forms Required: by September 1


    June 21, 2016 8:10PM EST

    The judge has allowed Chapter 11 Trustee Mark Calvert's request to require all creditors to fill out a Proof of Claim form. At this point, with the entire creditor list including addresses having been made public, it is not as much of a privacy concern as it would have been.
    The docket urges creditors fill out the Proof of Claim online, but I highly disagree with that. I refer to the online Proof of Claim system as the "impulse claim" system, as it makes it very easy for someone to file a claim without carefully going over it. About 1 in 30 creditors will, if nothing is done, receive a check payable to "Northwest Territorial Mint" -- that almost certainly would not have happened with electronic filing. So if it were me, I would mail in a Proof of Claim form.
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  6. #66
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    It appears that the last obstacle for the NWTM bankruptcy to move forward has been settled with the owner of Medallic Art, a division of Northwest Territorial Mint, withdrawing his claim to the title of that company. If there are no hidden problems it will now officially be included with what's left of NWTM going forward as it has for the past year. The Trustee believes they will continue to run this operation out of the Daton facility and make a profit, how much remains to be seen with hopes to sell it in a year or so with the profits going to the creditors. There has been no indication that they will resume the production and sale of NWTM investment bullion products.



    Medallic Lawsuit Dismissed

    April 20, 2017 2:00PM EST

    According to the March financial statement:

    "The estate has a pending litigation matter with Medallic Art Company LLC, an entity controlled by the former CEO of the Debtor, Ross Hansen. The trial in that litigation was set for May and June, 2017. However, in the week before the preparation of this report, Medallic filed a motion to dismiss its claims. Based upon the dismissal of Medallic's claims, the Trustee is preparing to enter a judgment susbstantively consolidating Medallic with the NWTM bankruptcy estate. The Trustee expects entry of that judgment in early May, 2017."
    In other words, the concerns about Medallic being a separate entity from NWT Mint (which would cause a nightmare of expensive issues, trying to figure out what belonged to which company) should now be gone.
    Last edited by valerb; 15th May 2017 at 06:20.
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  7. #67
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    If this is the correct understanding that actually took place, then there will be no more fighting over the companies belonging to NWTM and they will all stay under one roof for the creditors to get back their pennies on the Dollar, possibly by next year. Of course that's what the Trustee said last year. Keep the company running for a year and make it profitable and then sell it. Now it appears that it's going to be another year or so I've heard. Meanwhile there has been no indication the trustee has any intention of starting up the retail bullion operation at all. Unless there is something extraordinary that comes up, the most important information will be Hansen facing law enforcement and potential prison time. I know, he should go straight to jail and not pass go, but these people don't seem to work this way. The owner of Bullion Direct is still running free and he appears to be in more hot water than Hansen or I would assume so with his stealing the metal out of IRA accounts. I would think that might fall under the Federal crimes act of some sort.



    Medallic Now Part of NWT Mint

    May 14, 2017 7:40AM EST

    According to Trustee Mark Calvert, "Final Judgment was entered in the Medallic Litigation on May 3, 2017 and Medallic has been substantively consolidated with NWTM, nunc pro tunc to April 1, 2016". In English (according to my interpretation as a non-lawyer), that means that in the eyes of the court, Medallic and NWTM were one and the same since the day of the bankruptcy filing.
    Last edited by valerb; 15th May 2017 at 07:58.
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  8. #68
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    Things starting to move again and on the ugly side of town.


    $500K Loan by a Destitute Woman

    May 15, 2017 8:50AM EST


    On June 3, 2016, Diane Erdman (NWTM owner Ross Hansen's long-time girlfriend) was deposed regarding her and Hansen's assets. She claimed that she had about $1,000 of cash, $7,200 of gold, and some silver held by a friend (the amount was not disclosed in court documents, but was implied as being minimal). Her attorney, Daniel J. Bugbee, referred to her as 'destitute'.

    In fact, Danial Bugbee was so convinced that his client was destitute that he objected at least 4 times when his client was asked questions about her assets, complaining that the questions were asked and answered 'multiple times', accusing the questioner of "harassing [Ms. Erdmann] about her state of financial affairs."

    What Mr. Bugbee hopefully didn't foresee was information from Docket 1013: that Ms. Erdmann would in less than a year magically come up with about $500,000 to loan Medallic (the company that Ross Hansen bought with an NWTM customer, that just became part of NWTM) to pay their "extraordinarily expensive attorneys." Sorry, magically isn't quite accurate: At least $280,000 of the money Ms. Erdmann loaned Medallic to pay the attorneys was paid via checks and wire transfers from 6 different coin dealers, 5 located in Washington state within less than 30 miles of NWTM's headquarters.
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  9. #69
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    Holy crap people their talking about destroying all our records proving stackers bought Silver at $ before 2009, what are individuals going to do???

    It is believed there are no computerized sales records before that time period or at least none that covered many, many years of sales that went out of paper sales slips.



    NWTM to Destroy Pre-2009 Records

    May 19, 2017 5:10PM EST

    The Chapter 11 Trustee has filed a motion to abandon a 1962 truck, sell some Graco material, and get rid of paper records from before 2009 (that date back to the 1990s).

    It is believed that these records will not be necessary (e.g. there are no legal proceedings requiring them).

    This is better than with the Tulving case, where the Trustee happily gave away the paper records to a company for free (actually, less than free: the creditors were billed for her work to give them away).
    Last edited by valerb; 20th May 2017 at 04:41.
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  10. #70
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    This is just special and more than I can take without exploding with laughter at the unmitigated gall at the theft of this trustee and his associates draining whatever was left at NWTM...


    NWTM Seeking $1M Loan

    May 22, 2017 11:00AM EST

    The Chapter 11 Trustee has requested that the court authorize a $1M factoring arragement (similar to a loan) to NWTM, using the NWTM accounts receivable.
    The reasoning can be summarized by this line: "While the Trustee remains convinced of the long-term viability and profitability of NWTM’s business, the Debtor needs an infusion of cash in order to have sufficient runway to allow time for the new CEO and sales team to grow sales."

    The arrangement is complex (a type of factoring arrangement), but would give NWTM access to cash that it needs (which is especially important because companies in bankruptcy often have difficulties finding funding).



    AND HERE IS HOW THEY ARE DOING IT, NOT TO MENTION THE TRUSTEES SALARY FOR RUNNING WHAT'S LEFT OF NWTM FOR THE PAST YEAR.


    1,000th Court Document Filed

    May 1, 2017 12:25PM EST

    On Friday, the 1,000th court document for the NWTM bankruptcy was filed ("Statement of Dayton Landlord Re Assumption of Lease and Related Matters").
    That is nearly 18 court documents filed per week, on average.
    As a comparison, the Tulving Company bankruptcy is now just over 3 years old, and has under 700 court documents (an average of about 4 per week).
    The Bullion Direct bankruptcy, which is approaching 2 years old, has just 266 court documents filed (about 3 per week).

    The large number of court documents is due in large part to the complexity of NWT Mint -- it is a much larger operation than the other two companies, and unlike the other two, it is still operational.



    Last edited by valerb; 22nd May 2017 at 16:25.
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