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Northwest Territorial Mint - Page 15
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Thread: Northwest Territorial Mint

  1. #141
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    2 of 2


    Northrup's Declaration

    March 8, 2019 12:35PM EST

    On its face, Northrup's declaration is pretty basic. He included 4 items: the by-laws of the UCC, the minutes of the UCC meetings, an email he sent to Gearin with a UCC member's response to Gearin's request for communications with Ross Hansen, and emails Northrup sent to Gearin mentioning two specific UCC members.


    But: boy, oh boy.

    Northrup to Calvert (Cc:ing Gearin), 17 March 2017, 4:01PM and 4:37PM: "I had a long talk with [UCC member David Petteys]. We both agree that [the UCC co-chair] has to go. Petteys has agreed to approach [another UCC member] on the same issue, to see if [that member] will go voluntarily." and "Would the two of you consider asking the court/UST to remove [the other UCC member] from the Committee, based on their collusion with Ross and [the UCC co-chair], if they refuse to resign voluntarily? Petteys might find your view on this useful. Thanks." Petteys is the attorney representing a UCC member; Petteys is also the husband of an employee of the Seattle office of the Office of the United States Trustee that has been involved in this case. Note that there is no sign of any evidence that the 2nd UCC member provided any information to Ross Hansen.

    Northrup to Calvert and Gearin, 21 March 2017, 11:07AM: "Larry Ciappellone just called me about this ... Ciappellone would like to see [the other UCC member] and [the UCC co-chair] gone from the Committee but recognizes the bad blood that it would create if the Committee actually had to vote on removal. He is also concerned about who would vote. So his view is (and he makes sense) that the Trustee should take the lead on this, not only with the email but perhaps with a communication to Martin Smith." Ciappellone is another member of the UCC. 15 minutes later, Gearin sent an email to UCC members stating that the Trustee was starting an investigation, and that Calvert "demands immediate production" of emails to Ross Hansen.


    For those that are confused: The attorney for the UCC appears to have convinced the opposing attorney to "take the lead" on an investigation with the clear goal of removing 2 UCC members. Wow. Just wow
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  2. #142
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    Gearin/Northrup: Cut Our Fees 45%

    March 11, 2019 3:20PM EST

    In a rare joint filing, Gearin, Northrup, Calvert, and Cascade Capital are all recommending that Judge Alston allow them to reduce their fees and costs from $5.5M down to $3.1M (with each person/group reducing their fees by about 45%), in order to address concerns that the judge had.

    On its face, it looks like attorneys "choosing the right." However, the filing is designed for one goal: to make it appear that they are getting paid less, when in fact they are not. If approved, it is all just an illusion. Why? Because the estate only has $2.2M. The $2.2M (minus a very small amount for other administrative claims) will go to the professionals, whether they bill for $5.5M or $3.1M.

    From my reading, Gearin and Northrup seems to suggest that their fees not be reduced below what cash is available, eliminating the possibility of unsecured creditors receiving a (small) payment, because "the administration of those claims would require extraordinary additional time and expense with little benefit to unsecured creditors without administrative priority." That is true, of course, but if the estate had been handled very differently -- perhaps $1.2M of total expenses with the same $2.2M cash -- no sane lawyer would ask for an extra $1M they did not bill for just because it would cost a lot to administer payments to creditors.



    Hearing: No Decision Yet

    March 14, 2019 2:10PM EST

    The audio of the March 13, 2019 hearing was just released.
    The short version: no decision was made yet on awarding fee applications.

    Judge Alston started with concerns that Calvert gave work product in response to one or more FBI subpoenas, and should not have, as it is not usable as evidence. Judge Alston is also concerned that Calvert's attitude towards Ross Hansen may have clouded his vision of how he managed the case.

    At 14:40, Calvert stated that he found the comments of the Court to be offensive, that he was considered a "mole" on the Meridian case, but it was never proven, and that the work he did was for the estate, and pointed out that he checked with his attorney before sending responses to subpoenas.

    Judge Alston pointed out that the thumb drive with emails that were originally supposed to be filed were in 400 separate pdf files that were unsearchable, and as such, he was unable to go through them all. He did have a concern about an email from August, 2016 stating that an employee left, and was going to be sued, yet no action was taken. He had a concern about another email, where someone who was not an NWTM employee or professional with the case appeared to have been authorized to conduct negotiations, when they did not work for the estate.

    Gearin pointed out that there were a number of instances of people stealing from the estate, and that Calvert "thoroughly investigated" every one. Gearin apparently thinks that Calvert's investigation of the allegations of theft of assets by Wagner (Calvert simply got a declaration from Wagner saying he didn't; later, he did an audit of die purchases) was "thorough."

    At 41:25, Judge Alston says that he got the supplemental reply where the professionals offered a voluntary reduction in fees. Judge Alston pointed out that the reality is that they would be getting a reduction whether they want to or not, due to the lack of funds in the estate. He said it would be easy to do a pro-rata reduction, but he cannot take the easy way out, as he has an obligation to creditors, to the process. He said that any award would have to be after he has come to the conclusion that the professionals are entitled to compensation. He said he is not sure if it would be an oral ruling or a written ruling.

    Gearin ended by pointing out that there have been a number of false accusations, including that China assets were diverted from the estate, that were proven false. Earlier in the hearing he pointed out how he has never intentionally misrepresented facts or tried to deceive the court. So, please, Mr. Gearin, can you please explain how Wagner's new business is able to use images that are exact duplicates of NWTM copyrighted images, despite the fact that Wagner declared he has never used any NWTM assets?
    Anyone? Anyone? Bueller?



    I'm Sorry, Calvert

    March 15, 2019 11:15AM EST

    Dear Mr. Calvert,

    At the hearing on Wednesday, you said to Judge Alston "I find your comments offensive. And I find the blog offensive." (at minute 16:20) I assume by "blog" you were referring to my blog (I have never communicated with Judge Alston outside of letters in the court docket). I want to apologize, as I in no way intended to be offensive.

    I have said many times that I try to be 100% accurate in my reporting, and reduce opinions and allegations to the bare minimum to get information across. To be fair, you were aware of my blog before your appointment as Trustee was approved, and had the opportunity to see that I write for the creditors and scrutinize Trustees.

    Let me just say this: if you (or anyone!) find errors, mistakes, or untruths in my blog, please let me know ASAP so I can fix it. I really mean it when I say I strive for accurate reporting: on the rare occasions where errors are reported (I make mistakes, and so do my sources), they are usually corrected within minutes.

    On the other hand, if what I write about you is true and you find it to be offensive, well, um, I'm sorry, but that is what this blog is about. You can control what you do, I cannot. I write for the creditors, and they need to know what is going on with the case.

    On October 3, 2016, I read that the UCC supported you hiring a production manager, and on January 30, 2017, I read that the UCC supported you hiring a CEO. I didn't question those decisions, assuming the UCC knew the facts and supported you. Both of those now turn out to be lies (in my opinion, at least, based on the facts I have seen): the UCC did not support you, despite what the record showed at the time. This is not Monday morning quarterbacking. This is finding out on Monday morning that the team threw the game, and trying to figure out why, and if there is anything that can be done to salvage things. If you find this offensive, ask yourself who controlled it, and confront them.
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  3. #143
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    If you think Avenatti is all over the news, well he's on our forum now attached to Calvert for working together in past bankruptcies

    Everything is looking just peachy for Calvert and his company now if it wasn't looking that way before.

    The way stories are coming out, the only thing missing is the long train ride to the Orient


    Calvert's Former Attorney Arrested

    Attorney Charged with Extortion, Wire Fraud, Embezzlement; Accused of Bankruptcy Fraud

    Attorney Accused of 'Operating his law firm in a Ponzi scheme like manner'



    March 25, 2019 3:45PM EST

    In Calvert's Meridian Mortgage bankruptcy (where he was the Chapter 11 Trustee), he was represented by Michael J. Avenatti of Eagan Avenatti (now Avenatti & Associates). Avenatti has previous connections with the Seattle bankruptcy court; he bought Tully's Coffee out of bankruptcy in 2013 (which was represented by Bush Strout & Kornfeld; Jay Kornfeld referred Calvert to Ross Hansen).
    Avenatti was arrested this morning on charges of extortion by the Manhattan US Attorney's Office. He is alleged to have attempted to extort $20M from Nike.

    He was separately charged with wire fraud and bank fraud by federal prosecutors in Los Angeles. The Department of Justice says that if he is found guilty on both charges, he will face a maximum of 50 years in prison. The U.S. Attorney stated "A lawyer has a basic duty not to steal from his client." An IRS Special Agent stated "Professionals, including attorneys, who create elaborate schemes that have no purpose other than to mislead others and defraud both their clients and federally insured financial institutions, run the very high risk of prosecution."

    The Los Angeles charges involve embezzling funds to help pay for the company that bought Seattle's Tully's Coffee.

    Avenatti's law firm was hit with a $10M judgment last year after the law firm was forced into involuntary bankruptcy. In this issue, a former employee accused Avenatti of hiding millions of dollars from creditors, stating "This includes brazen acts of bankruptcy fraud."

    To be clear, Calvert appears to have only used this attorney to represent him during the Meridian bankruptcy (one of several other bankruptcies Calvert was Trustee for). I am including this because of its relevance: it involves a lawyer that represented Calvert, involves an allegation of bankruptcy fraud with ties to Seattle, and involves a Ponzi-like scheme.



    Avenatti's Role with Calvert, Cascade

    March 26, 2019 5:40PM EST

    Michael Avenatti, who was arrested yesterday, represented Calvert in the Meridian Mortgage bankruptcy (Calvert's first of about 3 bankruptcies he has been Trustee for). Avenatti represented Calvert in a lawsuit against accounting firm Moss Adams, as well as represented Calvert in the Meridian Mortgage bankruptcy. It appears that the bulk of the work done by Avenatti was in the Moss Adams lawsuit. The suit was filed on December 7, 2011 in King County Superior Court.
    And yet, and yet.

    •Cascade Capital worked on litigation with Avenatti in Mississippi, where a Cascade employee became familiar with the bank that Avenatti is accused of having defrauded

    •Avenatti was referred to the bank that he allegedly defrauded by Calvert

    •Avenatti pledged to the bank the first $500K of fees from his work with Calvert on the Meridian case
    •Calvert intervened for the bank when the loan was due but unpaid, asking Avenatti about it

    •Cascade Capital did due diligence work for Avenatti on Tully's Coffee, which Avenatti later bought in a bankruptcy auction

    •It appears that at least 2 Cascade Capital employees were with Avenatti when he first heard about Tully's Coffee and expressed an interest in buying it

    •A Cascade Capital employee worked at Avenatti's Global Baristas (the entity that bought out Tully's Coffee) as CFO/COO for 2 years. That same employee did significant work on the NWTM case (accounting for about 25% of Cascade Capital's requested fees for this case).

    •That same Cascade Capital employee also brought at least one other Cascade Capital employee to Global Baristas
    Please note that these connections do not suggest wrongdoing; they merely show a much stronger connection between Calvert/Cascade and Avenatti than was previously known. At least three current or former Cascade employees were mentioned (via their initials) in the application for a search warrant attached to the California criminal complaint against Avenatti. They were listed by initials specifically to protect their privacy. To be clear, from my reading, one former Cascade employee appears to have acted nearly beyond reproach.




    Calvert/Cascade Sued for Fraud

    March 26, 2019 4:00PM EST

    In my investigations, I just found out that Cascade Capital and Calvert were accused of fraud in a counter-lawsuit in 2018 after a Cascade client was sued by Cascade for non-payment of a loan. It seems clear that the loan was not paid; however, the countersuit claims that Cascade had a fiduciary duty to them, charging them $350-$425/hour for restructuring advice while part of that advice was to get a loan directly from Cascade.



    Cascade Employee Sued Avenatti for Fraud

    March 26, 2019 2:25PM EST

    I'm doing some digging into the whole Michael Avenatti thing.
    I found out that a Cascade Capital employee who did some work on the NWTM case worked at Avenatti's Global Baristas (that bought out Tully's Coffee) for 2 years, as COO/CFO, during 2013-2015. In October, 2018, Avenatti paid the employee $35,000 as a settlement regarding money Global Baristas owed him. The check bounced, causing the employee to sue Michael Avenatti for a number of issues, including fraud.
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  4. #144
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    The judge is continuing his quest to figure out who to pay and which ones to pay even less with over $5.5 million billed and only $2 million left. Plus there is still more complaints coming into the judge and he is digging deeper into the real dirt, excuse me fiasco and the beat goes on.


    Calvert's Credibility Questioned

    March 30, 2019 2:30PM EST

    Right now, things are tense, as the judge decides how much of the professionals' fees to allow, given allegations of misconduct. Judge Alston has required the professionals to file a lot of supporting documentation in sworn declarations, in response to allegations of misconduct, so Calvert's credibility (which has already been questioned in this case)*is being scrutinized.*Here is what came out this week:

    Meridian: The Avenatti fiasco occurred. Calvert paid Michael Avenatti $2.5M in 2015 to represent him on the Moss Adams litigation in the Meridian bankruptcy. Avenatti was arrested this past week with multiple charges in multiple jurisdictions, after last year being referred to the Attorney General for*making*"materially false statements" to the U.S. Senate, not once but*twice. How is this relevant? It was revealed this week that in the Meridian case, the judge in 2013*stated*"[Calvert's] conflicting testimony described above is of great concern to the Court" after an attorney*wrote*"The Trustee’s testimony about his access to trial balances and loan ledgers was false.". Avenatti cleverly referred to Calvert's conflicting testimony as "inartfully worded" (p11 footnote 9). Avenatti was also*accused*of lying in the Meridian case, stating that a $25M settlement was offered by Moss Adams, who denies it.

    Natural Molecular Testing: The court filing that dug up the Meridian testimony concerns was filed in the Natural Molecular Testing case (one of*just 3 bankruptcy cases Calvert*has been Trustee for in the past decade). In the court filing this past week, the attorney bluntly*claimed that "Mr. Calvert's testimony is false ... Mr. Calvert knew it was false." He further writes "a financial penalty alone may be insufficient to cause a change in*what appears to be a pattern by this Trustee with respect to sworn testimony and compliance with the court’s instructions and orders."

    So just as Calvert's credibility is being put to the test in the NWTM case, we find significant issues with credibility in all his other recent cases (I am not aware of any issues with the Florida casino bankruptcy he was Trustee of in 2005).



    New Emails Filed with the court as required

    Included were some gems:

    Gearin wrote to Calvert "You might even get to come to the meeting if you don't email [person] again." In this case, "person" (I removed the name) was someone that Calvert was emailing directly, not through his attorney as requested.

    In another email, Gearin wrote to Calvert "Please don't forward this until we can finalize" (and yes, he forwarded it to 2 people).

    In another email, Gearin wrote to Calvert about emails he may not have been required to submit as production that reflected negatively on Calvert: "This is potentially very harmful. Very frustrating."

    In another email, Calvert wrote to someone on the UCCcreditors committee) "feel free to draft an email but I will probably just delete it will not even read it."

    Another email shows that Calvert almost gave away "highly valuable sales data that any competitor would love to get their hands on" to someone with whom there was apparently no NDA (none discloser agreement) in place.
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  5. #145
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    Here is some new speculation from About.ag. I find it interesting and disappointing at the same time, no mention of any sharp stakes, hot coals or any other implements to make an uncomfortable afternoon.



    What Will Happen?

    April 2, 2019 9:20AM EST

    At some point, Judge Alston will likely make a ruling on the fee applications. The big question is, what might that ruling be? The professionals have billed $5.5M, and there is about $2.2M of cash at this point.

    As I like to point out, I am not a lawyer. That said, there are some clues. Basically, the professionals cannot be shocked if they consider the results negative.

    First, going back to May, 2018, the judge has referred to having some "grave concerns" about the case. In July, he referred to fraud being committed on Calvert's watch, and concern that the process was "tainted." In July, the judge was concerned that at the second hearing about an issue he still wasn't getting straight answers. In November, he said that he has concerns about Calvert's conduct, and that he has evidence that contradicts what Calvert said under oath. In December, he said that if a question was "answered affirmatively", it would have significant impact on fee application (and it was answered affirmatively). In February 2019, he referred to being disturbed by the concern that false statements may have been made to induce conduct, and said that at least some fees would be disallowed. In March 2019, he stated that he has concerns about conduct of various parties that would result in reductions beyond overbilling, and there was the possibility of significant reductions, and he doesn't want anyone surprised by his decision.

    Here are a few possibilities:

    All fees are allowed, and the professionals get what they asked for. This is the normal situation in bankruptcy, but will not happen here (the judge has stated that there would be reductions)

    There are token reductions (e.g. $300 here and $500 there). This will occasionally happen in bankruptcies where the judge is paying attention. But, the "significant impact" statement precludes that possibility.
    There are huge reductions for some professionals, and little or no reductions for others. This could severely punish some parties and reward others (some would get much less than they wanted, but that would mean the others would get more than they are expecting). I do not see this as likely.

    There are huge reductions for all the professionals -- up to 50% or so. This would send a very mild message regarding misconduct, since they would get paid the same amount (the total $5.5M would go down to perhaps $2.5M... so the $2.2M would be split among them just as it would be if all fees were allowed). The whole business about getting to the truth through the hearings and declarations would be much ado about nothing, and it would not seem to be much of a surprise, so I see this as unlikely.

    There are huge reductions for all the professionals, beyond 60% or so. This would send a much, much bigger message. This is the only option where all the professionals would feel the "pain" of not getting paid everything they would with a judge that OK's everything. This is the one that would send the biggest message. The catch here is that if the professionals do not get all the $2.2M cash, the rest would go to creditors. If the professionals got $2M (versus the $5.5M they billed, and the $2.2M they would get if they behaved well), that's only $200,000 left, which would go to creditors: but that is very little for creditors, and a big expense to handle.

    All fees disallowed for all professionals. While I'm sure that there are some people who see this as a likely scenario (and even more hoping for it), I find this one very unlikely (I imagine it would be very hard to justify from a legal perspective).

    There is another possibility that might occur: a conversion to Chapter 7. If this were to occur, my understanding is that the $5.5M in professional fees would lose priority to any fees involved in the Chapter 7 administration. This would prevent the judge from having to determine which professionals should be penalized by how much money, could potentially allow for an audit, and would effectively penalize the professionals for any potential misconduct.

    There would be rich irony if the judge converted the case to Chapter 7: Ross Hansen allegedly spread a rumor that would happen in early 2017, and Northrup referred to a UCC member that "swallows this garbage", and Calvert actually filed a motion to convert to Chapter 7 that was denied.
    Last edited by valerb; 2nd April 2019 at 13:13.
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  6. #146
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    Calvert's Desperate Plea

    April 3, 2019 3:10PM EST

    Calvert stands to lose a lot if the fee applications for himself and his company Cascade Capital are not fully approved. While it would be unfortunate, it would pale in comparison to the losses of many customers in bullion bankruptcies.

    In a recently filed docket 2063, Calvert tried a "hail mary" plea as an excuse to get paid: "This was the most difficult Trustee case I have ever administered... The nature and extent of difficulties... went far above any other case I have been involved in... I respectfully request that the Court take into consideration all of these difficulties..."

    I'm no lawyer, so I have a hard time understanding how a judge would be allowed to authorize unreasonable or unnecessary fees or expenses, or allow expenses involving misconduct, because this was more difficult than any of Calvert's other 2 (two) cases in the past decade. Isn't that what Calvert is asking for? Remember, too, that between both those other cases, at least 2 attorneys and a judge accused Calvert of false or conflicting testimony.

    Worse, Calvert declared (paragraph 14) under penalty of perjury that employees entered NWTM's building "at night without turning the lights on... This also was appropriately addressed with the individuals including obtaining a sworn statements" and at the March 14, 2019 hearing twice stated this occurred "in the middle of the night." Yet recently the sworn statement came to light, and stated "The first thing we did when entering was turned on all the lights" and that this occurred at 6:00PM.

    Calvert, does the phrase "liar, liar, pants on fire" mean anything to you? How can you declare under the penalty of perjury and in court this was done "without turning the lights on", and "in the middle of the night", when you got a sworn declaration from your director of human resources that the first thing they did was turn on the lights when they got there at 6:00PM? I guess it depends on what the definition of "middle" is. And "turn".

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    Criminal Case Update

    April 17, 2019 8:55AM EST

    The criminal trial of Ross Hansen and Diane Erdmann is scheduled for October 19, 2019. A status conference is occurring today.

    The government and the defense are coordinating a massive amount of documents. The defense wants to move up some timelines before the trial, which the government does not want. There is also a question of whether certain documents created by law firm Karr Tuttle (mainly emails regarding an "audit memo" prepared by Dino Vasquez) are privileged. The defense is also hoping to get any subpoenas issued to Calvert or NWTM; the government provided just the "subpoena returns" (documents that Calvert/NWTM produced), but will not provide the actual subpoenas (e.g. what was requested) without an order from the judge.

    It is interesting that subpoenas have become a focus point in both the criminal case and the NWTM bankruptcy. The defense in the criminal case wrote "The subpoenas and the returns are key to understanding the development of the government’s case against the defendants and the trustee’s role in that investigation." And in the NWTM bankruptcy, Judge Alston, after seeing the FBI subpoenas "in camera" (in person, which keeps them out of court documents), requested to have them filed under seal (so they are official court documents which can be reviewed in the future by those with authorization, but are still not public). To me (remember, I have no legal training), that suggests that Judge Alston saw something in there that he felt might affect decisions he makes in this case.
    Last edited by valerb; 17th April 2019 at 21:14.
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    Diane's Bankruptcy Schedules Sealed

    May 24, 2019 11:10AM EST

    Diane Erdmann has filed her bankruptcy schedules yesterday (which was the new deadline), along with a motion to seal them (the way that works is she filed a motion to seal the schedules, then filed the schedules sealed: if the judge denies the motion, she will have to re-file the schedules). So the court has them, but they are not public (yet, at least).

    The intent seems good: she is "high profile and subject to having [her] personal affairs made public in online forums." Nobody wants their laundry aired in public to let others judge whether it is clean or not. And bankruptcy law does allow the court to protect information filed in a bankruptcy case under certain circumstances (in this case, "undue risk of identity theft or other unlawful injury to the individual or the individual’s property"). My guess is that having bankruptcy schedules sealed is very rare, however.

    The glaring irony here is that there is no doubt that 1,000s of individuals were truly injured to the tune of $25M by NWTM (whether Diane is responsible remains to be seen, as the criminal trial unfolds: she is presumed innocent), and she is looking to protect herself from a hypothetical injury that she chose to expose herself to (you don't file for bankruptcy expecting your financial details to be sealed).

    In addition (remember that I have no legal background), the law seems to only protect in this case: [1] "means of identification" (18 U.S.C. 1028(d)(7)), which is a name or number (such as name, SSN, passport number, biometric data, address, routing code), and [2] "other information contained in a paper" with that data. The fact that she filed the petition means that her name, address, phone, and email are already part of the public record. So what does that leave? For example, the name of a bank account and amount in it is not a means of identification (if the account number is removed).
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    It's a hard stance to take after so many million have been stolen from our fellow stacker, but the lawyers were suppose to protect what they could of the remaining assets so everyone would see some of their money back even if it was a tiny fraction on the dollar. Instead they managed to run the business into the ground selling of one business after another to keep things a float while running up huge tabs for their services. Now there is so little left they are the ones left holding the almost empty money bag seeking to grab any and everything they can now to get their just rewards. If they had simply sold everything off in the beginning there were million to be had, far more than they could bill for services.

    I hate to see one person gain that has (accused) scammed the system as in Diane's case, but having her come out on top of these conniving lawyers, that's what I call poetic justice.



    Diane's Bankruptcy Update

    May 29, 2019 8:30AM EST

    There was a hearing yesterday in the personal bankruptcy of Diane Erdmann. Several things occurred and/or were discovered:

    •The case was re-assigned to Judge Mary Jo Heston, who has "related cases" (I'm not sure what the related cases are).

    •The Trustee for this bankruptcy is Michael G. Malaier, who happened to be the Trustee in Ross Hansen's 1995 bankruptcy.

    •The Trustee objects to confirmation of the Chapter 13 plan, due to all possible reasons listed on the form.

    •There is a 341 Creditors' Meeting on Thursday June 6, 2019 at 11:00AM in Tacoma.

    •There will be a hearing on June 11, 2019 at 1:00PM regarding Calvert's motion to convert to Chapter 7, and whether to confirm the Chapter 13 plan.

    •The deadline to file a proof of claim is June 27, 2019.

    •The "341 Meeting of Creditors Notice" leaves blank the section "All other names used in the last 8 years", yet a court document in the NWTM case was filed by a company claiming that they did business with her under her maiden name in 2017.



    UPDATE May 30, 2019 1:55PM EST:

    The judge denied Diane's request to seal the schedules, and has ordered her to file them by June 5, 2019 (the day before the 341 meeting).
    Last edited by valerb; 30th May 2019 at 20:46.
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  10. #150
    Join Date
    May 2007
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    Atlanta
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    Remaining NWTM Assets to be Auctioned Today

    June 3, 2019 9:05AM EST

    Chapter 11 Trustee Mark Calvert sent out emails last week to a number of parties interested in the remaining NWTM assets, and will be accepting bids through today at "12 Noon PST". The assets include the store inventory (200,000+ medals, mainly ones that haven't sold well), as well as the NWTM domain name, website, customer list, trademarks, copyrights, social media accounts, art, design work, imagery, photography.

    At 1:00PM PST today, Calvert will email everyone who the highest and second highest bidders are. The highest bidder will have 25 hours to wire the money. If they do not, the second highest bidder will have 24 hours to wire the money. The offer will then be presented to the court.

    I do not understand why Calvert has made this auction private (it does not state that it is confidential, yet there is no sign that it was in any way made public, except through me). These are assets that he has essentially stated have nearly no value, yet several people have pointed out have a significant value.

    The buyer is also required to adhere to a pre-made Asset Purchase Agreement, which among other things requires that the bidder be a Washington State LLC. This would be nearly an impossible requirement for someone who did not already have a Washington State LLC already formed (it 'normally' takes 2 business days to process an LLC formation, but also requires carefully choosing a name, preparing documents, etc.).
    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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