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Northwest Territorial Mint - Page 9
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Thread: Northwest Territorial Mint

  1. #81
    Join Date
    May 2007


    Are the rumors actually true, he has an inside track to the rumor mill... Documents attached to the bottom, not much said but very interesting just the same.

    Chapter 7 Rumor

    September 1, 2017 from about.ag

    I recently heard that there was talk that Chapter 11 Trustee Mark Calvert might be considering converting the case to Chapter 7. I do not see any signs of this, aside from a request made for a status conference (which the judge denied).

    Chapter 11 is "reorganization", where debts are paid to the extent possible while allowing the business to continue. In this case, the idea is to get the company running and growing with reliable accounting records and to sell the business, with the proceeds going to creditors (not Ross Hansen, the owner of the company).

    A Chapter 7 bankruptcy is "liquidation" -- essentially a "fire sale." The idea is to shut down operations and pretty quickly sell whatever assets there are, with any proceeds going to creditors. Most bankruptcies are Chapter 7, but Chapter 11 typically provides the best results to creditors if it is possible to reorganize the business successfully. A Trustee would normally only consider converting to Chapter 7 if the business could not continue profitably, and a Chapter 7 liquidation would therefore provide more money.

    In the June, 2017 monthly financial report (from just over a month ago) the idea of liquidation came up, but only if the business could not be successfully sold. The more recent July monthly financial report (from a couple weeks ago) does not mention the possibility of liquidation, although with the difficulties NWTM has faced, it certainly cannot be ruled out.

    If I get further information, I will certainly report it here."

    Trustees request for a hearing: http://about.ag/pics/bk/nwt/1171.pdf

    Judges denial to that request: http://about.ag/pics/bk/nwt/1179.pdf

    Which sounded more like a, "get your sh!t together notice" to the trustee..
    Last edited by valerb; 2nd September 2017 at 02:27.
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