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Northwest Territorial Mint - Page 9
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Thread: Northwest Territorial Mint

  1. #81
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    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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  2. #82
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    Sounds like Diane said to herself, "splainen" is for fools if I can end up going to jail cause my "splainen" isn't consistent.


    Diane Erdmann Pleads the Fifth

    September 25, 2017 2:20PM

    The Trustee just filed the August Monthly Financial Report.

    In it, he says that he conducted a 2004 exam of Diane Erdmann on August 3, 2017. He states "At the deposition, Diane Erdman invoked her 5th amendment rights in connection with questioning regarding her liquidation of the precious metals and her prior sworn testimony." The Fifth Amendment states that no person "... shall be compelled in any criminal case to be a witness against himself," and is usually used in criminal proceedings so a defendant does not have to answer questions that could incriminate themselves.

    To be clear, there is currently no criminal case against anyone involved in what happened at NWT Mint (but at least one criminal investigation is in the works).
    Last edited by valerb; 26th September 2017 at 04:02.
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  3. #83
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    I suspect the AG isn't the only one having accounting problems!!! For a company that is run so bad that they would have already run through $35 million of their customers money by 2008, I find it hard to believe they would somehow find the skills to come back to a point in the future and only be $20 million behind and then go all the way up to $45 million behind again.

    It's hard to argue with the final number, but how these people seemed to arrive at them from 2008 - 2016 amazes me. It sounds more like, pick a number out of a hat and throw it at yearly calendars and that's what we'll go with.

    Think about this Dollar amount, it has to represent the value or the number of ounces of Silver that was not delivered to their customers. That does not change in the future, only the value of those ounces and at the end of 2008 it was only worth around $10.50 an ounce at best or the equivalent to 3.3 million ounces of Silver short. Carry that number of ounces short out to 2011 and they would have been short $158 million in value at the $48 level, assuming they had not managed to lose any additional customer money over the next 2 1/2 years.

    Just extend the same loss out to their demise in April of 2016 and their final value at a loss of $45 million at a spot price of $16 an ounce = 2.8 million ounces. Somehow they managed to run their business into the ground by 2008 with 3.3 million ounces of our Silver and yet over the next 7 1/2 years managed to put 500K of it back, while being accused of stealing it for different purposes.

    Put another way, they produced around 50,000 ounces a day at maximum capacity at their height or so it was said. If they were short 3.3 million ounces in capital to run the business, they would need to delay every order out to a minimum of 13 weeks with 5 work day's or 13 weeks forever without falling behind another ounce and that wasn't the case. Business drastically fell off for everyone after 2008 and that would have pushed the order delay out many more weeks beyond a 13 week delay just to stay open and keep the pyramid going.

    I'm not trying to defend NWTM, just trying to point out the absurdity associated with the numbers put out by the Bankruptcy trustee and his accusation about how things were then and now in making his case for whatever.

    What he should be doing is finding a safe hiding spot from the creditors for spending the rest of what's left of their claim.

    Hansen, he belongs in Jail, but will that ever happen, it's hard to put one financial crook in jail without putting all of them and that's not what they do any more to protect one another.



    Attorney General Completely and Utterly Fooled

    ... AG Signed Consent Decree With NWT $35M In The Hole

    October 4, 2017 3:25PM

    The Chapter 11 Trustee Mark Calvert yesterday filed a Report of Investigation and Status Report. Most information is already known, but the lengthy report is likely worth a read.
    What is shocking, however, is that it confirms the incompetence of the Washington State Attorney General in 2008. In February, 2008, the Attorney General filed a complaint against NWT Mint and Ross Hansen, stating that "Consumers have ... waited months for their orders to arrive." A multi-month delay means one of two things: either the company is poorly managed, or it is engaging in financial shenanigans (e.g. delaying orders to keep the interest, trying to time the market, embezzling the money, etc.). But by September, 2008, the Attorney General and NWT Mint shook hands with a Consent Decree, letting NWT Mint continue their practices with certain restrictions and allowances.

    We have known for a year or so that the Washington State Attorney General in recent years was incompetent. One of the AG's goals for 2015 was to "Proactively enforce state and federal consumer protection laws by investigating alleged unlawful activity and taking legal action when appropriate to compensate consumers and deter illegal activity and deceptive practices in the marketplace." In 2015, NWT Mint was running a $30 million Ponzi-like scheme. This is a company that the AG had already tried suing, and had a signed Consent Decree with, and the AG even received more complaints in 2015 about NWT Mint than any other Washington State company (except 3 household names bound to generate complaints:

    Amazon, Microsoft, and Expedia). Is "flying over the radar" a thing?

    But things get worse. This report shows that at the end of December, 2008, about 3 months after the Consent Decree was filed, NWT Mint had assets of about $19M and liabilities of about $55M -- in other words, they owed customers $35,000,000 more than they had. They were insolvent. How can an Attorney General possibly sue a company for delaying millions of dollars of orders by months, and then sign a Consent Decree without even checking their finances?



    The report also says:


    •The assets seized from Ross and Diane (by the defamation victim) included precious metal worth $149,000 and $6,000 in cash

    •The Trustee contacted about 50 potential purchasers for the business, assembled by his company. 8 of them signed confidentiality agreements, 4 toured the operations, and 3 made offers. All 3 offers focused on the liquidation value, and therefore were not acceptable to the Trustee.

    •Later, 2 more parties expressed interest in investing $4M-$5M for a 50% interest in the company, with the balance in a liquidation trust for creditors. Another investor expressed interest in paying $2M for a 20% share.

    •From 2008 to 2016, the company had about $1.2 billion of revenue

    •There were no physical inventories conducted from 2010 through 2016

    •There were no financial statements for fiscal years 2011-2016 [p18]

    •"The results of the analysis suggest that the company had total customer liabilities ranging from a low of $20 million to a high of $45 million over the period 2008 to 2016."

    •"the Company was insolvent from 2008 to 2016"

    •"it appears that the company had attributes of a “Ponzi” or “lapping” scheme from at least (though likely earlier) 2008 to 2016."
    Last edited by valerb; 4th October 2017 at 21:05.
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  4. #84
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    New Lawsuit Against NWTM and Ross Hansen

    October 6, 2017 8:30AM

    I have just found out that the State of Washington Department of Financial Institutions Securities Division sued NWT Mint and Ross Hansen in July, for violation of the Commodity Transactions Act of Washington. The lawsuit states "Any commodity transaction that takes longer than 28 days for delivery will fall under the Act unless an exemption applies." According to the State, it appears this provision of the law has been on the books since at least 1997.

    The lawsuit by itself is fairly meaningless to creditors: it is asking NWTM and Hansen to stop doing this (it stopped over a year ago), and the State intends to fine each $10,000.

    However, it contains information that has the potential to shed more light on the situation, as well as where the Attorney General failed.

    Among other things, it states that between April, 2014 and September, 2014, 70% of the 2,430 orders NWTM took were shipped more than 10 weeks after payment cleared.
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