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Northwest Territorial Mint - Page 8
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Thread: Northwest Territorial Mint

  1. #71
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    Ross Hansen Objects to Destroying Pre-2009 Records

    June 2, 2017 3:30PM EST

    In Docket 1050, Ross Hansen objects to the Chapter 11 Trustee's motion to destroy pre-2009 records.

    The Trustee had written "These records have no value to NWTM or the bankruptcy estate, and that such records simply take up space in NWTM’s facility."

    Mr. Hansen believes the Trustee's motion should be denied (so NWTM would keep the records for the time being), and that if it is not, the records should be given to Mr. Hansen rather than destroyed.

    He points out that some of the records are his personal records (some relating to others businesses of his). He also points out that if fraudulent conveyances are persued, the potential defendants might need those records.
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  2. #72
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    Lucy, you got sum splainun ta do!!! Maybe not how Ross managed to wheel and deal your original investment over the years into a much larger value of precious metal, but it sure looks to me like someone is going to have one hell of a lot of back taxes to pay or maybe face income tax evasion. Gee Diane I sure hope the amount of metal you are found to have sold equals what the government gave back to you that they had confiscated originally. This just shows how much you sold off to pay a couple bills, how much of "your" investment metal is still in "your" possession?



    Diane's 240oz Gold, 155oz Platinum and 4,000oz Silver

    June 5, 2017 2:20PM EST (from about.ag)

    The "selling metal for legal fees" saga began when Diane Erdmann (NTWM owner Ross Hansen's long-time girlfriend) took about 80 ounces of gold (that allegedly came from NWTM's vault) and sold it to a coin store in exchange for a $99,460 check made out to Ms. Erdmann, which she endorsed to Todd Tracy (of the lawfirm that originally filed the NWTM bankruptcy). In June, 2016, her attorney Daniel Bugbee wove a tale about how the source of the funds (about $335K, including another $25K cash and 120 ounces of gold) was from some of a $134K life insurance policy from 1993, and that "By living a modest lifestyle ... and also thanks to strategic trading and the more than three-fold increase in the price of gold, Ms. Erdmann has allowed the value of her bullion collection to grow significantly over the past twenty years." Yet she had just one receipt from 1997 for $16K.


    In that same month, Mr. Bugbee implied that Ms. Erdmann was now 'destitute' (it is unclear what happened to the 120 ounces of gold she had had a couple months earlier; it may have been seized), and assisted Diane Erdmann in sworn testimony where she claimed that she had no assets. What Mr. Bugbee apparently was unaware of is that less than 3 weeks later Ms. Erdmann would somehow come up with over $30K of precious metals to pay legal bills, and within under a year access to another $500K or so of precious metals. I'm trying to think of a logical explanation as to how a destitute woman with could come up with $500K of metal over the course of 10 months. Cash would be more explainable (a $500 bank loan to a destitute woman or a winning lottery ticket). But who would give or loan her precious metals? And what did Mr. Bugbee think about getting an $11,000 check from a coin company to pay Ms. Erdmann's legal bill 4 months later?

    Two coin stores and a refinery have submitted documents claiming that Diane Erdmann sold them a total of about 240oz of gold, 4,000oz of silver, 155oz of platinum, and 2 ounces of palladium between June, 2016 and March, 2017.

    Of the proceeds, about $400K went to attorneys representing Medallic and/or Ross Hansen, about $100K went to Diane Erdmann, and about $10K were checks made out to "Cash." Two of the companies state that Ms.
    Erdmann requested blank checks, allowing her to fill in the payee (in this case, either herself, "Cash", or one of 6 different law firms).


    A $10,000 check was made on June 20, 2016 to Allen Lichtenstein, an attorney representing Ross Hansen and NWTM in the defamation lawsuit. 6 checks and 1 wire were made totalling $305,500 from June 20, 2016 through January 31, 2017 to "Bucknell Stehlik", "Bucknell Stehlik Sato & Orth, LLP" or "Bucknell Stehlik Sato & Stubner, LLP", a law firm representing Medallic Art Company, LLC. Between October, 2016 and January, 2017, 3 checks were made to "Cable Langenbach" or "Cable Langenbach Kinerk & Bauer, LLP", a law firm representing Ross Hansen in the NWTM bankruptcy. 2 checks for about $10K were made out to "Cash." One check for $17K was made out to "Colvin and Hallett" (representing Medallic and/or Ross Hansen). One check for $20K was made out to "Davis Wright Tremaine" (who represented Ross Hansen). Another check for $11K was made out to DBS Law (Daniel Bugbee, representing Ms. Erdmann and either Medallic and/or Ross Hansen). Finally 2 checks were made out to Diane Erdmann, totalling about $100K.
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  3. #73
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    More on the paper records Hansen is seeking. Just for information purposes, as far as I know, all records up to 2003 when I made my last purchase was on paper slips. I did make some additional purchases in 2008 when the bottom dropped out and those packing slips were computerized. So when they are talking about Hansen only taking possession of all the paper documents from before 2009, it really doesn't indicate that it means all records including computerized documents or just the paper documents which would be a mountain. I have no idea as to when they actually switched over from an all paper transaction system to a computerized ordering process. Maybe this information will come to light sooner or later.

    Ross Hansen to get NWTM Records?

    June 7, 2017 7:50AM EST from about.ag

    On June 2, I reported that Ross Hansen wanted to keep the NWTM records that Chapter 11 Trustee Mark Calvert sought to destroy (pre-2009 paper records going back to around 1990).

    Mr. Calvert has filed a reply stating "the Trustee is willing to allow Ross Hansen ... to take possession of ... the Records which the Trustee intends to destroy." He also updated the order to include this (with slightly different wording).

    So if things go as expected (e.g. no objection or denial from the court), Ross Hansen will receive the paper records of NWTM from around 1990 through 2008. My understanding is that the judge will rule on this at a hearing on Friday (June 9) at 9:30AM PST.



    Last edited by valerb; 8th June 2017 at 01:42.
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  4. #74
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    Well this certainly depends on your point of view as to what happens to all these records, I personally don't care if Ross has them, as long as they disappear.
    I'm not sure what the concern is from the creditors unless they feel something in those records might be used in their claims somehow in the future, or they feel there is some value in those files to be sold that the Trustee is interested in.
    My understanding is that they were only talking about the paper records from what I have been able to find out and there has been no mention of any data files to be destroyed.




    Trustee Does the Right Thing

    June 9, 2017 8:30PM EST from about.ag

    Today was the hearing for the motion that included, among other things, giving the 1990-2008 records to Ross Hansen. If you've read my recent posts, you know that I was quite concerned about this.

    At the hearing, however, NWTM's attorney stated that the Chapter 11 Trustee, Mark Calvert, desired to strike the relief requested which would have allowed him to give the records to Ross Hansen. The issue of the old records will be addressed in a future motion.

    Kudos to Mr. Calvert for recognizing that this was a concern to creditors, and for seeing to it that that part of the motion did not go through.
    Last edited by valerb; 10th June 2017 at 05:09.
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  5. #75
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    Diane Responds

    June 18, 2017 8:40AM EST from about.ag

    Diane Erdmann, long-time girlfriend of NWTM Owner Ross Hansen, has responded to the Trustee's allegations that she sold $500K of metal to pay lawyers while claiming she had no assets. She is requesting that the court deny the Trustee's request for a 2004 examination, partly because the Trustee started an adversary proceeding against her (where a different set of rules applies regarding depositions). She points out that in the 2 lengthy depositions in June, 2016 she never said she had no assets.

    Transcripts of the two depositions were included with the filing. Although they are public documents, I am not going to post them here, due to the amount of personal information they contain. The fact that she filed both transcripts shows that she has confidence in what she said.
    I expect to write one or more posts later based on some information from the transcripts.
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  6. #76
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    2008: Negative Net Worth $1.5M

    June 18, 2017 7:30PM EST from about.ag

    In going through some court documents today, I found a reference that NWTM filed a 2008 tax return, which showed liabilities exceeding assets by $1.5M.
    Further, the negative net worth increased between 2008 and 2016 (except in 2011 due to some speculative hedging gains).

    Remember, in 2008 NWTM was investigated by the Attorney General, leading to a consent decree. So how did the AG not notice this?
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  7. #77
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    Old information that is interesting, where Hansen hired a criminal attorney before they ever filed for bankruptcy.


    Hansen Hired Tulving's Criminal Attorney


    June 19, 2017 9:05AM EST from about.ag

    On March 18, 2016, two weeks before the NWTM bankruptcy petition was filed, NWTM owner Ross Hansen paid law firm Wyatt & Blake a $25,000 retainer regarding a criminal matter. The retainer was paid for by Diane Erdmann, either on behalf of Ross Hansen or NWTM. Diane stated that James Wyatt was hired to "[look] into a criminal matter for Ross."

    In the depositions where this was discussed, it seemed that nobody was familiar with James Wyatt. For me, though, that name was nearly jumping off the page. James Wyatt is the leading expert on criminal charges against the owners of well established online retail bullion dealers that go bankrupt owing customers millions of dollars. In fact, he is the only attorney with such experience. He is located in Charlotte, North Carolina, where the owner of The Tulving Company was indicted.

    I do wish to make it very clear that hiring a criminal attorney in no way indicates guilt. If I had been in Ross' situation then, and could afford the $25,000 retainer, I likely would have done the same thing. It is quite possible that Ross was already aware of a criminal investigation (my understanding is that the Washington Attorney General was investigating or helping investigate in February, 2016).
    Last edited by valerb; 20th June 2017 at 00:59.
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  8. #78
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    The $500K Saga

    June 23, 2017 10:15AM EST from about.ag

    On June 2, 2017, Chapter 11 Trustee Mark Calvert filed a motion for a 2004 Examination of Diane Erdmann (NWTM owner Ross Hansen's long-time girlfriend), to find out more about the $500K of precious metals she sold to fund her and Ross' legal expenses, starting a few weeks after she testified that she had very little assets ("destitute" is the word her lawyer used).

    Diane responded, basically saying that she shouldn't have to testify again because she never claimed she had no assets, and that it would be more appropriate to testify in the adversary proceeding against her (alleging that $1M or so of expenses charged to Diane's American Express card, that NWTM paid for, were personal).

    What I haven't yet covered is that earlier this week, [1] the Trustee replied (e.g. pointing out that the $500K of metal is a different asset than the American Express charges), [2] a creditor (thank you!) filed a memorandum in support of the 2004 exam (e.g. pointing out that metal of customers that Ross and Diane were in charge of safeguarding is missing), [3] Ross filed an objection (e.g. saying that the Trustee is harrassing Ross), and [4] the Trustee replied (e.g. pointing out that the Trustee's actions were typically because of an issue Ross caused). The hearing is set for today at 9:30AM PST (12:30PM EST).
    Sadly, by my estimation, Diane's desire to essentially delay testifying will have cost creditors roughly $25,000 (that goes beyond what would have been spent if Diane had not objected to the 2004 exam). Including Diane and Ross's costs, and related expenses that have not yet occurred, it could easily top $50K that will have been spent just to delay a single testimony.
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  9. #79
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    Judge Orders 2004 Examination

    June 30, 2017 7:45AM ESTfrom about.ag

    Yesterday, the judge entered an order that allows Mark Calvert to examine Ross Hansen and Diane Erdmann regarding the $500K of bullion they sold to fund their legal expenses.
    The order differs significantly from the suggested order filed by Calvert (it is typical in a legal proceeding for someone to file a suggested order, which the judge will often sign as it is written, but that did not happen here).


    While it does not allow everything the Trustee wants, it does allows the examinations to occur (which Diane Erdmann and Ross Hansen did not want to happen), which is good for creditors, as it may help speed up the bankruptcy process slightly.
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