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Northwest Territorial Mint - Page 12
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Thread: Northwest Territorial Mint

  1. #111
    Join Date
    May 2007
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    Atlanta
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    This looks to be the final nail for all those waiting for anything out of the NWTM fiasco as the Trustee has driven that puppy right into the ground and about six feet under instead of closing the doors and selling everything off and distributing the assets to those owed something when they had the chance two years ago. When will people stop buying what these trustees are selling??


    Admin Claims Expected to be ~33%

    August 17, 2018 2:25PM EST

    In the WARN Act negotiations, Chapter 11 Trustee Mark Calvert stated that he estimates that administrative priority claims will receive a recovery of 1/3 or less of the amount of their allowed claims.

    Administrative claims include, among other things, trustee fees, attorney fees, and wages or benefits owed employees.

    This also means that Calvert expects that non-priority creditors (such as storage and bullion customers) will not receive any money, as all priority claims (such as administrative claims) need to get paid before non-priority claims.



    WARN Act Settlement

    August 17, 2018 2:10PM EST

    Both sides of the WARN Act issue have agreed on a settlement, subject to the Judge's approval. The WARN Act requires employers in many cases to provide 60 days notice of termination when there are mass layoffs. The Trustee calculated that the maximum liability for the estate would be $642,000.

    If approved, NWTM would pay $125,000 to settle. By my calculations, about $76,000 of that would end up going to the 100 NWTM employees that are part of this class (proportional to what their claim is estimated at, which is based partly on their salary), or roughly 12% of what Calvert calculated their claim as.

    The settlement agreement Exhibit A shows $81,337 as "Net Allocable to Employees", but does not seem to include the $5K of estimated legal expenses they listed. I would suggest that might be an error, and that the Exhibit overestimates the allocation for each creditors, but as a non-professional, I will assume I misunderstand the exhibit. I don't want to post misinformation.


    No wonder the Trustee fought so hard to keep from paying this tab, he didn't want to loose all this income he had slated for his group of lawyers and accountants
    Last edited by valerb; 20th August 2018 at 01:18.
    I'm a proud member of Eggshellman's Liar, Shill, and bully club and a new member of the Super Jew Defense League!!!

  2. #112
    Join Date
    May 2007
    Location
    Atlanta
    Posts
    9,892

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    Well, the final word is in on those old NWTM records, at least all of those dated before 2009. Can't be to happy with the ones after 2008 as they are in the hands of the US Government.


    Pre-2009 Records Update

    September 17, 2018 1:05PM EST

    On March 22, 2018 Chapter 11 Trustee Mark Calvert filed a motion to destroy paper records "from before 2012", which in typical Calvert style was also referred to as records "from before 2013" (yes, in the same filing)

    Ross Hansen objected to this, arguing that some records might be beneficial to his criminal trial. Right





    A hearing was held on July 6, 2018, and an order was signed allowing Calvert to give the company records from 2008 and earlier to Ross Hansen, and the later records to the U.S. Government. Presumably, the records have already been transferred.





    You had to pick a lake this deep and wide didn't you!!!
    Well this is where you decided to have your boating accident, now get your ass back down there and find those $4.50 rounds.



    Last edited by valerb; 19th September 2018 at 06:19.
    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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