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Boss

Junior Member
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Posts: 19
Reply with quote  #16 
That name, Fox is NOT on the list of storage clients.

Did they have a storage contract or was the exchange still pending?

This would make the $$$ total of "stored" metal 10m (up 1.8m from 8.2m)

This sounds more and more like metal that never was...

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JG

Administrator
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Posts: 955
Reply with quote  #17 
Quote:
Originally Posted by Boss
That name, Fox is NOT on the list of storage clients.

Did they have a storage contract or was the exchange still pending?

This would make the $$$ total of "stored" metal 10m (up 1.8m from 8.2m)

This sounds more and more like metal that never was...



NWT has him listed as an unfulfilled bullion order. As of May 19, he does not appear to have filed a Proof of Claim, so it is hard to say exactly what the situation may be.

Given that he was listed as an unfulfilled bullion order, and his attorney never specified storage, I'm guessing it was indeed a bullion order: he sent in perhaps 140 10oz gold bars (basically any metal) and was supposed to get 1,400 1oz maples. NWT treated it as a customer buying 1,400 1oz maples, paying with 140 10oz gold bars instead of cash. That would account for why Ross made it sound like his name was not on any boxes, and why Ross said they were not segregated.



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Boss

Junior Member
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Posts: 19
Reply with quote  #18 
Steven Fox is listed as an unfulfilled bullion order of 1.7M , not a metals storage client.

So it appears that the transaction (a like kind exchange or other) was not complete.

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oldAG

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Posts: 55
Reply with quote  #19 
Here is some of the conversation between the lawyer and Hansen, which leaves no doubt they had intended to leave and store these Maples at NWTM, they just have not filed a claim as yet apparently, if it is not listed as a storage item or it was improperly listed as an unfulfilled order. There is no way NWTM could not obtain 1,400 Gold Maple's that would require them to store part of that exchange while waiting for the rest to be obtained, nor would they need to talk about segregating his Maples unless they were being stored for him. At least I can not think of any valid reason. They are talking about boxes of Maples and it's less than three in total. This lawyer better get his act together if there was an actual storage agreement for those Maples or his client is about to get a Royal Canadian screwing from down south.

Mr. Fox was under the impression, from you, were segregated in a fashion on the mint's property, such that it could be identified as his. Do you know where Mr. Fox's coins are? And do you know whether or not they have been segregated for him.

Let me, if it's all right, ask: Asof the last time that you were in control of the business,prior to the filing of the bankruptcy, do you know whereMr. Fox's coins were kept and if they were kept in asegregated fashion?

I don't believe they were
segregated, no. But they were -- a number of -- I personally
saw a number of Mr. Fox's boxes because they came in,
and they were in the -- in the -- I believe a big chunk of
them were in the -- in the vault in the Federal Way office.

So you're familiar with boxes with
Mr. Fox's name on them?

I don't know if they had -- I
apologize. I didn't say that they had boxes on{sic} his name.
But I know that there was coins in there that were -- that
were -- that were reserved for Mr. Fox.

And that was at the Federal Way
facility?

Yes.
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oldAG

Member
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Posts: 55
Reply with quote  #20 
Is that Trustee ever going to list the amount of Metal he inventoried so everyone will have a better understanding as to how much is actually missing or not?

It's one thing to tell everyone he's missing $8 million dollars worth of bullion and it's another if there is anything near that amount in those vaults to account for that missing inventory.

That would also have to include all those boxes of inventory that was moved to the other location that the trustee was accusing them of stealing until the employees told them what they had moved and showed them where is was at, it was not stolen and told him it was all still there in the possession of NWTM.

I don't trust any lawyer with their hands on my money so they can justify their existence with all the hours they can cook up. Would a Trustee intentionally screw individuals out of their stored metal so he has a nice nest egg to work off of versus handing it all over and being stuck with next to nothing and have to actually hustle for his existence? It's an easy way to get his hands on a lot of capital to do whatever he wants for a very long time potentially. I'm not saying he would not honor the marked items, but it sure looks like he has done everything he can to avoid handing over one extra ounce of Silver or Gold.

It would also help everyone really understand what he's up to and what it's going to cost all of them in the process. He's already stated he's going to spend a fortune fighting for the rights to take ownership of all the companies not just NWTM. How much is that other company worth and what will that do to the creditors versus what would they get today if he just sold everything and spit the assets? He says the other company he wants will be worth more in another year after he has been running it, hours and hours and more hours keep piling up for him. But will it be a net gain or loss for everyone else and how much of a loss will it be for everyone if he loses the fight for control? It's not going to cost him a dime as he keeps getting paid for his time no matter what happens to everyone else.

Has the trustee ever come back with any kind of revised estimate as to the value of NWTM? The creditors meeting sure proved how he did next to nothing with regards to any kind of valuation for most of the assets.

Bottom line, how can anyone decide anything without knowing how much inventory was in those buildings and what the actual value of NWTM is in addition to the metal? Is it really a $40 million dollar loss or is it a $5 million dollar loss or a break even? Don't forget the $12.5 million padded by the lawsuit in that loss column.

People need to know who is screwing them, Ross Hansen or the Trustee and this, keep everyone in the dark crap sounds like something coming out of the Whitehouse. Republican or Democratic

Ross Hansen is no saint in this, but is his companies total value enough to make everyone whole?

I'm pissed and I didn't lose a dime in this fiasco!!!
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