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 Would you be in favor of a plan to become a NWTM shareholder?
 Yes 4 50%
 No 4 50%
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Total votes: 8   Please or register an account to vote.


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JG

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Reply with quote  #31 
Quote:
Originally Posted by oldAG
Rather it was with NWTM money or not will be a matter for the court to decide


Very true.

Quote:
Originally Posted by oldAG
What about the other guy, the silent partner in Medallic if true. What is his moral obligation for whatever Ross did With NWTM as a whole other than Medallic, if Medallic was a profitable entity by itself?


Likely there is no moral obligation, if he was unaware of what Ross was up to (which was likely the case). But if Ross took money from him as an investment, and then said "Ooops, my bad, I spent it on something I shouldn't have", I wouldn't feel any worse for him than I do other creditors if the courts ruled against him.

Quote:
Originally Posted by oldAG
None of the other businesses of the Trump empire had to cough up their profits to cover Trumps bankruptcy in Atlantic city, if that could be used as an example.


The key here is that they were different businesses. But Medallic was "under the stewardship of" NWTM" (per the NWTM website) and "a division of NWTM" (per the Medallic website). Both websites pointed to each other, offered very similar products, etc. IIRC, they even swapped invoices and such at times (e.g. you bought from NWTM, but got a Medallic invoice). Trump kept his businesses separate.

Quote:
Originally Posted by oldAG

We can say Ross has a moral obligation to everyone he screwed and should forfeit any rights to Medallic, but who does that in any business or personal bankruptcy that doesn't have to?


If it was a casino he owned, or a hotel, I'd say "Hey, Justice Department, please consider taking that business away from him to help make the people he scammed closer to whole, if Ross committed fraud." Or if he owned half a casino or half a hotel, I'd say the same, but just sell his half and give the money to creditors.

But there are many people who believe that Medallic is really owned by NWTM. Ross' half was paid for with cash that was taken out of the NWTM vault, the silent partner was someone Ross knew through NWTM, Medallic had no employees (except Ross and Diane, whose primary job was NWTM). So who was running the Medallic company and what did it really do? Or was it really NWTM employees running it?

It's kind of like if I let someone pay me $10K to marry her so she can be a legal citizen. She has the paperwork showing she is a citizen. What if I never see her again? What if we later fall in love, and use the original sham marriage to say we are really married?

In any case, the lawyers/judges will end up sorting it out somehow.


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oldAG

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Posts: 55
Reply with quote  #32 
I agree the lawyers and judges will have to sort it out.

You can't compare what Ross did with that of a normal corporation with stock holders as it wasn't the same and he treated all his companies as if they were one in the same by the way he ran them.

Rather that will make a difference with the court will be determined later and if it turns out to be his and his silent partners undoing, lesson learned for others doing the same with multiple business interest.

It's an interesting case, you want it to end one way for personal reasons, but it's like any court case, you never know how the court will rule on the facts.

If it wasn't for the Medallic Art issue, this would just be another bankruptcy.

Throw in a Mysterious silent partner, when was money taken out to pay for Medallic Art by Ross and what was the real financial status of NWTM at the time and can anyone actually prove it, not just in theory, but in real financial records and does it really make any difference. Some people think it does, but will the court agree?
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