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JG

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Reply with quote  #1 
There will be a Creditors' Meeting on August 25, 2015 at 1:00PM at Austin Room 1500, Homer Thornberry Bldg., 903 San Jacinto, Austin, TX 78701.

All creditors are welcome to attend, but not required to do so. In most cases, few creditors show up. It is a chance to ask questions of the debtor (Bullion Direct).

It is, however, unclear at this point if customers are considered creditors or not (and if not, why not, and how they are protected).

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RippedOff

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Reply with quote  #2 
I live in Houston; only a couple hours away (less traffic).  I'll try to attend.
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tim

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Reply with quote  #3 
I work just a few blocks away from there, and I'm planning to attend. If anyone has any questions they'd like me to ask, feel free to post them here.
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saxster

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Reply with quote  #4 
Yes, could you ask if the bullion stored for the customers is secured and available for return, please?  If so, would you please ask when the customers with stored bullion can expect to receive it?  And it would be good to know whether or not these customers with stored bullion are required to file a claim.
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plankton

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Reply with quote  #5 
+1 yes exactly.

If we put in a product draw to withdraw bullion that belongs to us that BD was storing for us when will it be fulfilled and when?

BD website doesn't show bar serial numbers so not sure if those will be required...

Thanks!
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Carolline

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Reply with quote  #6 
Quote:
Originally Posted by saxster
Yes, could you ask if the bullion stored for the customers is secured and available for return, please?  If so, would you please ask when the customers with stored bullion can expect to receive it?  And it would be good to know whether or not these customers with stored bullion are required to file a claim.



Exactly my question.  I have some silver held in "legacy storage" since 2011.  Who "owns" that silver? 
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harley_52

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Reply with quote  #7 
My question, if you would be so kind, is.....How will those who had placed, and paid for, catalog orders for "in stock" metals, but never received their products be handled?  Must they file a claim, or will they be included without a filing?  Are these customers "secured," or "unsecured?"

Thanks.....
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nobody

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Reply with quote  #8 
I won't be there, but ones that come to mind:

- How did 150k of unsecured debt put a bullion dealer with 15 years experience out of business?
- Has a third party audit of any assets not held at IDS been performed?
- Are there any reconciliation issues for metals held in IRA's?
 - Under the legacy storage program?
 - Under the new storage program?
- What attempts were made prior to bankruptcy to rectify the growing debt?
- Is there any suspicion of fraud or gross negligence at this time?
- Will the company be pursuing any recovery against Charles McAllister?
- What is the plan for making nucleo/IRA/catalog customers whole?
- What were BD's annual revenues and profits in 2013, 2014, and 2015?
- Given the timing of ceasing operations and the coincident move to IDS, what caused the move in the first place?
- If the company is in debt and unable to pay its current storage fees and shippers, how does it anticipate filling orders and draw requests where shipping costs have already been paid?
- What agencies are pursuing action against BD? Against any of its current or former employees or officers?
- What is the nature of any ongoing relationship with Charles McAllister?
- When will shipments/disbursements begin?
- What is the current plan for marketing or extracting value from the BD IP portfolio?

I might come up with more, but that's my first round.

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BDistheBestest

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Reply with quote  #9 
What is the relationship between Bullion Direct and Nucleoware (currently lists Charles McCallister as CEO)?
       How long has this relationship been going on?
       Will this relationship continue in the future?
       Can Nucleoware's assets be used to make Bullion Direct customers whole?
What is the estimated value of the Nucleo patent?
Will the Nucleo patent be sold to raise funds in the event customers cannot be made whole with current assets?
Why did Charles McCallister leave Bullion Direct (with suspicious timing) leaving the current owner in place?
Does Bullion Direct intend to resume operations in the future, or is it done?
Have criminal charges been filed against Charles McCallister?  Does anyone plan to file in the future?
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JG

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Reply with quote  #10 
Just as a note in case I did not say it yet -- I do plan to put together a list of all these questions, and make it available for anyone going to the Creditors' Meeting (and perhaps send a copy to Bullion Direct management ahead of time, in case they choose to prepare some answers).

And I am purposely not responding to these questions, as they are intended to be directed at Bullion Direct.
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tim

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Reply with quote  #11 
Thanks, JG.

From what I've been reading, creditors are only allowed to ask questions regarding the company's finances and the nature and location of their assets. So BD might not be required to answer some of the questions listed above.

From what I understand, no single creditor will be allowed to ask questions for too long due to time limitations of the meeting. So we'll probably want to coordinate ahead of time about who should ask what. Also, do we know whether or not customers are considered creditors?

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JG

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Reply with quote  #12 
Quote:
Originally Posted by tim
From what I've been reading, creditors are only allowed to ask questions regarding the company's finances and the nature and location of their assets. So BD might not be required to answer some of the questions listed above.

From what I understand, no single creditor will be allowed to ask questions for too long due to time limitations of the meeting. So we'll probably want to coordinate ahead of time about who should ask what. Also, do we know whether or not customers are considered creditors?


My understanding is that there is a LOT of flexibility regarding questions that can be asked. I'm sure some of the questions listed do not need to be answered, but I believe most are OK.

I would think that a single creditor could ask a lot of questions, if it was clear that they were asking on behalf of others, and there weren't other creditors waiting to ask questions. As reference, the first Tulving Creditors' Meeting (which Hannes Tulving was required to come to, but not surprisingly did not) lasted a bit over an hour.

As for whether customers are considered creditors, there has been no word from Bullion Direct yet. It looks like either [1] Bullion Direct considers customers to be secured creditors, or [2] Bullion Direct is treating customers as "off the books" (e.g. you have 10 100oz silver bars, they are yours, do not belong to Bullion Direct, and therefore are not part of the assets -- they simply have to be returned to you).

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Nick

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Reply with quote  #13 
For those of you that plan on attending the meeting of creditors and reporting back, thank you. Like others, I am particularly interested in the "BD Legacy Storage Program", as I had metal stored with BD at that "facility". Thanks again, and I look forward to any summaries you are willing to share following the meeting.
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spainte

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Reply with quote  #14 
Hope there will be a conference call option. At the very least, a recording. This meeting will most likely be included via transcript into the court documents (?). I've emailed Martinec to find out. The clerk of the court did not know.
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spainte

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Reply with quote  #15 
Quote:
Originally Posted by spainte
Hope there will be a conference call option. At the very least, a recording. This meeting will most likely be included via transcript into the court documents (?). I've emailed Martinec to find out. The clerk of the court did not know.


Response: 
Quote:
There may be something on the bankruptcy court’s website.  We have no control over that.
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