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JG

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Reply with quote  #16 
Quote:
Originally Posted by nobody
If my reading of 507.a.7 is correct, the first $2775 (as adjusted for inflation) of catalog orders will have priority over the UCC pool - so that money will (assuming they don't lose their priority, and that my reading is correct) likely be distributed first from the pool prior to the division amongst other creditors.


I had thought that might be the case with The Tulving Company -- and while the Chapter 11 Trustee never answered the question (gee, thanks), almost all Proof of Claim forms did not use that "deposit" priority.

I believe that it is designed for where someone puts down a partial payment for something (e.g. you put down $500 towards the $2,000 furniture set you are going to have delivered). So far, I believe very few Proof of Claim forms for Bullion Direct have tried using that.

It might be worth having someone check with Mr. Martinec. This is one of these silly things, where either it should apply to all people that were waiting for a catalog/Nucleo order to be delivered, or to none of them. The Proof of Claim form can only be correct if it is known which it should be, which presumably Mr. Martinec as a bankruptcy attorney could answer. If he is asked and does not, it will cause further inaccuracies in Proof of Claim forms, which could cost creditors more money.


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nobody

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Reply with quote  #17 
Seems reasonable, my argument is on the lines of "did you pay for and demand delivery before the BK" - almost all catalog orders and some nucleo orders would fall into that category.

To the extent BD's argument for selling 'coupons' holds up, those asking for delivery clearly didn't want coupons delivered - they paid for property.

That said, property isn't well defined in the statute, and you'd be reliant on case law to figure that one out - in tulvings case, since (my read on the last article I saw) it seems the estate agreed to make creditors whole - then the priorities matter a lot less.

But to the extent that we're trying to get 10000% out of the pie - the priority of your "slice" becomes very important - and the general pool comes AFTER the IRS and Travis County, but the priority property claim comes BEFORE.

I am not a lawyer, and I intend to hold off entering anything until I'm forced to - but if I file, I anticipate checking that little box.
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JG

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Reply with quote  #18 
Quote:
Originally Posted by nobody
I am not a lawyer, and I intend to hold off entering anything until I'm forced to - but if I file, I anticipate checking that little box.


Even if you are not supposed to, it wouldn't be a big mistake.

I was just looking at some of the Proof of Claim forms people have submitted. There are now 4 people who claim that their name is "Bullion Direct." I cannot believe someone would even think of filing a form like this without knowing where to put their name!

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budetime

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Reply with quote  #19 
lets file a class action suit as I described. we wont have 9 or 10 lawyers to take a cut from us in the end if we do 1 mass class action suit for his personal assets.
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robertmbeard

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Reply with quote  #20 
nobody:

I like your reading of 507.a.7 concerning the first $2775 of a catalog order getting priority over other unsecured creditor's claims.  I am a catalog-only customer who always chose immediate delivery but did not get my last purchase of gold coins from BDI.  When I filed my Proof of Claim form on 8/13/2015, I did not select that check box, since I did not know if it applied.  I can always file an amended Proof of Claim that selects that check box, if it does apply here. 

Having said that, I still think that IRA account holders would have priority over those of us who might be entitled to $2775 of priority restitution relative to other unsecured creditors (non-IRA accounts).  But the priority of paying back claims hinges significantly on how the judge rules on the status of stored metal (stolen property with the highest priority) and account type (IRA with likely the highest priority)...
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nobody

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Reply with quote  #21 
Yeah, I keep forgetting about IRA accounts -- I'm really hoping that's whats sitting in their Austin vault, but...
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JG

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Reply with quote  #22 
Quote:
Originally Posted by nobody
Yeah, I keep forgetting about IRA accounts -- I'm really hoping that's whats sitting in their Austin vault, but...


Ah, the "but..." -- that Austin vault appears to be on the 14th floor, in the Austin Suites office, and probably the "gun safes" listed as inventory worth $600 (although the contents could well be worth more than $600).

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