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AFGunner

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Reply with quote  #1 
I thought it would be a good to introduce ourselves and if you would like tell us about NWTM interaction.

I got myself into the MAP program after I purchased some silver rounds from NWTM. I was hoping it would be a good way to put away some silver a little bit at a time. I joined the MAP in early 2014 and received several shipments before they filled.  The only issue I had was very long lead times after my order was complete, typical 2-3 months, but I always received my rounds. In December of 2015 my first order that I didn't receive was completed and by March of 2016 I had another order ready for shipment. Now I was behind 2 orders and still no silver. In total I'm out just over 100 Oz's with some of that purchased in the 14 dollar range.  I know by looking at the information posted on AboutAG that I'm better off than most but I thought I would put it out there anyway.

Air Force Gunner
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Boss

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Reply with quote  #2 
I'm not a lawyer, but your amount is well under $2850

On your proof of claim - you may be able to check off the section for "Priority Claims",
which may allow you to get paid before other unsecured creditors.

Up to $2,850* of deposits toward purchase, lease, or rental of property or services for
personal, family, or household use. 11 U.S.C. ยง 507(a)(7).
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RRavik

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Reply with quote  #3 
I had been doing business with NWTM for a few years on the store side. I never had any problems receiving my orders. Last year when the cost of silver was so low I thought now is the time. My wife warned me that something seemed wrong with what I was doing, ordering 100 OZ., but didn't say no. I sure wish I had taken her advice now. I just retired and I am under the impression that the dollar is about to collapse. I was counting on this bullion along with my life savings to get me through this. Now I am living on SS and a very small pension. Got a feeling I am now up the creek with no way out. My hope is that my family and I are able to survive. I also hope none of you are in the same dreary position.
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AFGunner

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Reply with quote  #4 
Boss,

I did select Priority Claim on my claim as yes it was below 2850.

AFGunner

RRavik,

I'm not retired and have time to recover from my loss if it turns out to be a total loss. But the approximate $1800 I'm out still hurts allot. But I'm not discouraged too much, I"m still buying silver. I hope things turn out better for you RRavik!

The MAP was a nice way to do it. Now I wait until I have enough saved to make an order that's just a bit larger than 10 oz's per month. So No I will just order every 4 to 6 months.

AFgunner
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Boss

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Reply with quote  #5 
Re: MAP - a similar alternative to MAP is https://ownx.com/  - It used to be called silversaver - but then again after NWTM - do the $$$ saving yourself - order it and ship
it to you - ownx will work out fine until it doesn't and then you'll be screwed twice.

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bull123

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Reply with quote  #6 
when the court system gets done, whatever $$$ are left (currently) ... will be gone

see Bullion Direct for a prime example of this ...
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kkelseven

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Reply with quote  #7 
K. I am in Texas. NWT is in Washington. Taking large sums of money under contract to deliver or refund with full knowledge that you lack the means to deliver and (apparently)no intention to refund across State lines and/or through the mail (Email) may constitute "Wire Fraud". This appears to have occurred under the full co-operation of the State of Washington by and through that State's Attorney General. It appears that NWT's "Operation" was well known to the Atty. Gen. and may have been previously sanctioned. Allowing NWT to then continue (unsupervised) to the point where they are Fraudulently misrepresenting their "Operation" may well Scream " complicity". I would argue that the State had a"Financial Interest" in having this business acting in their State. I may be wrong but I believe that an aircraft manufacturing business used to supply this State with revenue.
I am not a n attorney but in my opinion a Class Action lawsuit against the State may be appropriate here. My refund, in excess of $15,000, was due and payable March 01, 2016.
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bull123

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Posts: 217
Reply with quote  #8 
I think you make a good case that the state should be on the hook

the 30 day shipping rule that is pretty much uniform nationwide, is designed to make sure things like this don't get out of control ...

of course ... expect nothing $$$ wise ... because that's what you will be getting

the fix is in ... (like always)

the best case is that Mr. Ross goes to prison for a long, long time

IMHO
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Boss

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Reply with quote  #9 
They have $1000+ in cash, supposedly 5 million $ in assets (equipment and odds and ends) and they owe 55 million $  

At best, perhaps a 10% recovery. 

But all the lawyers and other administrative will get paid first and the longer the case goes the less there is... so zero is a reasonable estimate.




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JG

Administrator
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Posts: 960
Reply with quote  #10 
Quote:
Originally Posted by Boss
They have $1000+ in cash, supposedly 5 million $ in assets (equipment and odds and ends) and they owe 55 million $  


There are some assets listed with a value of "Unknown" (with a book value of $10M or so). Ross apparently said the assets are worth some $25M, but I'm sure that is the rosiest scenario.

The other possibility is goodwill. If part(s) of NWT Mint can be sold as-is, it is possible that they could bring in a fair bit more than the assets are worth. Unlike Tulving and Bullion Direct, NWT has non-bullion businesses that may have value as they are.

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MadAsHell

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Posts: 5
Reply with quote  #11 
I agree, selling off non money producing assets would be good. Assets that produce positive cash flow should be kept to reimburse the customers first.
I became very concerned when I got notice in the mail of them trying to sell off the company in Texas. I would like to know more details of the company's worth and prospective earnings before a Fire Sale cominces.
I don't want any assets sold until I have a full understanding of their value!
It is my opinion that the Trustee doesn't have the best interest of the customers in mind, just what the company needs so that he can get on to the next money making project for him.

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