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MJS

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Reply with quote  #1 

I think my case may be unique and it has taken me a few days to find this forum and get somewhat caught up on events.  I'm not optimistic about my loss, but wanted to check with you folks about whether there is any hope.

I was an active customer of Bullion Direct for nearly four years.  Luckily, I sold and/or took delivery of all my stored bullion by the end of 2014.  Also, my last cash draw was in December of 2014 via check, which I received during a tumultuous period of my personal life.   Somehow, I misplaced and forgot about that final check (or more accurately, forgot that I failed to deposit it) until I discovered it during my last minute preparation of my 2015 taxes a few days ago.  I have not been paying attention to the metal markets and had no idea that BD had filed for bankruptcy.  The amount of the check is significant to me.    I am not on the list of creditors in "Docket 101."  Are there any steps I can now take to possibly recover my money?

-MJS

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tboll

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Reply with quote  #2 
Tough situation, MJS.  Even under the best of situations not cashing a check for over a yr after being issued does not bode well.  Missing the deadline for submitting a claim buries you deeper but even if you had submitted the claim it is unlikely that you would have received much if any restitution. 
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JG

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Reply with quote  #3 
As tboll says, it is a tough situation.

What I would try doing is contacting the Chapter 11 Trustee, Dan Bensimon, at dbensimon@austin.rr.com. Normally, the bar date (like all court deadlines) is designed to be absolute, there can be exceptions (like all court deadlines). He might tell you that he cannot do anything (in which case you might have to talk to a lawyer if you wanted to proceed -- but the legal costs might outweigh what you might end up receiving). Or he might let you know how you could get listed after the deadline.

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MJS

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Reply with quote  #4 
Thank you tboll and JG.  I have sent an email and will post an update when he responds.
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MJS

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Reply with quote  #5 

I received an email response from a Joe Martinec.   He wrote I could "file a motion with the court" requesting BDI issue a new check, but "It is not likely, in my experience, that the court would approve such a motion. "  He also wrote that I could file a proof of claim "accompanied by a motion to allow its late filing.   Your situation is further complicated by the fact that a plan is likely to be approved that would give the right to object to claims to a 'litigation trust', an entity that has not yet been created.  I cannot speak for the Unsecured Creditors Committee on this matter, and more facts would be necessary than you have provided, but Mr. Bensimon anticipates that he would not oppose allowance of a “late filed” claim. "

 

I'd appreciate any guidance on how to "file a motion" with the court.   Is that something I would need a lawyer to do for me?  [I am good at following directions and writing clearly.]

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JG

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Reply with quote  #6 
Quote:
Originally Posted by MJS
I received an email response from a Joe Martinec.   He wrote I could "file a motion with the court" requesting BDI issue a new check, but "It is not likely, in my experience, that the court would approve such a motion. "  He also wrote that I could file a proof of claim "accompanied by a motion to allow its late filing.   Your situation is further complicated by the fact that a plan is likely to be approved that would give the right to object to claims to a 'litigation trust', an entity that has not yet been created.  I cannot speak for the Unsecured Creditors Committee on this matter, and more facts would be necessary than you have provided, but Mr. Bensimon anticipates that he would not oppose allowance of a “late filed” claim. "

 

I'd appreciate any guidance on how to "file a motion" with the court.   Is that something I would need a lawyer to do for me?  [I am good at following directions and writing clearly.]



One thing that you could do is contact the attorney for Unsecured Creditors' Committee, Jesse Moore, at jmoore [at ] dykema.com, to see if it is something they would likely oppose. My hunch (with no legal background) is that it would be nearly impossible to get a new check written (it would give you priority over most or all other creditors, which does not seem fair), but a late claim might be allowed (especially if you did not get notice of the bankruptcy).

http://csattorneys.com/bankruptcy-court-when-your-proof-of-claim-is-filed-after-the-bar-date/ has some information (written for attorneys) about late claims.

http://www.pamb.uscourts.gov/content/extend-time-claims-bar-date-file-late-claim (for Pennsylvania so the rules are likely a bit different) has information on what they would require for a late claim.

I think it may be difficult to handle this without an attorney. The courts tend to give some extra leeway to people who do things themselves, but missing a step could end up preventing a successful claim from going through.

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Alabama

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Posts: 47
Reply with quote  #7 
Shouldn't they have turned your money into the State treasury as unclaimed funds?
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MJS

Junior Member
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Posts: 4
Reply with quote  #8 
Quote:
Shouldn't they have turned your money into the State treasury as unclaimed funds?


Thanks for this idea.  I checked the Texas Unclaimed Property website and it is not there.
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