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Crescent248

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Reply with quote  #1 
From the Wall Street Journal:

    http://blogs.wsj.com/bankruptcy/2016/05/18/silver-buyer-facing-sanctions-is-one-of-many-layers-to-mints-bankruptcy/
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MadAsHell

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Reply with quote  #2 
Quoted from WSJ article mentioned above.

" Mr. Calvert assured a nonprofit that the King of Norway will still receive 36 gold medals from the mint to present to scientists who win this year’s Kavli Prize. He found a buyer willing to pay $600,000 for the company’s Houston mint that flooded last month."

Bull Shit......
This is what I mean, I think there is an agenda and we are not on it.
The King of Norway can stand in line like the rest of us poor peasants that got ripped!!!!
We all get our product or none and I mean none of us get it.........
What a load of CRAP!

Also Just curious,  When was this order placed?

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JG

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Reply with quote  #3 
Quote:
Originally Posted by MadAsHell

The King of Norway can stand in line like the rest of us poor peasants that got ripped!!!!
We all get our product or none and I mean none of us get it.........


It's not quite as bad as it seems. The order was placed on April 27, 2016, so they were doing business with NWT post-bankruptcy. They are also paying $13,797 in addition to supplying the gold for the medals.

That said, the Kavli Foundation is listed as a creditor, with $133,056 worth of metal as a storage customer. There are 9 solid gold medals, each 12 troy ounces. That's 108 ounces of gold, which would be exactly $133,056 if $1,232 spot was used, which is about where spot was on the date of the bankruptcy petition.

So the real question is whether [1] Kavli provides their own gold (and goes through the bankruptcy process to get their stored metal returned), or [2] the Trustee lets them use their stored metal (which opens a whole can of worms; e.g. is all the stored metal for all customers there?).

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JG

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Reply with quote  #4 
Quote:
Originally Posted by JG
So the real question is whether [1] Kavli provides their own gold (and goes through the bankruptcy process to get their stored metal returned), or [2] the Trustee lets them use their stored metal (which opens a whole can of worms; e.g. is all the stored metal for all customers there?).


I have heard that Kalvi sent in new metal for this project. So from the way I look at it, they are not in any way ahead of other creditors.

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Alan Wolfe

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Reply with quote  #5 
WRT the WSJ article cited above, the Diane Erdmann referred to as Ross Hansen's girlfriend, was also serving in the position of "shipping manager," confirmed by myself in a telephone conversation with Ms. Erdmann.   Given her close relationship with Hansen, this suggests to me that Ms. Erdmann probably had full knowledge of the financial situation at NWTM and is probably just as guilty as Hansen of whatever he turns out to be guilty of.

FWIW


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Crescent248

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Reply with quote  #6 
That's speculation, but hopefully the FBI will be questioning all employees as they investigate the case.  They need to get to the bottom of who knew what when, and where did all the money go!

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Crescent248

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Reply with quote  #7 
In The Federal Way Mirror:  Former owner of Federal Way’s Northwest Territorial Mint in hot seat during creditors meeting:

   http://www.federalwaymirror.com/news/380030101.html
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Finn

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Reply with quote  #8 
The Fed Mirror is impressively accurate with all the details about operations at the mint. It's reassuring to finally see this come to light. 
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Crescent248

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Reply with quote  #9 
From MoneyMetals.com:

    https://www.moneymetals.com/news/2016/05/23/northwest-territorial-mint-scandal-000870
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Boss

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Reply with quote  #10 
Very true - and #1 rule no matter who or what it is you are doing business with - DO NOT put your life savings into any one thing and all at once and with the same company.


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oldAG

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Reply with quote  #11 
Or if your going to put a major portion into metal at one time, only do it somewhere that you can walk in and out the door with metals in hand versus a hope it will arrive.

They may rarely fail, but the odds of it happening to you are much greater than hitting any lottery and your betting a chunk of your life savings versus a couple Dollars.
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Crescent248

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Reply with quote  #12 
From The Federal Way Mirror:  

Northwest Territorial Mint reorganizes, relocates

    http://www.federalwaymirror.com/news/385581571.html


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