[For news on NWT Mint, see http://about.ag/NWTMint.htm]
[For research on bullion dealers, see http://BullionDealerData.com]




Forum
Register Calendar Latest Topics
 
 
 


Reply
  Author   Comment  
bull123

Senior Member
Registered:
Posts: 217
Reply with quote  #1 
What happened to "no issues detected" at NWT ?

If it takes them 3-4 months to ship an order ... and they do 160,000 orders per year (as was mentioned in an earlier post) ... that means there could be something like 30,000 unshipped orders ... (for the record, I don't believe the annual order claim)

It looks like they are blaming it on the alleged judgement ...

how do you get yourself in that position in the first place ???

what a mess ... folks could lose a lot of money on this one

just sayin ... don't shoot the messenger

0
JG

Administrator
Registered:
Posts: 960
Reply with quote  #2 
Quote:
Originally Posted by bull123
What happened to "no issues detected" at NWT ?

If it takes them 3-4 months to ship an order ... and they do 160,000 orders per year (as was mentioned in an earlier post) ... that means there could be something like 30,000 unshipped orders ... (for the record, I don't believe the annual order claim)

It looks like they are blaming it on the alleged judgement ...


The BBB complaints did not show a pattern similar to what was seen with The Tulving Company and Bullion Direct (I.E. escalating with more each month). And unlike The Tulving Company and Bullion Direct, most complaints were not legitimate (mostly people upset that it was taking so long, when they had actually been told that it would take 10-12 weeks for delivery).

At this point, yes, there is a very serious concern. The $38M judgment (not all is against the company, about half is against the owner, and a smaller amount against one of the employees) would likely bankrupt the company unless they are able to do something about it (such as an appeal or working something out with the person who won the lawsuit).

The 160,000 orders per year may include the smaller orders at their online store in addition to orders placed with the bullion department. The owner of the company was quoted in the news as saying there were about 100-200 customers owed money.

0
bull123

Senior Member
Registered:
Posts: 217
Reply with quote  #3 
and the 200 orders not shipped VS. the 160,000 orders he told you is part of the problem

if it takes 3-4 months to ship ...

that would be something like 30,000 orders in limbo ...

so where the does the 200 orders not shipped come from ???

I never believed the 160,000 number ... 

meanwhile, has the guy even done taxes in the last 4-5 years? ... one of the articles questioned that.

here is the bottom line:

You can't give any of these guys the "benefit of the doubt" ...

the worst is always the most likely outcome

just my two cents ... Don't shoot the messenger ... LUV and respect JG and his hard work
0
JG

Administrator
Registered:
Posts: 960
Reply with quote  #4 
Quote:
Originally Posted by bull123
and the 200 orders not shipped VS. the 160,000 orders he told you is part of the problem

if it takes 3-4 months to ship ...

that would be something like 30,000 orders in limbo ...

so where the does the 200 orders not shipped come from ???


I can't speak for them, but if I had a business that was having troubles getting orders out, and I had to choose between sending one $10,000 order or 100 $100 orders, I'd go for the later.

My understanding is the 3-4 month shipping delay is for bullion orders (a relatively small number of high-dollar orders), not catalog orders (which likely account for the vast majority of orders, at smaller dollar amounts).


Quote:
Originally Posted by bull123

meanwhile, has the guy even done taxes in the last 4-5 years? ... one of the articles questioned that.


From the cross-examination of Ross B. Hansen (docket 345-1):

Quote:

Q: Now, you say you haven't filed tax returns. In fact, you haven't filed tax returns for 2012, 2013, 2014 or 2015; isn't that a fact?
A: That's correct.
Q: Okay. And that is true for -- both for you personally and for your company?
A: That's correct.
Q: Okay. Now, do you have a copy of any written extension that was given to you, by the Internal Revenue Services [sic], that allowed you not to file tax returns all of those cumulative years?
A: I do not.



0
bull123

Senior Member
Registered:
Posts: 217
Reply with quote  #5 
updates ?
0
JG

Administrator
Registered:
Posts: 960
Reply with quote  #6 
Quote:
Originally Posted by bull123
updates ?


Yes -- I am keeping track of updates at http://about.ag/NWTMint.htm .

0
bull123

Senior Member
Registered:
Posts: 217
Reply with quote  #7 
In an earlier post you said the CEO of NWT said his vaults were empty

from what i see ... they haven't paid a penny toward the defamation judgement

so if they now owe $30-40 million to clients who haven't gotten their stuff, that gives you a pretty good hint about how they were running their business ...

i think you can do all of this "rob paul to pay peter" as long as it's ONLY with orders that are 30 days or less

but once you extend that period ... it's prison cell time ...

JG ... am i wrong? ... you are the expert on this ...

just my opinions ... don't shoot the messenger =)

0
JG

Administrator
Registered:
Posts: 960
Reply with quote  #8 
Quote:
Originally Posted by bull123
In an earlier post you said the CEO of NWT said his vaults were empty

from what i see ... they haven't paid a penny toward the defamation judgement

so if they now owe $30-40 million to clients who haven't gotten their stuff, that gives you a pretty good hint about how they were running their business ...

i think you can do all of this "rob paul to pay peter" as long as it's ONLY with orders that are 30 days or less

but once you extend that period ... it's prison cell time ...

JG ... am i wrong? ... you are the expert on this ...


It was actually Bradley Cohen, the victim of the defamation, that said that he had heard that the vaults were empty. And it does seem pretty clear that NWT has not paid any of the judgment yet (after filing bankruptcy they should not be able to, and they listed the judgment in the bankruptcy petition).

The signs are all there to a serious problem. There could be valuable assets (such as equipment, or portions of their business that could be sold), but as you know from Bullion Direct, assets aren't always what they may at first seem.

There does not seem to be any law that specifies any specific number of days that orders can be delayed before it is considered fraud. Here, I'm sure that NWT/Hansen would argue that the State of Washington allowed them 8-10 weeks plus another 4-week delay period. For other companies, it could be a matter of days.

0
bull123

Senior Member
Registered:
Posts: 217
Reply with quote  #9 
JG ... what are the odds the defamation thing had another motive?

after all ... who sets up a web page with slander about a landlord?

it's bizarre ...

is there any chance they did this on purpose, so they could use it to open the door to bankruptcy with an excuse for $30-60 million of unshipped product ...

oooops ... we were going to fill all these orders ... but the defamation case killed us

sorry everyone =(

i am asking this as a question, not making a statement ...
0
JG

Administrator
Registered:
Posts: 960
Reply with quote  #10 
Quote:
Originally Posted by bull123
JG ... what are the odds the defamation thing had another motive?

after all ... who sets up a web page with slander about a landlord?

it's bizarre ...

is there any chance they did this on purpose, so they could use it to open the door to bankruptcy with an excuse for $30-60 million of unshipped product ...

oooops ... we were going to fill all these orders ... but the defamation case killed us

sorry everyone =(

i am asking this as a question, not making a statement ...


The defamation lawsuit was filed in 2012. And the defamation occurred after a previous lawsuit that Bradley Cohen and/or his company filed against NWT Mint. It goes back quite a while.

We don't know yet what NWT's financial situation is like. But it if is really bad, it certainly couldn't hurt to declare bankruptcy at the time of a huge judgment against you.

0
bull123

Senior Member
Registered:
Posts: 217
Reply with quote  #11 
Silver is moving up in price like a rocket (as of late)

imagine all of these companies playing their cash flow games ... and suddenly it's going to take a whole lot more future money to fill those older orders (where the price of Silver was cheaper)

uhooo ...

Predicition: you will soon be adding new company names to your wall of shame list on the front page

=)
0
bull123

Senior Member
Registered:
Posts: 217
Reply with quote  #12 
For all the writing on this site ...

and all the comments ... and all the this ... and all the that ...

has ONE single penny been returned to anyone yet (aside from lawyers and others blood-suckers)?

we all know the answer ...

ZERO ...

folks don't even bother to post anymore, because deep down they know they just got screwed, so what is the point ...

IMHO
0
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.