[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   Page 2 of 2      Prev   1   2
spainte

Member
Registered:
Posts: 40
Reply with quote  #16 
Quote:
Originally Posted by JohnWashburn
Quote:
Originally Posted by spainte
JG - Thanks for the spreadsheet!
I extracted the following stats for my benefit

260 IRA claimants with total of $ 243 k in cash $ 6,472 k in metal

Median IRA claimant is $ 13 k (eliminating those under $ 1 k)


The numbers I get are:

All IRAsCash on HandCalculated Value
Total$243,822.53$6,715,894.09
Average$937.78$25,830.36
Median$18.93$10,585.04
   
Calculated value >= $1kCash on HandCalculated Value
Total$242,134.75$6,711,713.19
Average$1,076.15$29,829.84
Median$23.10$13,370.84
   
Cash on Hand >= $1kCash on HandCalculated Value
Total$223,522.82$1,695,125.72
Average$7,707.68$58,452.61
Median$3,065.00$30,864.85


Either way the numbers filed with the court are wrong.  The Liabilities are in excess of the $12 Million listed on schedule F and well in excess of the $243,822.53 listed for IRA claimants.


We are getting the same numbers. I just subtracted the cash on hand from the calculated value to get metal value. I rounded and showed in 1,000's.
0
Lars

Member
Registered:
Posts: 36
Reply with quote  #17 
Maybe this has been covered, but if someone could tell me what the "unclaimed" status means and save me a bunch of digging, I'd appreciate it.  That appears with my regular non-IRA account, from which I requested a complete product draw somewhere around the time of the bankruptcy.  Could that be why it's designated as such?  And if so, does that change my status as a creditor in any way?  Again, any help would be appreciated.
0
JG

Administrator
Registered:
Posts: 960
Reply with quote  #18 
Quote:
Originally Posted by Lars
Maybe this has been covered, but if someone could tell me what the "unclaimed" status means and save me a bunch of digging, I'd appreciate it.  That appears with my regular non-IRA account, from which I requested a complete product draw somewhere around the time of the bankruptcy.  Could that be why it's designated as such?  And if so, does that change my status as a creditor in any way?  Again, any help would be appreciated.


So far, I have not seen anything conclusive as to what the different categories mean (in order from most assets to least: regular active, IRA active, regular unclaimed, market maker, regular disabled, regular new, regular locked). The "market maker" category appears to be individuals who work for a few bullion-related companies (it appears to be another error, as the name listed should be whoever is owed money, not an individual at the company), and the "IRA active" appears to be all IRA accounts.

But the active/unclaimed/disabled/new/locked is anyone's guess. Active being the largest appears to be the default. And new might be a category that customers are in for a certain time period to make it more clear they are recent customers. disabled or locked might be due to account issues (bounced check, did not pay in time, etc.), but these are just some guesses.

To the best of my knowledge, those have no real legal meaning -- from everything that I have read, no regard is given to something like account status.

0
PM

Member
Registered:
Posts: 41
Reply with quote  #19 
Quote:
Originally Posted by Lars
Maybe this has been covered, but if someone could tell me what the "unclaimed" status means and save me a bunch of digging, I'd appreciate it.  That appears with my regular non-IRA account, from which I requested a complete product draw somewhere around the time of the bankruptcy.  Could that be why it's designated as such?  And if so, does that change my status as a creditor in any way?  Again, any help would be appreciated.


I have two accounts with BDI, both are in my name, regular non-IRA and one is listed as active and the other as unclaimed.
I have no idea why they would be different.
I have not yet received an answer from Martinec or Bensimon which I e-mailed regarding this on 8/16/15 and 8/17/15 respectively.
0
jim249

Junior Member
Registered:
Posts: 19
Reply with quote  #20 
An unclaimed account is considered abandoned property. There are ways to restore it though. Do a search for unclaimed accounts.
0
JG

Administrator
Registered:
Posts: 960
Reply with quote  #21 
Quote:
Originally Posted by jim249
An unclaimed account is considered abandoned property. There are ways to restore it though. Do a search for unclaimed accounts.


In general, unclaimed property is abandoned property. But I cannot imagine that Bullion Direct is going through all the steps necessary to report unclaimed property. Voluntarily give money to the state when you can keep it and probably not get caught?

In any case, *if* they really did follow the Texas unclaimed property laws, then the money/metal may have been sent to the state -- in which case you can check at https://mycpa.cpa.state.tx.us/up/Search.jsp .


0
PM

Member
Registered:
Posts: 41
Reply with quote  #22 
OK, I did a search and nothing there.
Thank You jim249 for the info, I didn't know about that.
Thank You JG for the link, I wouldn't have known where to look.

It's weird that one account would be listed as unclaimed because I was using both until recently.
Maybe if and when a revised list is made it will be corrected?!?

There seems to me to be an unusually large amount of accounts listed as unclaimed.
I find it hard to believe there could be that many abandoned accounts.

Perhaps this is something that can be brought up at the Creditor's Meeting?
0
Pingu

Junior Member
Registered:
Posts: 10
Reply with quote  #23 
I'm in the "unclaimed" group, also.  It's been awhile since my last transaction but I certainly didn't "abandon" my metal and money.
0
JG

Administrator
Registered:
Posts: 960
Reply with quote  #24 
Quote:
Originally Posted by Pingu
I'm in the "unclaimed" group, also.  It's been awhile since my last transaction but I certainly didn't "abandon" my metal and money.


I would not be too concerned about the 'unclaimed' label unless Bullion Direct says otherwise, but I am adding it to the list of questions for the creditors' meeting tomorrow.

0
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.