[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  
Boss

Junior Member
Registered:
Posts: 19
Reply with quote  #1 

So far all comments made by the Trustee about stored metals sound very depressing.

There have been no estimates provided (as in 10% of the storage metal exists)
or anything to gauge how bad it really is.

There is the chance that more things will be uncovered but we will have to wait and see.

0
Crescent248

Junior Member
Registered:
Posts: 12
Reply with quote  #2 
If the stored metals are not there, then the company cannot just hide behind bankruptcy proceedings.  That would be outright theft.
0
Boss

Junior Member
Registered:
Posts: 19
Reply with quote  #3 
Of course it is theft, that is presuming the "stored" metals ever existed.  If not it is massive fraud.

That is still the unanswered question - was it theft or fraud?

As far as recovery goes, there is only a dollar amount that has been released... 1 million dollars out of 8.2 million dollars.

And that is not spread out evenly amongst all storage customers, the exact opposite, some very lucky storage customers
will get some or all of their metals returned and others (most) will get nothing depending on the above question
and then if somehow your metals got buried in a pile that was too difficult to access and those metals were actually
in "a box" with the customers name on it.


0
oldAG

Member
Registered:
Posts: 55
Reply with quote  #4 
If the total value in those vaults is less than the total of all records for Stored Metal, the owner has a real problem.

If the total value of all the metal recovered from those vaults is greater than the Stored Metal records, then the problem becomes one for the trustee more than the owner.

The true problem is for the owners of that stored metal no matter how much is found in those vaults if the trustee doesn't get his act together and figure out who it can actually belong to versus who simply has a name attached to a box or pile.

He claims to be a forensic expert, but he sure doesn't seem to be acting like one based on the information he supplied in that hearing.

It will be interesting to find out exactly how much he has been able to identify as belonging to someone and how much is in those vaults in total, so we can decide if a lynching party is required or not.

I hate to assume there is 7+ million Dollars missing if there is an additional 7+ million or more that is unidentifiable bullion in those vaults.
0
Boss

Junior Member
Registered:
Posts: 19
Reply with quote  #5 
I was told by Erin at NWTM that most of the storage metal has been identified as belonging to specific storage clients. 

So if that is the case, it again goes with my theory that the vast majority of
these metals never existed.

In fact upon follow-up , it seems that not only do storage client metals not exist
but records of storage clients DO NOT EXIST either!

This again says it all - the storage was a scam - the metals never existed and
erase the records in an attempt to cover up the crime.

For Ross and NWTM that plan seems to being going very well - Ross will just
not know anything and NWTM (in it's bankruptcy and post-bankruptcy form) doesn't
need to know or care to know.

0
oldAG

Member
Registered:
Posts: 55
Reply with quote  #6 
I think that goes along with what the trustee has said. That metals have been identified to some people.

It's all in the wording as to what percentage of the metal in those vaults has been identified as belonging to storage customers versus how much has not.

We can assume their has been a great theft and it may very well be, but until someone lists the total amount of precious metals found in those vaults versus the total amount belonging to customers, it remains to be determined if a theft even existed in the first place. That's why we have trials to determine if someone really needs to be hung first, versus hanging first then asking questions.

It might turn out that million have been stolen from those vaults and it might turn out that they find out one our more of the companies employees were the ones doing it and the owner was not involved at all.

And you might be right that they took the money and never put the metal in the vault in the first place or at least not all of it, but that's just a guess on your part.

That's why they do an investigation and if millions are missing, that investigation will go much deeper into the how's and why. Someone will need to do some time probably and you need to find out who that person(s) is. Just assuming it's the owner because he has pissed off everyone for thirty years is not a valid reason.

I'm not trying to stick up for NWTM or their employees and if they do find a substantial shortage of metal in those vaults that can not justify the storage contracts, then hopefully someone or more will go to jail.

It appears in the Tulving case, he had some employees stealing his metal.
0
oldAG

Member
Registered:
Posts: 55
Reply with quote  #7 
ACCOUNTING NIGHTMARE - isn't that special, just one more reason for the Trustee to keep even more of the metal in that vault because they really can't be 100% sure who it belongs to, so maybe it's classified as comingled versus stored inventory like everything else they found in there that didn't have someone's name attached to a box. I'm not saying, but the trustee and his legal team need a lot of money to keep that place going and Medallic Art might not be able to provide all the income they need over the next year. Cynical, imagine how bad I might be if some of my NWTM rounds were actually tied up and confiscated in that vault by a lawyer which didn't happen to be stolen because someone miscounted something and wrote the wrong number on my box or I took delivery of 100 ounces out of a box of 500 and they actually just sent my 100 off the line and didn't actually remove it from my box, now I can't have the other 400!! Which also means someone else that the extra 100 ounces actually belongs to will probably never see it's owner either. Is this what they mean by double jeopardy, being screwed by the old team and new team as well or is it a reverse double back flip where the original team really didn't screw you, but the new team is. Will there by any survivors that walk away whole????
0
Previous Topic | Next Topic
Print
Reply

Quick Navigation: