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Titanman

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New to the forum... I am a creditor. Received a letter from Jesse Moore, Counsel for Gregory Milligan, to file a response to the "Objection" filed on my claim. Anyone have any input on this? 
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JG

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Originally Posted by Titanman
New to the forum... I am a creditor. Received a letter from Jesse Moore, Counsel for Gregory Milligan, to file a response to the "Objection" filed on my claim. Anyone have any input on this? 


The Trustee filed an "omnibus objection to claims" (I've got a copy at http://about.ag/pics/bk/bd/292.pdf ). Basically, it is telling the court that there are a number of claims that the Trustee feels are not correct, for several reasons.

One of the most common reasons is that many creditors filed a claim based on a different value of gold/silver than the Trustee did. The Trustee went with $1,103.60/oz for gold and $14.76/oz for silver (the closing prices on July 20, 2015, when the bankruptcy petition was filed).

Other reasons include duplicate claims (e.g. if you filed one claim, realized you made a mistake, and filed a second claim without the system realizing it was replacing the first claim), claims that said the creditor had a security interest when they did not, and claims asserting a "priority" (usually the "deposit" priority).

Let me first state that I am not an attorney, and for many there are large dollar amounts involved. That said, my understanding is that the objections would just "fix" the claims to make all the creditors even. So if you are owed 1,000oz of silver and stated the claim at $15,000 ($15/oz), it would get changed to $14,760 ($14.76/oz). While that would be less than you feel you are owed, it would make sure that if someone else was owed 1,000oz of silver, they wouldn't get more money than you because they based it on the $16.00/oz.

This is something that should be handled by creditors on a case-by-case basis. In most cases, I expect that a response wouldn't be necessary (in which case your claim would automatically be adjusted). But if there is something that doesn't seem right about the objection (for example, you were owed 1,000oz of silver, but they said you were only owed 500oz of silver), then I would definitely consider filing a response.

At this point, it sounds like there will likely not be much money to distribute (perhaps roughly 3 cents on the dollar).

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