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bluester

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Reply with quote  #1 
Hi all,

As much as I hate these "tell me things I could look up" topics, there isn't really a lot of information, at least, not easily found.

I haven't been here for a while and really only followed what's been going on through the various emails I've received from BDI lawyers. Since I'm not a lawyer myself, I haven't really understood much of it. Just hearing announcements and whatnot. On top of that, most threads here are either venting or speculating.

From what I've been able to gather, there's going to be a new company/BDI revival, but that's the only new thing I've learned since I came back here.

So, what else has been happening with the case? Have there been any major/significant developments in the last few months?
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JG

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Reply with quote  #2 
Quote:
Originally Posted by bluester
So, what else has been happening with the case? Have there been any major/significant developments in the last few months?


The reorganization is really about all that has been going on for the past few months.

Several creditors reported that they got a call from some attorneys from the CFTC, so the CFTC is likely looking into this as well. As for the criminal investigation, there is no sign that charges have been filed yet.

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Cbrad01

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Reply with quote  #3 
Anyone have any new information?
It seems like a dead end, not a word from anyone...
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JG

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Reply with quote  #4 
Quote:
Originally Posted by Cbrad01
Anyone have any new information? It seems like a dead end, not a word from anyone...


Just that Dan and Joe are asking for $188K as their final fee application. Joe Martinec had the gall to help justify the "administrative cost" by saying "In some instances, it appears that a blog post would
suggest a certain email message to Debtor’s counsel, resulting in large numbers of nearly
identical inquiries." That was me making that suggestion, after I made it very clear to Dan and Joe that giving me the information directly could save the estate a lot of money.

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harley_52

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Reply with quote  #5 
Same ol' same ol.'  I placed a catalog order and wrote a check for almost $10,000.00 worth of bullion and never received anything in return.  Now, a couple of years later, the guy who stole the money is still on the streets, living large, and all I've got to show for it is copies of complaints I've filed with various "law enforcement" and "consumer protection" governmental agencies.  Meanwhile, the crooks and lawyers have divided up the remaining assets and moved on to the next rip off scam.

It's a game.  We lost, they won.
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JG

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Reply with quote  #6 
Quote:
Originally Posted by harley_52
... Now, a couple of years later, the guy who stole the money is still on the streets, living large, and all I've got to show for it is copies of complaints I've filed with various "law enforcement" and "consumer protection" governmental agencies....


One thing that the expense report showed is that the FBI is still investigating, and it confirms what I had heard about the CFTC investigating as well.

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JG

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Reply with quote  #7 
Quote:
Originally Posted by harley_52
... Now, a couple of years later, the guy who stole the money is still on the streets, living large, and all I've got to show for it is copies of complaints I've filed with various "law enforcement" and "consumer protection" governmental agencies.  Meanwhile, the crooks and lawyers have divided up the remaining assets and moved on to the next rip off scam.

It's a geme.  We lost, they won.


Well, it turns out that the rumor I heard about a "room full of CFTC lawyers" calling some creditors turned out to be right. Charles was subpoenaed, and "YOU ARE HEREBY COMMANDED to appear before ..., officers of the U.S. Commodity Futures Trading Commission (CFTC), at the CFTC's Kansas City Office... to give testimony under oath..." After "appear before" it listed the names of 17 (yes, SEVENTEEN) CFTC officials. The bold type appeared in the original.

He did not comply, and his attorney stated advised the CFTC "that he would not review McAllister’s thousands of documents “unless a federal judge tells [him] he has to,” because McAllister has “bigger fish to fry,” specifically FBI involvement and criminal implications."

Joe was still communicating with the CFTC and FBI a few weeks ago.

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silverserfer

Junior Member
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Posts: 1
Reply with quote  #8 
I am not a creditor but I'm wondering if I should I get listed as a creditor. I had 90 ounces of silver and 9 ounces of gold in their vault. Seems like most of the creditors are companies that were providing services to Bullion Direct and not customers. Are their any former customers out there who are listed as creditors? To my and this is a matter for criminal prosecution.
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JG

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Reply with quote  #9 
Quote:
Originally Posted by silverserfer
I am not a creditor but I'm wondering if I should I get listed as a creditor. I had 90 ounces of silver and 9 ounces of gold in their vault. Seems like most of the creditors are companies that were providing services to Bullion Direct and not customers. Are their any former customers out there who are listed as creditors? To my and this is a matter for criminal prosecution.


In a typical bankruptcy, most creditors are companies. But in this case, the vast majority of claims are from customers. While the Proof of Claim deadline has passed, if you are in their list of creditors (which would be the case if they have sent you any E-mails/mail about the case), then you should be all set.

And I would be surprised if we do not see a criminal indictment.

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ChevyRacer

Member
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Posts: 94
Reply with quote  #10 
Quote:
Originally Posted by JG


Well, it turns out that the rumor I heard about a "room full of CFTC lawyers" calling some creditors turned out to be right. Charles was subpoenaed, and "YOU ARE HEREBY COMMANDED to appear before ..., officers of the U.S. Commodity Futures Trading Commission (CFTC), at the CFTC's Kansas City Office... to give testimony under oath..." After "appear before" it listed the names of 17 (yes, SEVENTEEN) CFTC officials. The bold type appeared in the original.

He did not comply, and his attorney stated advised the CFTC "that he would not review McAllister’s thousands of documents “unless a federal judge tells [him] he has to,” because McAllister has “bigger fish to fry,” specifically FBI involvement and criminal implications."

Joe was still communicating with the CFTC and FBI a few weeks ago.



Now that's what I like to hear. Obviously, I won't believe anything until I see it, but seeing Charles and his family go down in flames would be SWEET...
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Cbrad01

Junior Member
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Posts: 29
Reply with quote  #11 
Has anyone received any updates from the creditor committee or anything?
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"In God We Trust"

Junior Member
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Posts: 23
Reply with quote  #12 
Haven't heard a thing from anyone. The only info we get is what JG finds out. Thanks JG.

The next thing I hope to see is my first profit sharing check! What a joke. I have a feeling that won't be happening.

I wish I had never heard of Bullion Direct 9 years ago. What a scam this whole thing has been. 

Has anyone begun writing off their losses?
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taratot

Junior Member
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Posts: 19
Reply with quote  #13 
I haven't received any emails from anyone. Should I have?

I'm a creditor owed cash and bullion.
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JG

Administrator
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Reply with quote  #14 
Quote:
Originally Posted by taratot
I haven't received any emails from anyone. Should I have?

I'm a creditor owed cash and bullion.


This summer, Bullion Direct was supposed to contact all creditors (just sending court documents, which many creditors find nearly unreadable, and a ballot for voting on the reorganization plan, which has since been approved).

However, if they have never sent you any E-mails or regular mail, or if you have changed your address, that could account for it. It is also possible that they just goofed (they have been prone to that).

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"In God We Trust"

Junior Member
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Posts: 23
Reply with quote  #15 
I think I received 2 or 3 emailed court documents, but no ballot for voting on the reorganization plan. 

I just can't imagine it would be that hard to keep us creditors informed.
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