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plankton

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Reply with quote  #1 
More important dates coming up:

"Ordered that, subject to the provisions set forth below, Debtor is authorized to deposit the checks, money orders, and bank drafts into the Debtor's Debtor-In-Possession (DIP) Account and use the proceeds of said Checks as authorized by the Court if, after fourteen (14) days after each Sender or Payer listed on Exhibit A has been served with a copy of this Order and has not filed and served an Obection to this ORder on the Debtor, Debtor's counsel, counsel for a Creditors Committee if a committee has been appointed, and the Attorney for the US Trustee. If such objection is filed, the Check attributable to the objecting party shall not be deposited pending a ruling by the court on the status of the Check in Question. It is further

Ordered that Debtor may return checks received after July 20, 2015 to the sender without further order of this court."

Order prepared by 'Joseph D Martinee - [E-mail removed by JG to prevent spammers from harvesting it]'

I'm not a lawyer, but does the above say that any check you sent in (for precious metal or anything else) on or after July 20th is going into a DIP slush fund unless you file an objection?
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JG

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Reply with quote  #2 
Quote:
Originally Posted by plankton
I'm not a lawyer, but does the above say that any check you sent in (for precious metal or anything else) on or after July 20th is going into a DIP slush fund unless you file an objection?


That is how I read it, too.

Personally, I would have the bank stop the check, if I was using the check to pay Bullion Direct for metal.

[EDIT: That should be any undeposited checks that Bullion Direct received up to and include July 20 would be cashed, any after that returned]

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tboll

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Reply with quote  #3 
Quote:
Originally Posted by JG
Quote:
Originally Posted by plankton
I'm not a lawyer, but does the above say that any check you sent in (for precious metal or anything else) on or after July 20th is going into a DIP slush fund unless you file an objection?


That is how I read it, too.

Personally, I would have the bank stop the check, if I was using the check to pay Bullion Direct for metal.



I read it as any check you sent in on or BEFORE July 20th is going to DIP slush fund and any check After July 20th MAY be returned.
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JG

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Reply with quote  #4 
Quote:
Originally Posted by tboll
I read it as any check you sent in on or BEFORE July 20th is going to DIP slush fund and any check After July 20th MAY be returned.


Good catch, I missed that. You are right.

I believe the order would allow any checks received by Bullion Direct up to and including July 20 to be cashed, and any received after that should be returned (but *could* be cashed).


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plankton

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Reply with quote  #5 
So, you can only challenge checks sent after July 20th within the 14 day period that BD would have to notify you?
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JG

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Reply with quote  #6 
Quote:
Originally Posted by plankton
So, you can only challenge checks sent after July 20th within the 14 day period that BD would have to notify you?


I believe you can object to the order.

If you have a check *received* by Bullion Direct *by* July 20, they will want to cash it. After that, and they want to return in (but *might* cash it).



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plankton

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Reply with quote  #7 
So, I sent a check in May, 2015 for some shinny metal, didn't request to have metal shipped and left it in storage and if I don't want my money put into the DIP slush fund then I need to object to this order?

If so, then we should all object to this order; since, we have no clue what the DIP fund will be used for.  Will it be used to make whole our shinny metal purchases or pay lawyer and other fees?

What is the process to object to this order?  That was not clear in the order I received in the mail.
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plankton

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Reply with quote  #8 
PS according to the DIP Budget (and this needs to be a topic of another thread) the largest expenses of our money over the next four months are:
1) Legal ($25,000 per month)
2) CRO/Financial Advisor ($25,000 per month)

and BDI only has $162K in 'cash on hand'

"On the Petition Date Debtor had undeposited customer checks, drafts and money orders totaling $563,218.18, Debtor is seeking Corut approval for disposition of those checks."

This is what is proposed (motion via order?) by 'Attorneys for debtor in possession' (Joseph D Martinec of Martinex, Winn & Vickers PC)
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nobody

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Reply with quote  #9 
I would reach out to BD's atty (maybe CC Mr. Bensimon) and explicitly state that you object.  If the letter didn't give specific instructions as to how, I imagine they simply mean "you expressly said don't do that".




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JG

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Reply with quote  #10 
Quote:
Originally Posted by plankton
So, I sent a check in May, 2015 for some shinny metal, didn't request to have metal shipped and left it in storage and if I don't want my money put into the DIP slush fund then I need to object to this order?

If so, then we should all object to this order; since, we have no clue what the DIP fund will be used for.  Will it be used to make whole our shinny metal purchases or pay lawyer and other fees?

What is the process to object to this order?  That was not clear in the order I received in the mail.


To be clear, this ONLY applies to checks that haven't been deposited yet. If you look at your bank account, and the money is gone, the money is gone.

If your bank does not show that the check has been deposited, then this does apply to you. If it were me, I would just tell my bank to stop payment (and risk whatever I might for "breaking" the contract).

I've looked into filing an objection, and it is not very clear how to go about that -- which may mean that an attorney is required to do so. If I was going to hire an attorney, it would be to defend my right to stop payment to a company that did what it did (on the off chance they chose to come after me).

As usual, I am not a lawyer, so please do not take this as legal advice. I'm sure an attorney would advice you to pay them to file the objection for you, and would be more than happy to do so.

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plankton

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Reply with quote  #11 
I called my bank in indeed the check back in May was already deposited by BDI to their Wells Fargo account but I still filed a 'Stop Payment to BDI' that is in effect for ever to prevent PDI from attempting to pull any funds from my bank.

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bdhasmysilver

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Reply with quote  #12 
I cancelled my undeposited check.  The credit union charged $30, but at least I have the satisfaction of not loosing any more money to this crook (McCallister).
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areabird

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Reply with quote  #13 
Quote:
Originally Posted by nobody
I would reach out to BD's atty (maybe CC Mr. Bensimon) and explicitly state that you object.  If the letter didn't give specific instructions as to how, I imagine they simply mean "you expressly said don't do that".






NO! You need to file a formal objection with the bankruptcy court. It doesn't have to be fancy. You can do it by sending a letter (I would do it via Priority or Certified Mail to make sure you get delivery confirmation) to:

U.S. Bankruptcy Court
Attn: Bankruptcy Clerk
903 San Jacinto Blvd., Suite 322
Austin, TX 78701

Include the Case Name (In re: BullionDirect, Inc.) and Case Number (CASE NO. 15-10940-tmd).

You can say something as simple as "My name is [name]. I am a customer of BuillionDirect, Customer/Account No. [#####].

This letter is my formal objection to the Debtor's Emergency Motion for Order Authorizing Disposition of Undeposited Checks [Docket No. 15]. On or about [date], I sent the Debtor Check Number [###], drawn on [bank name], Account Number [put in XXXs and then your last 3 digits of account only - don't put in the full account number for security purposes], in the amount of [$$$].

I object and do not consent to the deposit of this check, and hereby request the immediate return of the check. I request that I be provided written notice of any further proceedings relating to my check at the address below."


[name]
[address]



[PS - I'm an attorney, but this post is not intended to be and should not be construed as legal advice. This is for informational purposes only and is just intended to give people one method of filing an objection. It is not intended to substitute for the advice of an attorney based on your particular circumstances.]
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areabird

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Reply with quote  #14 
Quote:
Originally Posted by JG
Quote:
Originally Posted by plankton
So, I sent a check in May, 2015 for some shinny metal, didn't request to have metal shipped and left it in storage and if I don't want my money put into the DIP slush fund then I need to object to this order?

If so, then we should all object to this order; since, we have no clue what the DIP fund will be used for.  Will it be used to make whole our shinny metal purchases or pay lawyer and other fees?

What is the process to object to this order?  That was not clear in the order I received in the mail.


To be clear, this ONLY applies to checks that haven't been deposited yet. If you look at your bank account, and the money is gone, the money is gone.

If your bank does not show that the check has been deposited, then this does apply to you. If it were me, I would just tell my bank to stop payment (and risk whatever I might for "breaking" the contract).

I've looked into filing an objection, and it is not very clear how to go about that -- which may mean that an attorney is required to do so. If I was going to hire an attorney, it would be to defend my right to stop payment to a company that did what it did (on the off chance they chose to come after me).

As usual, I am not a lawyer, so please do not take this as legal advice. I'm sure an attorney would advice you to pay them to file the objection for you, and would be more than happy to do so.



JG - Generally speaking, there is no requirement that a creditor or other party in interest be represented by an attorney to file an objection or anything else.
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Argentum

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Reply with quote  #15 
Areabird, thanks for the info.  One question, my Order states that I must set forth "...factual or legal basis for the Objection."

FYI I put a stop payment on said check.  But BD still has some 22k of my metal. 

Thanks in advance,
Argentum
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