[For news on NWT Mint, see http://about.ag/NWTMint.htm]
[For research on bullion dealers, see http://BullionDealerData.com]




Forum
Sign up Calendar Latest Topics
 
 
 


Reply
  Author   Comment   Page 1 of 2      1   2   Next
Senthen

Junior Member
Registered:
Posts: 4
Reply with quote  #1 
I haven't gotten an email from the 'Martinec Winn & Vickers' id in ages.  Has this just quietly run all the assets to zero?
0
JG

Administrator
Registered:
Posts: 980
Reply with quote  #2 
It seems that there will be a small distribution of about 2.5%-3.5% of what people are owed. There is no communication with creditors so it is unclear if Platform Universe shut down or if there is a chance some money could come from that, or if there are any other possible avenues of recovery.

JG
0
Senthen

Junior Member
Registered:
Posts: 4
Reply with quote  #3 
Thanks JG.
I ended up sending a few emails, shortly after which I got the following:

From:     legaldept@nacskc.com
Date:      Wed, 14 Nov 2018 13:07:29 +0000
Subject:  In re BullionDirect, Inc., No. 15-10940 (Bankr. W.D. Tex.)

Notice of Distribution Motion
Please take notice that the Trustee of the BullionDirect, Inc. Litigation Trust has
filed a Distribution Motion asking the Bankruptcy Court overseeing the bankruptcy
case of BullionDirect, Inc. to approve distributions to creditors of BullionDirect,
Inc. The Distribution Motion can be found at https://bulliondirecttrust.com/final-distribution/ 
 
A hearing will be held on the Distribution Motion on December 12, 2018 at 1:30
p.m. local Austin time before the Honorable Tony M. Davis, United States
Bankruptcy Judge, at the Homer J. Thornberry Federal Judicial Bldg., 903 San
Jacinto Blvd., Courtroom No. 1, 3rd Floor, Austin, Texas. If you wish to object to
the Distribution Motion, you must file a response with the Clerk of the Court by
December 5, 2018.
 
Please take note that, pursuant to prior orders of the Bankruptcy Court, distribution
checks less than $5.00 will not be issued. If you are eligible for a distribution, that
distribution will be issued by a check payable to you and mailed to your address as
listed in the documents.
 
------ end of email.
If anyone didn't get the above, I'll suggest contacting:
Litigation Trustee, Gregory S. Milligan   gmilligan@bulliondirecttrust.com
Based on another email I received.
0
Nuke Dukem

Junior Member
Registered:
Posts: 1
Reply with quote  #4 
I received the check today from the BD litigation trust. $92 for 1 oz. gold eagle, 1 oz. gold panda, 1 oz. palladium, 35 x 1 oz. silver philharmonics. I hope Charles gets locked up forever.

0
stacker

Junior Member
Registered:
Posts: 11
Reply with quote  #5 
I got my check for $30.39 for 1 oz gold against a claim of $1103.60 in the unsecured creditor's list. Hence,

30.39 / 1103.60 = 2.75%
0
beyond

Junior Member
Registered:
Posts: 2
Reply with quote  #6 
I got my check today for a little more than $800. My estimated value was around $32k. I want to cry. This was part of my retirement. [frown]
0
napolm

Junior Member
Registered:
Posts: 15
Reply with quote  #7 
2400 dollars   for a 80K loss    ,,,,,,,,,,,,,     this would be a great American Greed TV show ,, maybe we can sell the right's . I consider myself a jack ass
0
beyond

Junior Member
Registered:
Posts: 2
Reply with quote  #8 
my question.....why am I still getting statements that I have my full amount in Equity Trust Company? Does anyone know? I just found this forum today....wish I saw it earlier. 
0
napolm

Junior Member
Registered:
Posts: 15
Reply with quote  #9 
there were many warning signals ……….  I did nothing   IE I am a jack ass
0
pecska

Junior Member
Registered:
Posts: 2
Reply with quote  #10 
I also got a check for approximately 1.61% of 11.5K loss. By receiving and cashing this check, does it mean that the loss has been realized in 2019? Therefore, could it be claimed as a loss next year for 2019 taxes?
0
JG

Administrator
Registered:
Posts: 980
Reply with quote  #11 
Quote:
Originally Posted by pecska
I also got a check for approximately 1.61% of 11.5K loss. By receiving and cashing this check, does it mean that the loss has been realized in 2019? Therefore, could it be claimed as a loss next year for 2019 taxes?


The easiest thing would be to treat it as a capital loss in 2019 (like you would if you had bought stock and sold it at a huge loss). And since the exact amount of the loss wasn't known until 2019, there should be no question about taking the loss in the 2019 tax year.

There are other ways to handle it, if you wanted. Taking the loss properly can be tricky (I have a page about it at http://about.ag/BullionDirectTax.htm but haven't updated it in a while), as there are questions as to what year to take the loss, and whether to treat it as a theft loss or a capital loss. The theft loss deduction was eliminated for the 2018 and later tax years (but it might be possible to amend a return).

0
JG

Administrator
Registered:
Posts: 980
Reply with quote  #12 
Hi all,

I just wanted to explain why there was so little return.

Basically, Bullion Direct shut down owing $30M and had (very roughly) about $1M of assets.

So in order for creditors to get any money, the expenses of bankruptcy professionals needed to be under that $1M, and/or Bullion Direct would need to "find" money (e.g. sue people who got money before the bankruptcy, or sue the management that was aware of the fraud). They did try starting "Bullion Universe", but I am not aware that it made even a single sale.

So that ~$1M of assets got a bit smaller from what the attorney and other professionals billed, and what was left got split among the creditors.
0
pecska

Junior Member
Registered:
Posts: 2
Reply with quote  #13 
Quote:
Originally Posted by JG


The easiest thing would be to treat it as a capital loss in 2019 (like you would if you had bought stock and sold it at a huge loss). And since the exact amount of the loss wasn't known until 2019, there should be no question about taking the loss in the 2019 tax year.

There are other ways to handle it, if you wanted. Taking the loss properly can be tricky (I have a page about it at http://about.ag/BullionDirectTax.htm but haven't updated it in a while), as there are questions as to what year to take the loss, and whether to treat it as a theft loss or a capital loss. The theft loss deduction was eliminated for the 2018 and later tax years (but it might be possible to amend a return).



Thanks a lot. That's what I thought. Up until now there was no way of knowing the exact amount of the loss. So, logically, the capital loss occurred in 2019.
0
robertmbeard

Member
Registered:
Posts: 83
Reply with quote  #14 
I just received my final distribution check for 2.75%, losing $9583.  I can only imagine how devastated some retirees are who invested most of their savings in the Gold IRA and thought it was being properly stored.  A lot of good people got burnt by McAllister, and several vulture lawyers made out nicely...  [frown]

0
Alabama

Member
Registered:
Posts: 48
Reply with quote  #15 
UMMMM..Shouldn't Sir Charles assets be getting liquidated for us too?


0
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.