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tboll

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Reply with quote  #16 
But shooter, it is your pro-rata amount, not your actually.  If their assets were gold and they don't sell it until the price drops 50%, then you will effectively only get 50% of what you thought they owed you on July 20th.  So it's all relative and it is just used so that everything is figured out consistently.  
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shooter magaven

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Reply with quote  #17 
Quote:
Originally Posted by tboll
But shooter, it is your pro-rata amount, not your actually.  If their assets were gold and they don't sell it until the price drops 50%, then you will effectively only get 50% of what you thought they owed you on July 20th.  So it's all relative and it is just used so that everything is figured out consistently.  


I was actually agreeing with you. I would rather the price locked in on July 20th as opposed to a fluctuating spot price. Maybe I didn't convey my thoughts well enough.

Regardless though. I would still prefer the actual metal as opposed to the cash value. But I feal I will be lucky, at this point, to get ANYTHING back from this asinine company.
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tboll

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Reply with quote  #18 
yea i know what you mean.  at this point, whether its cash or metal, what we really want is to be made close to whole rather than just getting pennies on the dollar.  What I worry about is if they had to file bankruptcy because they didn't have enough cash/assets to pay everyone that they owed, how can they even get close to making customers whole when they now have the additional costs of all these lawyers and financial advisers?  I know the answer we keep hearing is to sell the IP, but they had to have been trying to do that or at least trying to generate revenue by licensing the software while they were still in business.
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JG

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Reply with quote  #19 
Quote:
Originally Posted by tboll
I know the answer we keep hearing is to sell the IP, but they had to have been trying to do that or at least trying to generate revenue by licensing the software while they were still in business.


They were trying to license the patent, but I doubt they were trying to sell it. If you've already ruined your bullion business, the patent (and other IP) is all you have left. Sell that, and you're done. License it, and you can keep running.

So they may have made no attempts at selling it outright.

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tboll

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Reply with quote  #20 
If that is the case, it sounds like after the dust settles, BD will be gone and perhaps Nucleoware will be the surviving company.

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JG

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Reply with quote  #21 
Quote:
Originally Posted by tboll
If that is the case, it sounds like after the dust settles, BD will be gone and perhaps Nucleoware will be the surviving company.


That is a very likely possibility, but just a technicality, as Bullion Direct owns 100% of Nucleo. So if Nucleo thrives, Bullion Direct creditors will benefit.

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tboll

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Reply with quote  #22 
Yes but I thought even in Chapter 11, some debt is forgiven in order for the business to survive.  Metal holders/creditors are of little consequence to the success of a software company.  Might not the Reorganizer try to salvage the software component of the company and fight to keep the software creditors happy at the expense of letting the metal dealership go under and providing less compensation to the former metal creditors?  Just an awful thought on my part.  I will probably delete this post in a few minutes.  (Unless you say something to put everyone's concern to rest.)
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JG

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Reply with quote  #23 
Quote:
Originally Posted by tboll
Yes but I thought even in Chapter 11, some debt is forgiven in order for the business to survive.  Metal holders/creditors are of little consequence to the success of a software company.  Might not the Reorganizer try to salvage the software component of the company and fight to keep the software creditors happy at the expense of letting the metal dealership go under and providing less compensation to the former metal creditors?  Just an awful thought on my part.  I will probably delete this post in a few minutes.  (Unless you say something to put everyone's concern to rest.)


Nucleo has not filed for bankruptcy, so it has no creditors (it may owe people money, but they are not bankruptcy creditors). Since Bullion Direct owns 100% of Nucleo, if Nucleo were to survive and Bullion Direct not survive, Nucleo would have to be sold (BD cannot shut down without getting rid of Nucleo).

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