| Author |
 Replies: 20 / Views: 5,689 |
|
Pillar of the Community
Canada
746 Posts |
Found this interesting news; the Tulving Company appears to be out of business... could this be a rumour? Any thoughts or awareness of this news? http://about.ag/TulvingOld.htmSite: about.ag March 3, 2014 |
|
|
|
Pillar of the Community
United States
1200 Posts |
This is all over different blogs and forums. I strongly suspect it isn't just mere rumor any more.
What concerns me is that Precious Metal House went under a while ago and now Tulving is apparently OOB as well. Falling spot prices are hard on dealers
and appear to be taking their toll. This makes me wonder if any other smaller online PM vendors are at risk of going under as well and who may be next.
I think we're entering a time when paying constant and close attention to online PM vendors customer service reputations, customer feedback and complaints
is going to be much important than it was during times of robust and steadily increasing PM spot prices.
As the old saying goes ... DYODD!
|
|
Pillar of the Community
United States
7620 Posts |
Looks like a lot of people are going to lose a lot of money. That stinks!
|
|
Pillar of the Community
United States
3843 Posts |
Quote:
Looks like a lot of people are going to lose a lot of money. That stinks!  I wonder what the ripple effects of this are going to be. Potentially we could see other dealers insolvent because of this. |
|
Pillar of the Community
United States
7620 Posts |
Ripple effect? Who knows and only time will tell.
But online searches show Tulving filed for bankruptcy 3/10/14 listing little to no assets with only a few creditors. That number is sure to rise as word gets out.
There are some horror stories on other forums regarding life savings being wiped out. Are people really that stupid to send all their money to someone they don't know? It's crazy out there folks and people WILL steal your money if you give them a window of opportunity.
There is even talk that if you received metal, or a refund, from Tulving after a certain date that the refund/metal could be subject to "clawback" provisions. That's like getting kicked in the teeth by the Court after a crook stole all your stuff.
Ouch!
|
|
Pillar of the Community
United States
3843 Posts |
I totally agree with what you wrote above. Clawbacks by bankruptcy courts are quite common and may apply here, so people that think that they missed the bullet when Tulving finally sent them their metal or wrote them a check may not be out of the woods yet. Tulving only dealt in large scale transactions so I'm sure a lot of people are out a ton of money and any remaining assets that the company may have had are going to get used up quick in court.
I hope this a wake up call to people that purchase metals. You really have to do your homework on which companies you deal with or this could happen to you. This company did almost the same thing to people back in 1991 but people have short memories.
|
|
Bedrock of the Community
13014 Posts |
They arent the only one either. Theres a couple companies that are ticking time bombs of order from at your own risk people continually send money too.
Theres enough places to order from now with the internet that no one should risk it with a company that has been down this route before
|
|
Pillar of the Community
United States
3789 Posts |
yea I agree with BB on this.
I know if I was buying bullion to stack, which I would NOT be fond of... but I would pay with a credit card for my orders. Forget the wire transfer etc, charge me the fees, I dont care, I can pay the balance in full, I dont care about saving a small %, at least I have recourse if you dont send me my stuff.
|
|
Pillar of the Community
 Canada
746 Posts |
Quote:
Clawbacks by bankruptcy courts are quite common and may apply here, so people that think that they missed the bullet when Tulving finally sent them their metal or wrote them a check may not be out of the woods yet. This is important information. Do you know if there is a time limit (weeks, months, years) of a clawback? Edited by allspice
03/18/2014 10:44 pm
|
|
Pillar of the Community
United States
7620 Posts |
Regarding clawbacks in this case, the date I saw referenced was December 9th, 2013.
Tulving's bankruptcy filing was March 10, 2014. Soooooo.... Based just on those dates it looks like there is a 90 day window where transactions in that time frame may be subject to clawback. Check with your lawyer.
|
|
Pillar of the Community
United States
2764 Posts |
|
|
Pillar of the Community
United States
7620 Posts |
Yeah, the website is still "up" but the physical location is locked up with a note on the door.
|
|
Pillar of the Community
United States
7620 Posts |
There is a mid-September 2014 "drop dead" date if anyone needs to be listed as a creditor in the Tulving bankruptcy. The last I looked, the liabilities have exceeded 5M$ as of July 10.
|
|
Valued Member
Australia
491 Posts |
Wow! I reckon this is more of a common problem with the falling PM industry than I know about. It is way outside my experience in other collectables area which I have a very reasonable understand about.
It sounds like I got my PM $$$'s from elsewhere in a very timely manner.
A lot of what I have read with the link gives, sounds like a situation I was in. I am so glad that I........Wow! All the $$'s I could of lost!
Edited by kg5
07/11/2014 10:52 pm
|
|
Pillar of the Community
 United States
4592 Posts |
Reading the bankruptcy docket, they're history, motion to convert to Chapter 7 (liquidation) was granted on 5/29. With the business records all seized as part of a criminal probe, no hope of reorganization.
Assets are around 370K, liabilities at least the $5M cited and so what little is left will be sucked dry by the legal and consultant fees, leaving nothing for the creditors. 100 claims as of 7/1...
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
|
Pillar of the Community
United States
7620 Posts |
Will be interesting to see how Tulving himself comes out of all this after the dust clears. So far, he's been a "Teflon man" in all previous proceedings the past 30 years.
This time it may be different.
|
| |
Replies: 20 / Views: 5,689 |
Posted 03/04/2014 6:10 pm
