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 Replies: 10 / Views: 2,582 |
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Pillar of the Community
United States
3843 Posts |
NW Territorial Mint seeks bankruptcy protection http://www.seattletimes.com/busines...-protection/Quote:
Northwest Territorial Mint, a Federal Way company that sells precious metals and produces medals and medallions, filed for Chapter 11 bankruptcy protection Friday.
The move came a month after the company and its owner, Ross B. Hansen, were each hit with multimillion-dollar jury verdicts in a defamation and invasion of privacy lawsuit brought in Nevada by a Los Angeles businessman.
Didn't see this posted previously. Hope that this bankruptcy doesn't impact any members here. Cash and carry for bullion transactions seems to be the least risky way to purchase metals. Might cost a bit more but at least you know you'll get your metals. |
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Pillar of the Community
 United States
3843 Posts |
Edited by Joe2007
04/02/2016 6:06 pm
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Pillar of the Community
United States
1026 Posts |
I placed one order with them a few years ago, but did some research on them beforehand. It seemed like they were in trouble all the time, although my order was delivered in a reasonable time frame.
I guess the lesson for everyone is - if the offer is too good, better leave it...
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Valued Member
United States
61 Posts |
I seen one of their advertising adds on national TV a month or so ago, I assume they were squeezing customers or would be customers for every dollar they could before shafting them.
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Bedrock of the Community
United States
36770 Posts |
This sounds just like what happened with Tulving. Using money from new orders to cover older orders.
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Pillar of the Community
United States
3843 Posts |
Former owner of Federal Way's Northwest Territorial Mint in hot seat during creditors meeting http://www.federalwaymirror.com/new...0030101.htmlInteresting article. Looks like creditors are going to once again wind up with pennies on the dollar for the money that they were owed. First Tulving, then Bullion Direct, and now Northwest Territorial Mint. I wonder how many other precious metals firms are technically insolvent. |
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Pillar of the Community
United States
3843 Posts |
The trial briefs are an interesting read. It appears there was absolutely no oversight and that the owner, Ross Hansen, and his girlfriend plundered the vault when they realized they would not be able to avoid bankruptcy. About.AG has a great summary of the events and links to documents submitted to the court. http://about.ag/NWTMint.htm |
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Valued Member
United States
61 Posts |
I think in some cases bankruptcy is a tool for uncouth business people to rip off the people they owe. I know this man and his wife that run a wrecker and auto repair shop, I noticed when I stopped by they were selling off all of their wreckers and the shop stuff, lifts compressors even the heating system, they rented a storage building stashed all of the tools welders and other stuff they hadn't sold, in other words they hid what assets they still owned and filed for bankruptcy. If I knew where to turn their asses in I would do it after they tried to rip me off for something I owned.
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Rest in Peace
United States
2668 Posts |
Boliver, when I worked at the IRS we would occasionally get an un-crumpled piece of paper with a note saying, "I heard this guy bragging about blah blah blah." It could be a pay stub or......
Jest sayin'.
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Pillar of the Community
United States
2130 Posts |
Boliver...Is the case you are referring to still an active case? What they are doing is illegal in the bankruptcy code and very much illegal if they are intentionally hiding assets from creditors and trustees. Your local federal bankruptcy courthouse would be a good place to start if you wanted to bring it to the proper person's attention. They would actually probably love to hear about it.
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Valued Member
United States
61 Posts |
The case is over and both now have jobs, and a lot of belongings are still in storage the bankruptcy court knew nothing about at the time of bankruptcy. I know where some undeclared belongings are located but do not know what storage facility other things are stored.
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Replies: 10 / Views: 2,582 |
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Posted 04/02/2016 6:27 pm
