NWT files Chapter 11 bankruptcy

coindeuce

Northwest Territorial Mint is on the hook for about 12.5 M



Hope you're not a creditor, like someone I know.



This would be better off in the Precious Metals Forum, but it is pertinent here too.



A link to the W.S.J. report: NWT loses defamation lawsuit

TPRC

Thanks for the heads up. I'm not a bullion guy and don't know them, but their website is still operating it appears. Also, it is a re-org ch 11 filing, after getting tagged for 38M in a defamation lawsuit, so this could play out many different ways. Still, a word to the wise....is appreciated.

TopographicOceans

Looks to be more of the owner liking to party then PM activity.

TwoSides2aCoin

I'm a bit disappointed I can't play guess the grade of the pieces missing.

dcarr

There is some more info, including NWTM owner Ross Hansen prior legal troubles, posted in the Precious Metals Forum here at CU:

Precious Metals forum: "NWT Mint files for bankruptcy"

MonsterCoinz

1) Why would you buy paper that represents silver instead of buying actual silver?

2) This is what happens when you sell something that you don't have physical possession of.



Simple concepts.

TopographicOceans

Originally posted by: mach1ne
1) Why would you buy paper that represents silver instead of buying actual silver?
2) This is what happens when you sell something that you don't have physical possession of.

Simple concepts.

The best reason is that you can't / don't want to store it.
But then buy a regulated EFT fund, like SLV

BryceM

The article lists complaints from people who paid for silver in early March (after the court ruling) and can't collect either a refund or their PMs.

coindeuce

Originally posted by: mach1ne

1) Why would you buy paper that represents silver instead of buying actual silver?

2) This is what happens when you sell something that you don't have physical possession of.



Simple concepts.

What ever gave you the idea that NWT ever sold paper shares of silver ?

They were a distributor of physical silver. Except they stopped delivering when their finances went in the tank because of the civil judgement.

This story / thread has nothing whatsoever to do with sellers of paper/electronic shares.

claychaser

Once again - Pay cash, get physical possession at the same time.

http://1.bp.blogspot.com/-qze3PmTffqI/T4ti8KuvwMI/AAAAAAAAfh8/60ePnAJVvII/s1600/cash+on+the+barrelhead.jpg

dcarr

...They were a distributor of physical silver. Except they stopped delivering when their finances went in the tank because of the civil judgement. ...

It is possible that they were having difficulties prior to the lawsuit.
Multi-week delivery delays can sometimes be an indication of trouble.
That seemed to be the case with Tulving. NWTM also had some long-delayed delivery issues, even prior to the lawsuit.

During the last few years, the drop in bullion prices has put a strain on bullion dealers and mints. Companies with a lot of overhead (large expensive facilities, numerous employees, etc) have been hit especially hard.

keets

1) Why would you buy paper that represents silver instead of buying actual silver?



not that it has anything to do with the OP topic, but to be able to manipulate the market.

ricko

I posted it the other thread that I had unpleasant interactions with NWT... Cheers, RickO