Does anyone have any stories about forced liquidations of coin collections, for example.............

SanctionII · January 29, 2007 8:48AM

...................... court ordered forced liquidations arising from:

1. divorce cases;

2. probate cases;

3. Chapter 7 bankruptcy liquidations;

4. state or federal court receivership proceedings where a receiver is appointed at the request of a judgment creditor to take possession of and to liquidate assets of a judgment debtor; and

5. partnership dissolution lawsuits with court ordered sale of partnership assets;

6. corporate dissolution lawsuits with court ordered sale of corporate assets; and/or

7. forced auction sales of personal property (i.e. storage unit auctions, safe deposit box auctions, or auctions of personal property seized by crimianl authorities that have been forfeited to the government).

If so, please favor us with your stories, including those in which you participated in some manner.

I do not know how often these types of forced liquidations take place where coin collections of substantial value ($100K plus) are involved; however it would be interesting to find out about them and to learn about how things usually work out.

ricko · January 29, 2007 9:41AM

I narrowly avoided a court ordered liquidation of my coin collection. It was only skillful negotiation on the part of my attorney and myself that avoided it. I shudder to think of the results had it gone through. One appraiser (recommended by the 'other' party) asked me if I would help him in the appraisal - since he knew very little about coins. Oh yeah... Cheers, RickO

SanctionII · January 29, 2007 9:46AM

ricko,

Bummer that you had to go through the process, yet congrats on you and your lawyer being able to strike a deal that avoided a forced liquidation/sale of your collection. Hopefully the deal you agreed to was performed, resulting in you being able to keep the collection.

RichieURich · January 29, 2007 11:39AM

A customer of mine was going through an ugly divorce, the kind where only the lawyers were talking to each other. Each party wanted its own appraisal of the (husband's) coin collection. The wife's lawyer wanted to take possession of the collection and take it to get appraised. My customer asked me for advice. I told him "No Way!" I explained that for security reasons, most appraisals of this kind are done at the bank where the collection is stored, this way the collection is secure and there are no coins missing or substituted for when they are returned. So each party had an appraisal done at the bank. Subsequently, the wife's attorney had the appraisal listing in his briefcase when the briefcase was stolen from his car. When he contacted the husband's attorney, husband's attorney said "If we had done it your way, there wouldn't be a collection to divide up!" So at least my customer was able to buy out his wife's interest in, and therefore keep, the coin collection.

mrearlygold · January 29, 2007 11:43AM

Now divorce cases are really funny when it comes to coins.

What coins?

RichieURich · January 29, 2007 11:46AM

Second reply on a different subtopic: I attended one state auction of unclaimed property (saflety deposit boxes, etc.). Here's how it worked: groups of coins were bagged together, such as 250 Buffalo nickels. You couldn't open the bags, but you could get a general idea of condition, but you couldn't cherrypick dates or varieties. Morgan dollars were grouped in packs of two. Most were common circulated dates that at the time were worth about $7 to $8 each. Packs of two brought around $50 to $60 from people who didn't know coin values but thought they were worth it because they were old and you didn't see them in circulation anymore. The occasional (and very occasional) lot with a rarer date brought a little over its current wholesale value but stunned the crowd, who wondered who the idiot was who paid $500 for 2 silver dollars when everyone else was paying $50 to $60. All in all, it was an ineffective way to buy coins, so I have not returned.

TWQG · January 29, 2007 11:47AM

Do maxed out credit cards and equity lines count?

TexasNationals · January 29, 2007 11:49AM

Do an advanced search on WestLaw or Lexis, you'll find some on point.

MrHalfDime · January 29, 2007 12:09PM

I narrowly missed sacrificing my coin collection in a particularly nasty divorce twenty-five years ago (1982). I dutifully filled out the interogatories, in which I disclosed everything I owned (a painful and tedious process even worse than a 1040 form), and submitted them to her attorney. After many months of wrangling, I got what I wanted. I got the five kids and the coin collection, and she got the house and contents. Material possessions can be replaced, but kids and rare coins cannot.

ricko · January 29, 2007 11:00PM

SanctionII, Yes, I did keep the coin collection... Cheers, RickO

tyler267 · January 29, 2007 11:47PM

I think the Trompeteer(spelling?) Gold Collection was a forced IRS sale.

Longacre · January 29, 2007 11:48PM

<< <i>I think the Trompeteer(spelling?) Gold Collection was a forced IRS sale. >>

Do a search on the boards of Trompeter. I posted a thead about this. It's an interesting case.

Does anyone have any stories about forced liquidations of coin collections, for example.............

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