Need Help with National Gold Exchange Bankruptcy Demand Letter
John
from the trustee of National Gold Exchange in Florida demanding return of
$18,4000 paid to us for 20 krugerrands in May 2009. These were sent to NGE
after confirming their buying price of $920 each on the phone. We had our
usual 30 day terms and received a bank check from them for $18,400 which we
deposited. Done deal? I called them thinking the want to reverse the
deal...no, they want the money back and NOT RETURN MY 20 KRUGERRANDS!! I
have all the receipts and I faxed them copies. This is out right theft. Our
company did nothing wrong!!!!
Gary
You need a lawyer, and should not have faxed them any information.
Bremick
"John" <tinle...@att.net> wrote in message
news:i9tdef$5gf$1...@speranza.aioe.org...
You've certainly contacted the appropriate agency here. We handle similar
issues all the time on rcc.
Ken Barr
"John" <tinle...@att.net> wrote:
NGE filed Chapter 11 bankruptcy in late July 2009, so all transactions
in the May-June-July 2009 timeframe are subject to scrutiny to make sure
that they were neither "fraudulent" nor "preferential". As long as you
had no close relationship with any of the principals of NGE
(brother-in-law, best friend from high school, etc.), and sold the
Rands for fair market value, you should be OK.
Feel free to Google the bankruptcy laws (in the 11 USC 5xx ballpark)
for "clawback" provisions.
FWIW, you're fairly lucky to have gotten a check at all ... I know
several deelers who have absolutely nothing to show for their shipments
to NGE except a tax deduction for an unrecoverable debt.
--
Ken Barr Numismatics � � � �email: �k...@kenbarr.com
P. O. Box 32541 � � � � � � website: �http://www.kenbarr.com
San Jose, CA �95152 � � Coins, currency, exonumia, souvenir cards, etc.
408-272-3247 � � � � �NEXT SHOW: Delta CC (Stockton CA) Oct 16 only (no table)
John
"Ken Barr" <k...@kenbarr.com> wrote in message
news:ken-DA223A.2...@nntp.aioe.org...
Zapp Brannigan
You've got the money, they've got the gold.
Case closed.
Next...
"John" <tinle...@att.net> wrote in message
news:i9tdef$5gf$1...@speranza.aioe.org...
oly
> In article <i9tdef$5g...@speranza.aioe.org>,
Ken's and Gary's answers are both excellent. A normal commercial
payment "in the course of" cannot be voided unless it can be shown to
be preferential or fraudulent. And never never tell a bankruptcy
trustee anything unless they've got you in front of a judge, under
oath. Never never never. Don't volunteer information, either. Never
never never.
You'd be surprised how "they" don't have any resources to come after
you with.
oly
Jerry Dennis
I agree with the others. #1 - You got the cash, they got the Rands...
tell them to pound sand, suck eggs, perform some physically impossible
self-sexual-gratification act, or whatever you please. #2 - Contact a
lawyer. #3 - STFU! Tell NGE to contact your lawyer in the future.
Jerry
oly
NGE doesn't exist anymore.
This "demand letter" is coming from a bankruptcy trustee who is
"fishing" for assets to throw back in the "bankruptcy estate".
But the trustee is just fishing, and doesn't know what's what, really
and truly.
This situation is like the game "whack the mole". If OP John sticks
his head out of the hole, and does things to attract the bankruptcy
trustee's attention, chances are the trustee will take the mallet to
him. Or try to take the mallet to him.
John should do NOTHING, absolutely NOTHING to attract further
attention to himself. No Fax, no letters, no lawyers and kiss your
baby's bottom goodbye.
If there is no response, the trustee simply doesn't have unlimited
people and resources to pursue all the folks who once did business
with the former corporation, now bankrupt and gone. And $18 thousand
ain't jack in this kind of wreck either.
Keep your head down, shut up and chances you'll get some more mail,
but NOTHING else.
The worst thing the OP has done was to respond in the first place.
Don't compound the mistake by hiring a lawyer to contact the
bankruptcy trustee (typically, but not always, another lawyer).
oly
Jeffrey Milton Traurig
equitable distribution of a debtor's assets to creditors in accordance with
certain priorities established by Congress. To facilitate this equitable
distribution, section 547 of the Bankruptcy Code grants trustees (or debtors
in possession) the power to recover certain transfers ("preference
payments") made to vendors and other creditors of a debtor during the 90
days before a bankruptcy case is filed. This 90 day period is commonly
referred to as the "preference period." Through the avoidance and recovery
of preference payments, the trustee can redistribute the recoveries
according to a plan approved by the Bankruptcy Court or in accordance with
priorities established under the Bankruptcy Code.
In some instances it may be cheaper to respond to demand letters without
retaining counsel because trustees that send out demand letters are usually
willing to agree to a payment for less than the full amount to avoid
litigation costs, especially if support is provided to show that the
payments were made in the ordinary course or if unpaid new value is
provided. However, depending on the facts and circumstances of each case,
retaining counsel to respond to the demand letter and any ensuing litigation
commenced by the trustee may ultimately result in a better recovery than if
the demand letter is simply paid or is reduced without accounting for
defenses available to creditors
Steve
They can go to hell. And try and collect from my shotgun. They have
no right to make YOU pay for someone else who got screwed.
BrickboyTX
>
> You've certainly contacted the appropriate agency here. We handle similar
> issues all the time on rcc.
Why do people make such unhelpful comments?
Bremick
"BrickboyTX" <brick...@aol.com> wrote in message
news:a171b24c-8053-48ad...@h7g2000yqn.googlegroups.com...
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You're posting here as an example, I presume.