Gold exchange files bankruptcy, faces lawsuit over coins
Arizona Coin Collector
http://www2.tbo.com/content/2009/jul/29/gold-exchange-files-bankruptcy-faces-lawsuit-over-/
Gold exchange files bankruptcy, faces lawsuit over coins
By MICHAEL SASSO
The Tampa Tribune
Published: July 29, 2009
TAMPA - National Gold Exchange, which bills itself as
the world's largest wholesaler of rare gold and silver
coins, is fighting for survival after its bank declared
its loan in default.
Based at 14309 N. Dale Mabry Highway, National Gold
Exchange filed for Chapter 11 bankruptcy protection
Friday in U.S. Bankruptcy Court in Tampa.
The company lists estimated assets of $10 million to $50
million and estimated liabilities of $50 million to $100
million. Chapter 11 bankruptcy protects a company from
its creditors while it reorganizes its finances.
The move comes as Sovereign Bank declared National Gold
Exchange in default of $35 million in loans.
The bank claims in a Hillsborough circuit court lawsuit
that National Gold Exchange and its owners, Mark and
Alan Yaffe, violated certain loan covenants, and it
demands repayment.
The bank also alleges in its suit that National Gold
Exchange sold up to $15 million in valuable coins to
pay for a multimillion-dollar home for Mark Yaffe in
the pricey Avila community of north Hillsborough
County.
Those coins were part of the collateral for National
Gold Exchange's $35 million loans.
In a 2006 survey by the Tribune, Alan Yaffe's home
in Avila was listed as one of the five largest in
Hillsborough County.
Reporter Michael Sasso can be reached at (813) 259-7865.
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Peter
wrote:
> FROM:http://www2.tbo.com/content/2009/jul/29/gold-exchange-files-bankruptc...
Doesn't Florida have a homestead law?
Bob
wrote:
> FROM:http://www2.tbo.com/content/2009/jul/29/gold-exchange-files-bankruptc...
>
National Gold Exchange is a PNG member.