Northwest Territorial Mint filed bankruptcy on April 1, 2016

[Copper Catcher]

Found at: http://existingbullionorders.com/

The Trustee and his staff are unable to provide legal advice. Claimants and others with interest in the case are encouraged to seek advice from an attorney with bankruptcy experience in order to determine the bankruptcy’s impact on their individual situation

▼Updates▼



June 24, 2016

Deadline to file a proof of claim is SEPTEMBER 1, 2016 (deadline for Governmental units only is September 28, 2016). IF YOU HAVE ALREADY FILED A PROOF OF CLAIM WITH THE CLERK OF THE COURT, NO ADDITIONAL CLAIM IS NEEDED. Notice to File a Proof of Claim added to Bankruptcy Info Page under Key Court Documents.


June 9, 2016

Sale Order added to Bankruptcy info page under Court Orders.


May 19, 2016

Meeting of Creditors 5/11/16 transcript added to Bankruptcy Info page:
◾Transcript of Meeting of Creditors (PDF)


May 17, 2016

Important Documents added to the Bankruptcy Info page.


May 16, 2016

Bankruptcy Info page added containing important upcoming dates.


April 19, 2016

If you are a creditor of Northwest Territorial Mint you will need to electronically file a Proof of Claim form. For help filing this form please follow these instructions.

The bankruptcy case number for the Northwest Territorial Mint Chapter 11 Bankruptcy filing is 16-11767-CMA

Along with your proof of claim submit proof of payment, including copies of any checks, both front and back, to assist the Trustee in evaluating your claim. In order to protect your privacy, redact all but the last four digits of any account number, tax ID number, or social security number appearing on the proof of payment. Please refer to Bankruptcy Rule 9037 regarding privacy protection for filings made with the Court.


April 13, 2016

If you placed your order with the company prior to April 1st 2016 and your check was negotiated (cashed) then you are a creditor of the Northwest Territorial Mint bankruptcy. If your order check was not negotiated (cashed) prior to that date your check will be returned to you in the near future. If your order was placed on or after April 1st your order will be filled in the regular course of business or we will return your check to you if the specific items are not currently available. Thank you for your understanding and your business.

The bankruptcy process can be confusing and frustrating for creditors. Thus in an effort to keep you informed of our progress, major events in the bankruptcy and the possible recovery we will from time to time be providing additional information to our website. The information will relate to the progress in the case, court dates and other relevant information to this case.

I, Mark Calvert, was appointed as Trustee on April 11th at 9 am. I am in the process of getting up to speed on the current situation. My intent is to have an initial creditors meeting on May 11th in the afternoon. At this meeting I will provide my initial findings, anticipated timelines and estimated recovery for the customers. I would appreciate your patience until May 11th so I can focus on completing my initial assessment and distribute the information to all creditors. My initial report will also be posted on this website in a downloadable format for your review.

I apologize for the burden this has placed on you and your family. I will do my best to maximize your recovery within a reasonable timeframe. If you are unable to wait until May 11th, please feel free to send me an email at Mark.Calvert@NWTMint.com. Once a week I will make an attempt to respond to all emails.

The Trustee and his staff are unable to provide legal advice. Claimants and others with interest in the case are encouraged to seek advice from an attorney with bankruptcy experience in order to determine the bankruptcy’s impact on their individual situation

[68Camaro]

Chapter 11, so apparently they are going to try to push forward.

[chris6084]

And their website is still up and running. Hopefully nobody is buying.

[Recyclersteve]

It seems to me that it would be difficult for someone to come out of Chapter 11 bankruptcy. You'd think most of the major customers would remember the company just before they went BK and would be hesitant to send money in order to have to wait for their coins. Of course there are those who consider only the lowest price out there without digging into the details and they might not hesitate to deal with someone who just emerged from Ch. 11. Oh well...

[wolvesdad]

My mom isn't very hopeful. So..... If they come out of it, and are producing and selling again,

She still wouldn't get her money back or silver delivered??

[Cu Penny Hoarder]

This is why I only stick with the big boys.

Dealing with a small fry just to save a few cents/ounce is not worth it and potentially risky.

[wolvesdad]

I don't know that you could call NWTMINT a small fry. For a while they were the second largest to APMEX, right?? (Someone with more knowledge than me!?) there wasnt JMBullion(you calling them big boys?), or Provident.

And I'm not sure if Sunshine or Silvertowne are either even bigger (just seems to be run a lot better).

Any Precious Metals company could fall victim of this. I think.

[chris6084]

I don't know that you could call NWTMINT a small fry. For a while they were the second largest to APMEX, right?? (Someone with more knowledge than me!?) there wasnt JMBullion(you calling them big boys?), or Provident.

And I'm not sure if Sunshine or Silvertowne are either even bigger (just seems to be run a lot better).

Any Precious Metals company could fall victim of this. I think.

Although it is true that any business could ultimately fail, I think this was expected from Northwest. They had a routine of holding money for 4 months before delivering your items. This is not the way a good business is run. They were either gambling on PM prices dropping prior to making or shipping your items, or it was a ponzi scheme.

[Lemon Thrower]

NWTM had a spotty record for a long time, so yeah this is not surprising.

the way BR works is you have to file what is called a proof of claim with the BR court by the deadline.

A chapter 7 is a liquidation. Basically, the court appoints a trustee who converts all of the property to cash and then distributes it. The BR code gives certain people priority, like secured creditors, and after that everyone shares pro rata. Ten cents on the dollar is not uncommon.

A chapter 11 is a reorganization. The debtor stays in business and has to file a plan that pays creditors over time at least what they would have received in a chapter 7 liquidation. the theory is that the assets of the business are worth more to the business if they can keep operating. A lot of times the folks who ran the original business into the ground do an equally poor job with the post-BR business and chapter 11 often convert to 7. Certain creditors have the right to force this as well i think. Tulving's did.

[Recyclersteve]

Just realized this bankruptcy occurred on April Fools day. Now there is one for the conspiracy theorists!