no deliveriesThe Seattle Times is reporting that NW Territorial Mint, which previously we reported was refusing to ship hundreds of customers’ orders, is seeking Chapter 11 Bankruptcy protection:

 

As the Seattle Times reports:

Northwest Territorial Mint, a Federal Way company that sells precious metals and produces medals and medallions, filed for Chapter 11 protection Friday, a month after the company and its owner were hit with large jury verdicts in a defamation case.

Northwest Territorial Mint, a Federal Way company that sells precious metals and produces medals and medallions, filed for Chapter 11 bankruptcy protection Friday.

The move came a month after the company and its owner, Ross B. Hansen, were each hit with multimillion-dollar jury verdicts in a defamation and invasion of privacy lawsuit brought in Nevada by a Los Angeles businessman.
Todd Tracy, the company’s bankruptcy attorney, could not be reached late Friday.

The company’s filing says it has more than 200 unsecured creditors, and its assets and liabilities both exceed $10 million. Its biggest listed debts are a $7 million judgment in favor of the businessman, Bradley Steven Cohen, and a $5.5 million judgment in favor of his firm, Cohen Asset Management, both classified as disputed.
The defamation suit claimed Northwest Territorial Mint and Hansen created anonymous websites that compared Cohen to Bernard Madoff, the Wall Street broker convicted of a massive Ponzi scheme.

Full report here:

We wish our best to any readers who may have outstanding unfilled orders by NWTM. 

 

Silver Eagle SD Bullion

  1. This was bound to happen sooner than later.There were lots of warning signs over the last few years.

    I remember ordering Usa junk from this company when I began stacking in  2008.It took and I kid you not 6.5 weeks plus to get this silver.This was just prior to the slam down in the paper markets so supply issues were not a legitimate excuse for the delay.It was obvious to me after that something fishy with this company.Never order anything after that.Turns out my hunch was right.Feel bad for those buyers that got screwed and never received there order.From what i have been told Gold/Silver bullion purchase losses are not recoverable for the consumer under the credit cards terms.Apparently there is too much potential for fraud.Anyone correct me if I am wrong about this.If you buy online and the company goes tits up you (the consumer)are hung out to dry and must absorb all monetary losses incurred.

    • Agreed @inlikeflynn

       

      Sorry that I cannot verify your comment on credit card losses on bullion.  It sounds right to me but I have no 1st hand knowledge of such failures.  The 4 companies with which I have dealt over the years include: Apmex, Provident, SilverTowne, and SD Bullion.  Unless I want a special item that is difficult to get, I buy from Provident or SD Bullion these days.  Never had a shipment slower than 4 weeks and always got email updates of my order progress and any possible delays from SDB and Provident. I currently have a nice order at SDB and it seems to be moving along quickly.  Hope to have it in hand sometime in the next 3-4 days.  🙂

       

  2. In these days of difficult sourcing for the Phizz… I only buy from larger outfits with the stuff IN STOCK.  I have ordered twice from JM Bullion, no issues.  These fly-by-nighters I think only order your stuff AFTER they receive an order… which guarantees delays…

    • I’ve been buying from JM Bullion for about three years now and have never had any issues. Always fast shipping and the products arrive as advertised. I’ve bought from several buyers on EBay as well and have not had any problems.

      I never buy “pre-sale” items. To me that is the same as going short. I don’t trust someone selling me something they don’t currently have in stock with a promise to deliver it in a few weeks. I am not comfortable doing that and will never do it. It seems to me a like a lot of these bullion companies sell product they don’t have and attempt to acquire those products later. Perhaps trying to time the market. That’s leaving too much to chance. If you don’t have it on hand you should not be selling it IMHO.

    • My places and experience with online vendors:

      APMEX, Provident, SDBullion… I had one order with each of them that had an issue… all other orders with each went very smoothly and timely. All three companies immediately took responsibility for their lone issue and remedied it in a timely fashion and to my satisfaction. That says a lot to me and built trust and comfort with them. The first two offer free shipping for orders over $100.

      JMBullion… never had an issue so I don’t know how they would handle it. Always timely. Free shipping for orders over $100.

      Tried SilverGoldBull a few times but they lagged and always felt nervous throughout the process.

      Looked at NWTM awhile back but to me it looked shady along with their product offerings. Sure glad I made that determination.

       

    • @gogetter1132

       

      I understand your position on pre-sales and it is not at all unreasonable.

      That said, I have ordered a few things on pre-sale before because I wanted the items, had some cash on hand at the time, and a few weeks delay was no big deal to me.  I trusted the vendor to keep their word and they did.  Since I always pay via personal check, the time that it takes to verify the check and receive their payment from my CU was folded into the lag caused by the pre-sale, so very little additional time was added to the order.

      My thought is that if your vendor is trustworthy, then there is no problem as long as they make it clear that it is a pre-sale item and not an in-stock item before the order is placed and when they expect to have the items in hand.

      One dealer, which I shall not name, claimed that they had something in stock when they did not.  That delayed the shipment for about 6 weeks.  It was not the delay but the LIE that was completely unacceptable to me and I never ordered from that vendor again.  I just checked for them online and their web site is still up, so they must have enough customers willing to do business with them to stay in business.  Shrug.

       

  3. $38,000,000 liability suit won by  the former landlord of this metals dealer will do that to you if you commingle assets.  The owner called the land lord a  Bernie Madoff type.

    Hmmm

    NWTM, a  Corzine-lookalike  calling Cohen a Madhoff-lookalike.

    At least NWTM didn’t insult Cohen’s pecker.
     Hulk Hogan scored big on that with a $115 million judgement.

    In the precious metals space Peckers are 3 times Ponzis

    Size matters, I guess.
    Maybe some can paper trade this law suit too.

    • lol @AGXIIK

       

      “Maybe some can paper trade this law suit too.”

      Yeah, I can just see it now… futures and options sold on lawsuit outcomes.  Sounds like just the sort of thing the Wall Street turds would come up with to squeeze a few bucks out of people.

       

  4. NW territorial took in too much fiat but didn’t send out enough PM’s commensurate with what was stated on the purchase orders and now they don’t have any money or PM’s.  It sounds like good work if you can get it.

  5. I only buy from JMBullion, APMEX, Gainesville Coin, Provident, & Silvertowne. JMBullion has the best prices, & I have made the majority of my purchases with them.  Just recently JM sent me a FREE 2016 Silver Maple Leaf 4-Leaf Clover Privy in a capsule for being a valued customer.   I guess they were trying to get me to order more & it worked.  I just ordered 20 2016 1 oz Congo Silver African Lion Coins when they were on sale.

     

  6. I and mine have had good luck with Apmex, JMBullion, Provident, Amagi Metals and Veldt Gold.

    Amagi, Veldt and Provident are my favorites overall for service, options and selection.

    NWTM wanted to buy a domain I own once. So they sent this bombastic minion to dictate to me how much they were going to pay for it, which was almost nothing for a domain of exactly the same name as one of their best brands!

    I didn’t sell it, and promised myself I would never knowingly deal with NWTM again!

    Glad to see my intuition didn’t fail me about them.

Leave a Reply