Later, 2 more parties expressed interest in investing M-M for a 50% interest in the company, with the balance in a liquidation trust for creditors.
Among other things, it states that between April, 2014 and September, 2014, 70% of the 2,430 orders NWTM took were shipped more than 10 weeks after payment cleared.Chatper 11 Trustee Mark Calvert has filed a reply to the concerns of the Creditor's Committee regarding professional fees.In it, he mentions that NWT Mint has responded "to at least eleven subpoenas from the FBI." In response to the 4,552 that the Trustee and his company (Cascade) allocated to preparation of the reorganization plan and disclosure statement, which the Creditors' Committee was concerned about, he says that only about ,500 really falls into that category.If the tight cash flow issues cannot be resolved, the Trustee will need to close the business and liquidate the assets on terms that will provide very little return to creditors." Note that only about M of the claims are for customers.Dick Bressler, who gave Ross Hansen ,000,000.00 to purchase Medallic Art Company in 2009, and according to the NWT Mint Trustee received approximately 3,000 in distributions from Medallic, recently filed a claim for ,000,000.00. Bressler signed a Settlement Agreement that would have allowed him a general unsecured M claim, with no other claim possible in the case, in exchange for supporting consolidation of NWT Mint and Medallic. Bressler had not filed a claim, then saying "And the claims bar date has passed, so he's got no claims against the estate." So clearly, the judge thought that Mr. He was hoping to have a general unsecured claim for M, but when that was denied, he decided to put in a M claim, stating that NWT Mint violated the RICO act and therefore he is entitled to 3 times his damages. Bressler's claim does not seem to state why he feels that his M claim should be allowed nearly a year after the bar date, and his negotiations for a M claim failed.
The terms are under discussion and we anticipate obtaining a term sheet in the next 30 days.