Looks like trouble for a major coin trading fund.

[truthteller]

Looks bad. After an audit, I'm sure the state of Ohio will demand liquidation of the funds.I don't think the coin market can handle wholesale dumping of $50 million dollars of really rare coins at this time minus major trading funds. This might be a good opportunity for some to buy into the marketplace when the funds get liquidated. Aparantly, this is front page news in Ohio

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050430/NEWS24/50430001

 

 

 

TRUTH

[supertooth]

Looks like they may have trouble even finding the coins? Cannot sell what you cannot find. Too many "GREEDY" people with too many ways to create paper transfers of assets. Then, in the end, the real material asset just isn"t there. Where did it go? Who knows? But the "people" will ultimately pay the bill. Bob [supertooth]

[TomB]

I highly doubt that even if the fund is self-valued at $50M that there will be even 20% of that in true value.

[truthteller]

Another interesting and scandalous link. This will make Central States a very interesting show. Maybe some good buys at the auction.

 

 

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050501/NEWS24/505010425

 

 

 

http://www.orchidforchange.com/oh/index.php?display=ArticleDetails&id=460877

 

 

 

TRUTH

[Tradedollarnut]

I highly doubt that even if the fund is self-valued at $50M that there will be even 20% of that in true value.

 

 

I disagree completely on the coin side - you're way too low. Don't know on the real estate loans.

[TomB]

I was writing about everything on the books connected to the lifetime existance of the fund, and was not writing that I think the aggregate value of the coins alone is inflated by five-fold.

[EZ_E]

Plus, I'm sure that the market could absorb the coins even if the true value is at $50M. It seems that many months have auctions which totals that amount. I seriously doubt that the market will see a downturn for awhile yet since it is fueled by the low dollar and accessability ease via the internet.

[chinook]

How can you get a list of what coins are in the fund?

[truthteller]

"How can you get a list of what coins are in the fund?"

 

 

Looks like the State of Ohio is trying to do just that. And apparently, the trading fund has refused to disclose this information as well as information pertaining to loans and collateral, which must be disclosed in an audit. Refusal to disclose means somethings fishy.

 

 

 

TRUTH

[Tradedollarnut]

The Fund has indeed disclosed its inventory list to the State. They're just refusing to disclose it to the newspaper.

[spy88]

And what of the 119 coins that are unacounted for? Incredible lack of oversight from the state on this fiasco and they deserve half of the blame for their "taking people at their word" with this amount of money!

[James_OldeTowne]

Wow! What a conspiracy!

 

I've done quite a bit of business with Mark Chrans in years past, without any problems.

 

James