The Tampa Tribune published an article with the latest news on the National Gold Exchange bankruptcy proceedings.
Mark Yaffe, a Tampa businessman who became one of America's leading gold coin dealers, will see much of his gold empire dismantled after a bankruptcy judge's decision today.
National Gold's chief creditor, Sovereign Bank, already had seized most of the company's assets months ago, but was prevented from selling them off when National Gold filed for bankruptcy protection last summer.
Those assets include millions of dollars in gold and rare coins and Yaffe's collection of antique music boxes, which are similar to player pianos.
Now, with the judge's order, the bank is authorized to liquidate the items. Richard McIntyre, National Gold's bankruptcy attorney, expects the music boxes could sell for at least $7 million, while the coins should sell for more than $5 million.
Meantime, Yaffe is trying to sell off his opulent mansion in Tampa's Avila community to pay off his creditors. The 29,000-square-foot residence is stocked with the music boxes.
Despite his company's liquidation, Yaffe expects to continue in the gold coin business, McIntyre said.
He has recently received loans from his father and others allowing him to launch a new, if much smaller, coin operation called Phoenix Gold, McIntyre said.
"Put Granny's rocker on the truck, Jethro. We're moving!"
To read the complete article, see:
Gold dealer Yaffe will see empire liquidated by court
Wayne Homren, Editor
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