Mulligan Mint Bankruptcy In The Wall Street Journal

Texas Coin Maker for Fed-Estranged Files for Bankruptcy

A Dallas mint that makes commemorative coins and “alternative” money for people who are wary of the U.S. dollar has run into problems with its own finances.

The 25-worker Mulligan Mint Inc.—which has the power to create a “complementary currency system that can fill in the blanks where the U.S. dollar lets us down,” according to its president—has filed for bankruptcy after officials in June discovered that part of a $1.4 million shipment of silver was missing.

Mulligan Mint’s business targets an antiestablishment clientele who feel estranged by traditional banking; its Deluminati coin, for example, “says no to inflation, crony capitalism and all-powerful government and yes to individual liberty, economic independence and opportunity.” A Web-advertised one-ounce copper coin reflects the image of Tea Party hero and former U.S. Rep. Ron Paul, while another one asks in copper, “Who is John Galt?”

Perhaps a better question to ask Mulligan Mint executives: Where did the silver go?

“That’s the big question,” Mulligan Mint President Rob Gray told Bankruptcy Beat. “We don’t really know.”

Read the entire WSJ article here and be sure to comment.

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Ironic at best…

 

Embezzlement is the act of dishonestly withholding assets for the purpose of conversion (theft) of such assets by one or more individuals to whom such assets have been entrusted, to be held and/or used for other purposes.

US Federal Bankruptcy Fraud Checklist.  Bankruptcy fraud carries a sentence of up to five years in prison, or a fine of up to $250,000, or both. See 18 U.S.C. § 152.

1. Concealment of assets.
2. Serial bankruptcy cases.
3. Failure to keep usual business records.
4. Incomplete or missing books and records.
5. Conduct well outside ordinary business or industry standards and practices.
6. Unusual depletion of assets shortly before the bankruptcy filing.
7. Recent departure of debtor’s officers, directors or general partners.
8. Unanswered questions or incomplete information on debtor’s schedules and statement of financial affairs.
9. Frequent amendments to schedules, statements of financial affairs and monthly operating reports.
10. Inconsistencies among recent financial statements, tax returns and debtor’s schedules and statements of financial affairs.
11. Absence of knowledgeable officers to testify at the Section 345 meeting.
12. Inability to contact principals of debtor at debtor’s stated location
14. Frequent dealings in cash rather than recorded transactions
15. Sudden depletion of inventory post-petition without plausible explanation.
16. Inflated salaries, payments of bonuses or cash withdrawals by officers, directors, shareholders or other insiders.
17. Transfer of property to insiders, shareholders and relatives shortly before bankruptcy
18. Payoff of loans to directors, officers, shareholders, relatives or other insiders shortly before filing.
19. Transactions with non-debtor subsidiaries, parent companies or affiliated corporations owned by the same or related persons or entity.
20. A history of prior litigation or post-petition litigation involving breech of contracts, fraud misrepresentations, etc.
21. Complicated corporate structures and relationships.
22. Creditor confusion concerning corporate structure.
23. Fire, theft or loss prior to or after filing.
24. Failure to pay withholding and sales tax.
25. Startup of a similar business near the time of bankruptcy filing.

13 comments to Mulligan Mint Bankruptcy In The Wall Street Journal

  • David

    Perhaps a better question to ask Mulligan Mint executives: Where did the silver go?

    “That’s the big question,” Mulligan Mint President Rob Gray told Bankruptcy Beat. “We don’t really know.”

    If I was his attorney I would have advised him not to say anything. I suspect it will be shown where some of it went to, if the prosecutors pursuing the matter look deep enough. I don’t think matter [Ag] was turned into energy and dissipated as heat or light.

  • I’m still confused as to how Jack Spirko it still after everything supporting Rob Gray. Either he is completely oblivious to the truth and wants to believe his friend Rob so bad that he doesn’t see the facts, or (and I hope to God it isn’t this one) he is 100% in on the entire thing with Rob.

  • Boyco

    That self pompous ass aka Jack Spirko (with apologies to both the very loyal,lovable animal and the very useful, selfless body part also known by the same moniker) Spirko is no one’s survivalist expert savior, certainly not mine – except such as he’s a “legend in his own pea soup mind’s imagination.
    Let’s not only look at his drooling sycophantic raves about Rob Gray as well as his no holds barred smears of Chris Duane, but lets pull up a copy of Robert Hare’s Psychopathy checklist and do a fair comparison shall we?
    Compare the list to Spirko’s audio rants and writings even those not dealing with mssrs. Duane & Gray. Listen to hear Spirko always come back to -himself.

    http://www.dummies.com/how-to/content/examining-the-characteristics-of-a-psychopath.html

    Well well; did Robt. Hare ever have a Jack Spirko in mind when compiling this list, characteristics of a psychopath or what?

    It’s all about the Spirko -nothing more nor less;always was. Place vomit pail here…

  • Jon

    Jack lost me as a customer when he trashed Chris. I sent him a warning email that Rob and Chris had words and he blew up and basically trashed everyone else for supporting Chris. That really sucks as I had listened faithfully to over 1000 episodes of his show and supported his sponsors and was a member of his MSB. I haven’t listened to any of his content since then. As much of an ass as he was I hope this bites him hard in the ass. I would like to hear him publicly apologize to the thousands he alienated and to Chris for dividing this group of like minded individuals.

  • James

    I have no idea as to who is right in this matter, but it appears that Rob Gray would be wearing the black hat considering his history of fraud, hypnotism scams, previous bankruptcy, etc. But even if Rob Gray is cleared what remains is that Jack Spirko has lost members of MSB and listeners but especially credibility due to his bizarre involvement and tirades. I’ve left. It is extremely unfortunate that he has made an issue out of something to the point of making it so divisive that the community of preppers are forced to divide themselves between those who are willing to put up with this childish nonsense, and those who don’t.

  • DR

    Notice that Rob has not answered the questions posed by “Jarrod”

    “1. The article notes that you were trying to determine what happened to Republic’s missing silver. Did you determine what happened to the silver?

    2. Did the sherriff’s deputies remove the gold qand silver at MM while you were being held for 8 hours at Republic’s offices?”

    Of course these 2 questions go to the heart of the matter. Six pack Jack will just let these sit on the site and totally ignore them.

  • MATT

    lock him up with Adam(mirror kisser) and let them lick each others wounds!

  • David M

    Me personally. I’d never do business with anyone claiming to be a “mind mechanic”.

    While I enjoyed a couple hundred episodes of Spirko. He needs to learn to politely disagree. He’s fairly knowledgeable on many topics. But IMHO, has gotten a swelled ego.

    Wish him the best. But think his association with Rob Gray is going to come back and hurt him.

  • DR

    Well, Jack’s website is still spilling bull. Some one is supposedly paying way over spot for certain coins. Go over to Jack’s site for the link.

    Jarrod’s questions have not been answered. The usual BS over there.

  • Monkey

    I no longer listen to TSP & dropped out of MSB as well over this. It was the final straw, after watching his ego balloon over the past 2 years.

    I’m actually happier – I’ve found several other podcasts that I now have time to listen to, and together they provide far more diverse content & opinions.

  • DR

    Someone just reported getting ripped off at the MM. Spirko’s reply:
    “I am very sorry to hear that. I wish you had contacted me during this issue so I could have tried to help you.”

    Hey Jack you azzhat, why don’t you help him now? Why does anyone have to get help from you to get their silver order sent to them?

    Jack is going down. As the monkey said, his ego got the best of him.

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