Tommy Thompson saga continues

[old man]

Thompson apparently took some of his gold and had it deposited in a Bank out of the Country.
http://www.dispatch.com/content/stories/local/2015/05/01/tommy-thompson-gold-coins.html

 

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[ropesfish]

So while the jury may still be out on crazy or sane, dishonest or just misunderstood, we are now fairly certain he had not gone stupid at that point.
This is going to be a great book when all the dust settles.

 

[MPH200]

Looks like Tommy was in for the long haul.

Fugitive treasure hunter captured with dozens of cellphones

Items found with Thompson included 43 cellphones, 16 photo IDs, 15 prepaid phone cards, six thumb drives and three voice-changing devices, according to Monday's filing of a U.S. Marshal's inventory list.

Thompson also had numerous laptop computers and tablets, a safe, prepaid credit cards, Belize registration papers and $425,380 in cash, the list said.

Thompson's plea agreement calls for him to forfeit the $425,380, assist in a 2012 civil case relating to the treasure by helping to identify and recover lost assets, and identify others who may have helped him while he was on the run.

The deal also establishes a maximum prison sentence of two years and a maximum fine of $250,000.

 

[Salvor6]

Looks like Tommy was in for the long haul.

Fugitive treasure hunter captured with dozens of cellphones

Items found with Thompson included 43 cellphones, 16 photo IDs, 15 prepaid phone cards, six thumb drives and three voice-changing devices, according to Monday's filing of a U.S. Marshal's inventory list.

Thompson also had numerous laptop computers and tablets, a safe, prepaid credit cards, Belize registration papers and $425,380 in cash, the list said.

Thompson's plea agreement calls for him to forfeit the $425,380, assist in a 2012 civil case relating to the treasure by helping to identify and recover lost assets, and identify others who may have helped him while he was on the run.

The deal also establishes a maximum prison sentence of two years and a maximum fine of $250,000.

So he can do two years in prison and then retire in Belize as a millionaire.

 

[sabre15]

50 million in gold. Where did it all go? Anyone know of whatever happened to some of this?

 

[Salvor6]

Yes Jamie, I have been following this since the day Thompson found the wreck. Most of the gold went to the lawyers that sued Columbus America Discovery Group, Thompsons salvage company. Another big chunk went to Thompson's own lawyers that defended him for ten years.

 

[AUVnav]

Yes Jamie, I have been following this since the day Thompson found the wreck. Most of the gold went to the lawyers that sued Columbus America Discovery Group, Thompsons salvage company.

Actually, that is incorrect.

Legal fees were, for the most part, loaned against proceeds from the recovery. We have just seen a very recent ruling by the Ohio Court, which supported an attorneys claim of 5% of the recovery in lieu of payment for legal fees. Another attorney Robol, who took the legal case all the way, was also in for a percentage.

The original group of investors only raised $12.7 Million. Noting the scope of the recovery, and the state of the art of the day, it is easy to see why the initial investment did not go very far. Thompson was designing and manufacturing most of the equipment, as deep water ROV's were non existent at the time, as well as the purchase of the recovery vessel. Even the survey and mapping that lead to the recovery was partially based on the recovery.

The loan for the recovery was through Bank One. When the loan was overdue, Christies took over the loan for $43 million plus interest.

Thompson sold the recovery to California Gold Marketing Group for $50 Million. The $50 Million was used to pay off Christies loan of $43 million plus interest, leaving very little.

As the conservator of the original recovery, Evans, who was now part of the recent recovery stated, all of the first recovery was accounted for. As we have now seen, the 'missing' part of the recovery that investors were clamoring about, was left at the site. In reality, all Thompson had from the recovery was 500 one ounce restrike gold coins.

Now, that being said, CADG did have an initial offering which raised $9 million. Then again, that is a much different matter, not associated with the recovery and disbursement.

This all adds up to why the 2 year sentence and $250K fine. Given that he forfeited over $400K, I think it will be a wash with time served, and he will go free in a few weeks time.

 

[th2011]

Actually, that is incorrect.

Legal fees were, for the most part, loaned against proceeds from the recovery. We have just seen a very recent ruling by the Ohio Court, which supported an attorneys claim of 5% of the recovery in lieu of payment for legal fees. Another attorney Robol, who took the legal case all the way, was also in for a percentage.

The original group of investors only raised $12.7 Million. Noting the scope of the recovery, and the state of the art of the day, it is easy to see why the initial investment did not go very far. Thompson was designing and manufacturing most of the equipment, as deep water ROV's were non existent at the time, as well as the purchase of the recovery vessel. Even the survey and mapping that lead to the recovery was partially based on the recovery.

The loan for the recovery was through Bank One. When the loan was overdue, Christies took over the loan for $43 million plus interest.

Thompson sold the recovery to California Gold Marketing Group for $50 Million. The $50 Million was used to pay off Christies loan of $43 million plus interest, leaving very little.

As the conservator of the original recovery, Evans, who was now part of the recent recovery stated, all of the first recovery was accounted for. As we have now seen, the 'missing' part of the recovery that investors were clamoring about, was left at the site. In reality, all Thompson had from the recovery was 500 one ounce restrike gold coins.

Now, that being said, CADG did have an initial offering which raised $9 million. Then again, that is a much different matter, not associated with the recovery and disbursement.

This all adds up to why the 2 year sentence and $250K fine. Given that he forfeited over $400K, I think it will be a wash with time served, and he will go free in a few weeks time.

Good for him. Tommy was a brilliant man! It goes to show everyone the more treasure you discover the bigger the problems along with the greed of everyone that gets involved.

 

[capt dom]

A very good friend of mine once said, "When you take the front of the line... better expect to get some eggs thrown at you".
What is happening to Tommy Thompson is playing out like a script from a "Greek Tragedy". As long as there was any value on the table this was kept in the Courts

Legal fees were, for the most part, loaned against proceeds from the recovery ....

As long as there was any value on the table this was kept in the Courts. The "system" has always been played best by those who understand how it works. The Court allowed the attorney's fees on both sides to be put in front of the original investor's possible return on their investment. Otherwise, when the original Admiralty /award was made, why wasn't at least a portion of the award set or escrow ed aside so as to protect their interests.....

Make no mistake, the rats were and still are guarding the cheese....

 

[Mackaydon]

When you want the rainbows, you have to put up with the rain.
Don......

 

[sabre15]

When you pray for rain you have to deal with the mud too!

 

[aquanut]

I'm still waiting for the rain to stop! BTW, Taffi Fisher told me years ago that the real trouble starts AFTER you've found the treasure. I don't have any real problems yet, but I'd like to find out what they are. LOL

 

[Mackaydon]

aquanut,
I, too, wish for just one opportunity to prove that endless money cannot buy everything.
Don.........

 

[Salvor6]

Judge OK's Property Inspection:






COLUMBUS, Ohio -- (AP) A judge says investors in a deep-sea treasure hunt who want answers about where their money went can view 75 boxes of property seized from ex-fugitive Tommy Thompson.
Investors say that could help locate 500 missing gold coins and other assets.
Thompson was found in Florida and pleaded guilty to a criminal contempt charge for refusing to testify about gold he discovered in a historic shipwreck. He's faced accusations of cheating investors since 1988, when he discovered the ship, which sank off South Carolina.
Federal Judge Algenon Marbley in Ohio has granted investors' request for a records inspection that could come before Thompson's October sentencing.
Thompson's attorney unsuccessfully argued the investors don't have standing to make the request because they're not technically victims of his crime of contempt of court.

 

[Jason in Enid]

So he can do two years in prison and then retire in Belize as a millionaire.

That's 2 year only after he gives up ALL the gold.

 

[AUVnav]

There is only the missing 500 re-strikes. The 'missing gold' was left on the bottom and just recently recovered, much to the same debaucle as last time

 

[AUVnav]

Postponed...again....

new attorney

 

[LM]

That's 2 year only after he gives up ALL the gold.

Civil contempt is extremely scary. You can be held in prison, pretty much indefinitely. The most famous case:

https://en.wikipedia.org/wiki/H._Beatty_Chadwick

Now, consider for a moment that Mr Chadwick may have been telling the truth; he was effectively imprisoned for 14 years because he couldn't produce something he didn't even have but the judge 'just didn't believe him' so he spent 14 years in prison.

Very murky and choppy waters ahead for Mr Thompson.

 

[doc-d]

Life in the land of the free, the constitution and truth be damned

 

[TreasureCDave]

Yes, but I will accept that here in the US of A. Best of luck with the new Democracy in Ecuador .... its a long learning curve.