RoboVault trustee may sell 1,500 historic bonds

About 1,500 historic bonds being held at Fort Lauderdale’s RoboVault storage facility may be auctioned off soon.


The bonds are antique foreign and railroad bonds that have no face value but are considered collectors’ items in some circles.


RoboVault, a high-tech warehouse, was home to thousands of bonds when its ownership company – FTLL RoboVault – went bankrupt in September. Most of them have been reclaimed by owners, but there are still more than 1,500 bonds unclaimed.


Court appointed trustee Barry Mukamal is seeking court permission to sell the remaining bonds at auction or destroy them. A hearing is set for July 30 to discuss a sale.


Mukamal said in his latest motion that 1,000 of the remaining bonds purportedly belong to a company called Van Vuuren Consulting, but attempts to reach Van Vuuren and other owners were not successful.


Mukamal and his attorneys said RoboVault was being used as a “boiler room” to sell the bonds.

Three people, including former owner Marvin Chaney, were briefly jailed for contempt of court when they ignored orders or warnings from U.S. Bankruptcy Judge John K. Olson in connection with the RoboVault case.


Chaney owes BBX Capital $32 million connected to loans for RoboVault and the nearby Off Broward Storage. BBX is now operating the RoboVault facility, having claimed the property through a foreclosure auction.

 

 

Source : Paul Brinkmann

Miami information