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National Gold Exchange's Mark Yaffe wants to pay creditors over seven years

Tampa's Mark Yaffe, head of bankruptcy-strapped National Gold Exchange, wants to pay back his creditors over seven years. But Yaffe's largest creditor, Boston's Sovereign Bank, has asked the million-dollar question: What will happen to the incremental repayment scheme should Yaffe become the target of a criminal inquiry?

National Gold is one of the world's largest rare coin wholesalers. Sovereign suggests the coin company defrauded it by misspending collateral held as surety for a $35 million business loan.

"Mark Yaffe, as a 50 percent owner of NGE, should be required to disclose whether he is aware of any criminal investigations … and whether he has retained criminal defense attorney," Sovereign said in a court filing Friday.

Yaffe is seeking approval of his bankruptcy reorganization next month.

National Gold Exchange's Mark Yaffe wants to pay creditors over seven years 10/05/09 [Last modified: Monday, October 5, 2009 2:39pm]
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