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Hoping to emerge from Chapter 11 bankruptcy, National Gold Exchange has put forward a multiyear reorganization plan that would clear 100 percent of its debts.
The Tampa-based coin business, one of the largest coin wholesalers in the world, owes more than $30 million to Boston's Sovereign Bank, which forced the bankruptcy by calling a loan in July.
In a court filing late Friday, National Gold founder Mark Yaffe promised to hand over proceeds from the sale of his 28,000-square-foot Avila mansion, liquidate at least $1 million in coins, sell off part of his antique music box collection and auction off office furniture and safes.
With the debt that's sure to remain, Yaffe offered to make monthly payments to creditors through 2016. The payments would range from $175,000 to $290,000.
"Mark is putting his money where his mouth is," said Daniel Saxe, Yaffe's attorney. The court and the creditors have yet to approve the plan.
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