NGC isn't talking about the money Noe invested in NGC stock which looks to have done quite well. Why wouldn't NGC want to "trumpet" that their stock has risen three-fold over this period of time? Read this: NGC isn't talking LINK Since the coin market has been in a bull market since these "Ohio" coin funds first started, I have to believe that after all of the accounting and location of coins spread throughout high-end dealers and auction houses, this fund should have done very well. If the fund does well after all the coins are accounted for (surpassing S&P and Dow Jones Indexes), should Noe and Taft still "hang". We all know that rare coins have surpassed returns over the stock market in the last 5 years. Rare coins have provided us owners with well into double digit yearly growth, but is this enough for Ohio?
Update... "Ohio coin fund teams may have found more coins." (Coin World 9/5/05 issue). Sotherby's initially offered to appraise these "Ohio" coins at no cost, but now Ohio tax payers are shelling out $80,000 to $115,000 for the work. Apparently the missing $13 million dollars everybody is all in an uproar about may be in non-coin assets like NGC stock. Interesting. They should have come to the "What's it worth?" thread and we could have saved them a bunch, especially since I imagine that most of these rare coins are already graded and kept in PCGS or NGC holders.
I wish I could charge $100K for people to bring me their coins to look at! I could even estimate their value for that much loot! The funny thing is that the longer this goes the more it looks like Noe and his associates were just doing the job they'd been asked to do. It looks like their record keeping may have left something to be desired, but that doesn't seem to be a reason to destroy the man. Unfortunately, even if all the money is recovered Noe's reputation is still destroyed. I hope he sues the State of Ohio (and whichever rag was printing all those stories) for defamation since their allegations have (and will) cost him millions! It's a downright shame.
