Coingate: Fund Facts to Know and Tell

By Philip Curtis
ePluribus Media

Also posted on DailyKos

Official filings for the Tom Noe business that incorporated one of the controversial coin funds are no longer in good order and may limit the legal protections available to him. Noe’s 1995 divorce judgment refers to a second, unnamed partner who may be benefiting from his/her position as co-owner of the coin fund’s parent company. ePluribus Media also offers a brief look at each of Noe’s identified business partners. A timeline of the related Ohio corporate filings depicts the evolution of Noe’s overlapping and nested coin related companies.

In the Eyes of Ohio, Vintage Coins and Cards No Longer Exists

Vintage Coins and Cards, a division of Thomas Noe, Inc., shares ownership of Capital Coin Fund Limited with Frank Greenberg’s Delaware Valley Rare Coins Co., Inc. However, Tom Noe did not respond to an Oct. 12, 2004, notice to renew the trade name for Vintage Coins and Cards. As a result, the state of Ohio cancelled Vintage Coins and Cards’ trade name as of Feb. 14, 2005. Noe no longer enjoys the legal protections that the trade name once provided him.

Noe has also failed to renew names for Numismatics Investments of Ohio, Skelly Associates and The Sports Gallery.

Significant facts relating to the parent company of Noe’s coin funds may be found in the 09/25/1995 final judgment in Tom Noe’s divorce from Elizabeth. In 1992, after nearly 20 years of marriage, Noe separated from his homemaker wife and mother of his two daughters. The divorce documents state that Noe “… is a sixty-percent owner of Thomas Noe, Inc., an Ohio corporation which, at all times relevant to this case, was doing business as Numismatic Investments of Ohio.”

A further statement in the judgment implies that Noe has only one other partner:

As to his income, he testified that the amount of his salary from Thomas Noe, Inc., is set on a yearly basis when “I sit down with [Capital Bank] and * my partner and we discuss what my compensation is going to be based on performance in the past and what I feel that’s going to happen this year and, truthfully, …availability of funds in the company to be paid.

The name of the partner was redacted from the document. In describing his 1990 finances, Noe states, “…that was the same year that I borrowed money from the company and then sold the stock to Dr. Russ at the end of the year to pay back the company and that was approaching $200,000 at that time.”

It is not clear if Russ was the 40-percent owner in Thomas Noe, Inc. In 1995 Dr. John S. Russ partnered with Noe and Kevin J. Savage to form N.R.S. (Noe/Russ/Savage) Partnership and purchase the Maumee, Ohio, building where Vintage Coins & Collectibles is currently housed.

A 06/13/95 amendment to the articles of incorporation lists Ralph DeNune III as the Secretary of Thomas Noe, Inc. DeNune is a law partner in McHugh, DeNune & McCarthy, Ltd., of Sylvania, Ohio. It is not known if DeNune has a financial interest in Thomas Noe, Inc.

The Business Partners

Over the years, Noe’s businesses have included many different partners. Some of these partners are currently under grand-jury investigation for possible participation in the alleged Bush campaign money-laundering fraud. Other current and former business partners are key players in the national coin-collecting and investment industry. It might be worthwhile to explore whether each has continued to maintain a business relationship with Noe.

Dennis Baker (National Numismatics Network, Inc.)

Liveinvestorsforum.com provides this biography:

Dennis Baker is the Senior Editor of Numismedia, a popular on-line and printed monthly coin publication. Numismedia provides pricing data for all denominations of U.S. coins from ½ cent to $20 gold pieces.

Mr. Baker began collecting coins as a hobby in 1960 and opened his first retail store in 1973. He joined the “coin circuit” in 1974 and traveled to 45 shows a year for over a decade. In 1984, he became editor and chief price analyst for the highly regarded Coin Dealer Newsletter.

For the past 16 years, Mr. Baker has provided independent accounting of market prices for wholesale levels of U.S. coins. More recently, Mr. Baker has focused a great of his attention on the Internet so that dealers and collectors can obtain pricing data that is uncompromised for its accuracy in addressing properly graded U. S. coins.

Mr. Baker is a life member of ANA and a board member of ICTA. He can be reached at www.Numismedia.com.

Silvano DiGenova (National Numismatics Network, Inc.)

Like Noe, DiGenova’s boyhood newspaper route started his interest in coin collecting. His Superior Galleries biography states:

Mr. DiGenova built wealth for himself and for others, having been a principal player in several companies within the field. His firm, Tangible Asset Galleries, Inc., merged with Superior Galleries in July of 2001 and all operations were consolidated. He has served as Superior’s Chief Executive Officer since then.

In addition to having built several successful companies, Mr. DiGenova has played a key role as an industry leader. He was a co-founder of the Professional Coin Grading Service (PCGS) and was intimately involved in the design of the PCGS grading set, the standard by which all coins are graded today. He is universally regarded as one of the best evaluators of rare coins in the industry today. Mr. DiGenova was also a co-founder of the American Numismatic Information Exchange (known today as the Certified Coin Exchange), the first fully electronic trading network in rare coins.

Ronald Downing (National Numismatics Network, Inc.)

Ron Downing is affiliated with the Coin Dealer Newsletter, billed as “The Only Source for Accurate Timely & Unbiased Rare Coin Pricing Information!”

Frank Greenberg (Capital Coin Fund Limited, Rare Coin Enterprises, Ltd.)

Frank Greenberg’s Delaware Valley Rare Coin Co., Inc., offers the following services:

· Professional Appraisal of Rare Coins, Currency and other related items.

·    Purchasing everything from desirable single coins to large Estates, Coin Collections, and Accumulations

·    Monthly Price List which offers a constantly changing selection of PCGS and NGC certified rare coins for collectors and investors.

·    Special Offerings specifically for Internet users.

·    Layaway Plan for purchases of $1,000 or more.

·    Want List. We’ll help you locate the specific coins you want to buy.

·    Investment Portfolios consisting of certified coins with potential for growth.

·    Consultations and Expert Testimony for private individuals as well as banks, financial institutions, government agencies and legal firms.

·    Fast Personalized Service. Whether you want to buy or sell coins, we’ll take care of your needs quickly and professionally.

·    A Staff of Numismatic Professionals. We are all members of the Professional Numismatists Guild, Inc.; the American Numismatic Association; and many other      numismatic organizations. We also support the Industry Council For Tangible Assets.

· Finder’s Fees. We will pay a finder’s fee for Estates and Coin Collections of significant value.

Greenberg is also connected with two coin industry software products/services:

Coinlists — “An extraordinary framework for building a completely customized rare coin web site without having to invest time, energy and money in extensive custom programming.”

Intelliquote — “A Windows-based product designed and developed by Vega Applications Development, Inc. It enables licensed rare coin dealers to view compilations of bid and ask prices derived from a number of different sources.”

Jerry Isan (Skelly Associates)

Jerry Isan owns several Don Carter bowling alley franchises in Florida.

Ronald K. Langenderfer (Ronto, Ltd.)

A childhood friend of Noe, Langenderfer was a fellow board member at Capital Bank. Noe’s divorce papers indicate Langenderfer co-signed a $90,000 loan for Noe. Noe defended his friend’s controversial board chairmanship at the University of Toledo:

To others, he is a tyrant and a bully, bent on stamping out opposition and running an institution of higher learning with the sensibilities of a steel magnate.

He handed his enemies new firepower last month, when at a board meeting, he railed against university employees he said were spreading rumors about UT. Those dissidents, he said, would be investigated and fired.

Days later, the UT chapter of the American Association of University Professors passed a resolution calling for Mr. Langenderfer’s resignation.

Timothy H. LaPointe (Numismatic Funding, Limited)

Two-thousand-dollar contributions from both Noe’s associate and his wife are under investigation in the alleged Bush campaign-donation fraud. A grand jury is investigating whether the $4,000 was given to the LaPointes by Noe.

Joseph F. Restivo (Numismatic Funding, Limited)

Noe’s brother-in-law’s contribution to the Bush campaign is also under investigation by the grand jury. Restivo is an ex-officio member of the University of Toledo Foundation Board of Trustees.

Burton Rose (Skelly Associates)

Burt Rose Enterprises, Inc., is a Sylvania, Ohio, real estate developer.

Dr. John S. Russ, Jr., (N.R.S. Partnership)

Dr. Russ’ Northeast Obstetricians and Gynecologists biography states:

In 1981 after completion of his Ob/Gyn residency at Ohio State , Dr. Russ went into solo practice in Gahanna , Ohio . In 1989, Dr. Russ and Dr. Michael Sprague combined their practices to create Northeast Obstetricians and Gynecologists.

…In the past two “Docs Rate Docs” surveys conducted by WBNS TV, Dr. Russ has been selected by his colleagues as one of the “Top 5 Obstetricians and Gynecologists in Central Ohio.”

Kevin J. Savage (N.R.S. Partnership)

Noe’s divorce document indicates that he and Savage were 50/50 partners in The Sports Gallery baseball trading-card business. Savage operates Kevin Savage Cards and Athletic Marketing Services, Ltd., from the space he shares with Noe at 3509 Briarfield Boulevard.

Dean A. Stoner (National Numismatics Network, Inc.)

Dean is a Senior Numismatist with HCC, Inc., based in Holland, Ohio:

A collector since the age of eight, he just plain loves coins. It has been a twenty-three year fulltime adventure for Dean where he is an approved probate appraiser, and a lifetime member of the American Numismatic Association. In addition he is a member of the Central States Numismatic Society, Michigan State Numismatic Society and the Florida United Numismatists. He has been quoted in our industry’s largest publications and has attended over 150 National Coin Conventions buying and selling and buying and selling. Dean brings to HCC, Inc. a wealth of knowledge in all areas concerning coins and currency. By doing so, he brings it to you.

Mark Yaffe (National Numismatics Network, Inc.)

Mark Yaffee represents the National Gold Exchange:

With a stock of over $12 million of raw and certified rare coins, we offer our customers an inventory of gold coins ranging from under $100 to unique rare coins priced at over $1 million. National Gold Exchange is, in a sense, a holding company for our customers; our inventory is your inventory.

Timeline: Noe’s Ohio Corporations

Noe’s Ohio business filings include one parent company used for most coin-related businesses, 11 coin-collecting and investment companies, one sports memorabilia business, two real-estate investment partnerships and one partnership (Ronto, Ltd.) whose purpose has not been clearly identified. The specific business and legal reasoning behind the nested investment and collectibles businesses warrants further exploration.

10/22/1979 Articles of Incorporation for Thomas Noe, Inc.

133 North Prospect Street, Bowling Green, OH 43402

02/07/1983 Fictitious Name filing for Numismatics Investments of Ohio

5700 Monroe Street, Sylvania, OH 43560

02/07/1983 Fictitious Name filing for The Sports Gallery

5577 Monroe St., Sylvania, OH 43560

Thomas Noe, Inc.

06/19/1984 Trade Name filing for Skelly Associates

(210 S. Reynolds Road, Toledo, OH 43615)

Burton Rose, 4524 Northbrook, Toledo, OH 43623

Thomas W. Noe, 4340 Candlewood Lane, Sylvania, OH 43560

Jerry Isan, 190 Casusrina Concourse, Coral Gables, FL 33143

02/19/1988 Cancellation for Failure to Renew Fictitious Name for Numismatic Investments of Ohio

02/19/1988 Registration of Trade Name for Numismatic Investments of Ohio

5577 Monroe Street, Sylvania, OH 43560

Thomas Noe, Thomas Noe, Inc.

07/31/1989 Articles of Incorporation for National Numismatic Network, Inc.

5577 Monroe Street, Sylvania, OH 43560

09/21/1990 Certificate of Dissolution filed for National Numismatic Network, Inc.

Ronald Downing, President/Director – 18807 Crenshaw Place, Torrence, CA 90504

Dennis Baker, Vice President – 18807 Crenshaw Place, Torrence, CA 90504

Thomas Noe, Vice President/Secretary/Director – 5577 Monroe St., Sylvania, OH 43560

Dean Stoner, Treasurer/Asst. Secretary – 5577 Monroe St., Sylvania, OH 43560

Silvano DiGenova, Director – 1811 Chestnut St., Suite 301, Philadelphia, PA 19103

Mark Yaffe, Director – 4600 W. Cypress St., Suite 110, Tampa, FL 33607

09/30/1993 Skelly Associates sells 5577 Monroe Street for $2,965,000.00

06/28/1994 Cancellation for Failure to Renew Fictitious Name for Skelly Associates

12/06/1994 Certificate of Limited Partnership for Numismatic Investors Limited Partnership

5577 Monroe Street, Sylvania, OH 43560

Numismatic Investments of Ohio, A Division of Thomas Noe, Inc.

02/10/1995 Trade Name Registration for Vintage Coins and Cards

3509 Briarfield Boulevard, Maumee, OH 43537

Thomas W. Noe, President – Thomas Noe, Inc.

07/26/1995 Fictitious Name filing for N.R.S. Partnership

3509 Briarfield Blvd, Maumee, OH 43537

Thomas W. Noe, 3509 Briarfield Blvd, Maumee, OH 43537

Kevin J. Savage, 7852 Hedingham, Sylvania, OH 43560

John S. Russ, Jr., 104 N. Hamilton Rd., Gahanna, OH 43230

12/29/1995 Articles of Organization for Ronto, Ltd.

3509 Briarfield Boulevard, Maumee, OH 43537

Thomas W. Noe

Ronald K. Langenderfer

03/11/1998 Articles of Organization for Capital Coin Fund Limited

3509 Briarfield Boulevard, Maumee, OH 43537

Thomas Noe, President – Vintage Coins and Cards, a Division of Thomas Noe, Inc. and Frank Greenberg, President – Delaware Valley Rare Coins Co., Inc.

04/02/1998 Articles of Organization for Rare Coin Enterprises, Ltd.

3509 Briarfield Boulevard, Maumee, OH 43537

Thomas Noe, President – Thomas Noe, Inc.

Frank Greenberg President, Delaware Valley Rare Coins Co., Inc.

04/21/1998 Articles of Organization for Visionary Rare Coins Limited

3509 Briarfield Boulevard, Maumee, OH 43537

Thomas Noe, President – Rare Coin Enterprises, Ltd.

12/28/1998 Certificate of Cancellation of Limited Partnership for Numismatic Investors Limited Partnership

06/28/1999 Trade Name Registration for Vintage Coins & Collectibles

3509 Briarfield Boulevard, Maumee, OH 43537

Thomas W. Noe, President – Thomas Noe, Inc.

04/17/2001 Articles of Organization for Numismatic Funding, Limited

3509 Briarfield Blvd, Maumee, OH 43537

Thomas Noe

Joseph F. Restivo

Timothy H. Lapointe

06/29/2001 Articles of Organization for Capital Coin Fund Limited II

3509 Briarfield Boulevard, Maumee, OH 43537

Thomas W. Noe, Vintage Coins and Collectibles, a division of Thomas Noe, Inc.

07/16/2001 Professional Numismatists Guild, Inc.

3950 Concordia Lane, Fallbrook, CA 92028

Thomas W. Noe appointed as Statuatory Agent

07/27/2001 Articles of Organization for Numismatic Professionals, Ltd.

3509 Briarfield Boulevard, Maumee, OH 43537

Thomas Noe, Managing Member of Capital Coin Fund Limited II (Sole Member)

02/07/2003 Cancellation for Failure to Renew Fictitious Name for The Sports Gallery

10/12/2004 Trade Name Renewal Notice for Vintage Coins and Cards

02/14/2005 Cancellation for Failure to Follow Renewal of Trade Name for Vintage Coin and Cards

ePluribus Media Credits

Special kudos to Biblio for locating the divorce document

Researchers/Contributors: mkt, sawcielackey, kfred, NYBri, Zan, Cho, SusanG, Michael Cote, Sue in KY, DEFuning, Jill Lehnert, avahome, madhat, luaptifer, Timroff, Biblio, wanderindiana, cici414, standingup, ricardo4, jeninRI, Susie Dow, Kagro X

Note: Please let us know of any contributor not listed.