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Judge rules NGE to be liquidated

National Gold Exchange will be liquidated after a March 3 decision by U.S. Bankruptcy Court Judge Michael Williamson to convert the firm’s Chapter 11 filing to Chapter 7 reports the Tampa, Fla., Tribune.

The firm filed for bankruptcy July 24, 2009, after its primary lender, Sovereign Bank of Boston, seized the assets securing its more than $30 million in loans to the firm.

Mark Yaffee is trying to sell his 29,000-square-foot Florida home and is operating a new business called Phoenix Gold with loans from his father and others.

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