A bidder with a familiar face has emerged for the few remaining assets of the defunct Minneapolis coin dealer International Rarities Corp.
According to a document filed Friday in U.S. Bankruptcy Court, Fidelity Gold & Silver Inc. has bid $10,000 for the coin company's customer lists and office equipment.
Fidelity was formed July 13, just one day after the court-appointed trustee running International Rarities in bankruptcy moved to convert the firm from a debt reorganization to a liquidation. The decade-old company commonly known as IRC shut down July 20.
Fidelity is a newcomer to the Twin Cities coin industry. But state business records list its registered agent as Stephen J. Hastings, 51, of Eden Prairie, whom IRC owner David Marion hired Hastings last year to run the coin company after the Star Tribune reported allegations by some customers that Marion had sold shares in a failed expansion effort under false pretenses.
Marion, 52, of Minneapolis, has not been charged. But federal agents raided IRC in September looking for evidence that he committed wire fraud, mail fraud and money laundering.
The U.S. Securities and Exchange Commission followed up in March with a civil lawsuit alleging securities fraud against Marion and a Nevada company he formed called International Rarities Holdings. IRC was listed as a related party to that lawsuit.
It's not known if Marion will play any role in Fidelity. Hastings could not be reached Friday, and Marion did not respond immediately to a message seeking comment.
Bankruptcy lawyers say nothing would prevent Marion from bidding on the remains of IRC.
Dan Browning 612-673-4493