Buying or Selling Gold in Pasadena, California? Know the Law!

Buying or Selling Gold? Know the law!

The Pasadena Police Department would like to inform the public that buying gold is against the law unless you are licensed through the California Department of Justice. Gold buyers are required by law to ask for identification from whoever they buy from and maintain a description of the items they are buying. This information is then reported to local law enforcement.

“Given the current economic constraints, selling excess jewelry has become a viable option for some people,” says Chief of Police Phillip Sanchez. “But we want to caution people that care should be taken to buy from and sell to only licensed second hand dealers. This helps to prevent crime and will prevent people from buying stolen property unknowingly.” Businesses that do not possess a second hand dealer’s license and engage in buying and selling gold and other items are breaking the law, are subject to arrest, a $1500.00 fine and accusations of dealing in stolen property.

Several businesses in the City of Pasadena advertise “We Buy Gold” and these businesses must be licensed as a “Second Hand Dealer”. They are regulated by the Pasadena Police Department. Some businesses may knowingly or unknowingly take in stolen property that belongs to a victim of a crime.

This license also applies to those who are buying other used items that bear a serial number or identifying marks such as laptop computers, iPods, cell phones and gaming devices. These goods have been found to constitute a “significant class of stolen goods” and must be reported to law enforcement.

“By using reputable, licensed businesses, the average citizen can curb the buying and selling of stolen goods,” continues Chief Sanchez. “When we make it harder for thieves to sell their ill gotten gains, there is more of a chance to stem property crimes related to burglary.

For more information or to become licensed by the Department of Justice, please call Detective Sergeant Marie Sell at 626-744-3816.

Student loans leave crushing debt burden - Business - CNBC TV -

The cost of a college education is rising faster than the cost of medical care and as much as three times as fast as consumer prices in general. But that's just the beginning of the price of admission.
This is the story of a debt crisis few are talking about.
Americans now owe more on their student loans than they do on their credit cards — a debt fast approaching $1 trillion with no end in sight.
Students borrow because they see little choice. A college education, after all, is a key to success. That, it seems, is an article of faith.
For Rick and Tami Tuipers, of the Chicago suburb of Tinley Park, Ill., the world revolves around their kids.
"We've committed to our children's education from day one," said Tami. "That's the commitment we made when they were born."
Zach is a high school sophomore and, at 15, the youngest in the family. Shelby, 18, is a senior and interested in science.
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Student loans leave crushing debt burden - Business - CNBC TV -

Loehmann's strikes deal for quick bankruptcy exit

By Tom Hals

WILMINGTON, Del., Dec 15 (Reuters) - Retailer Loehmann's [ARCABL.UL] said on Wednesday it reached an agreement with unsecured creditors that will allow the department store chain to exit bankruptcy by Feb. 18.

Loehmann Capital Corp's current owner, Istithmar, a unit of Dubai World [DBWLD.UL], and Whippoorwill Associates Inc will backstop a rights offering that will invest $25 million in the company when it exits Chapter 11.

The pair will likely end up owning 71 to 85 percent of the company when it exits Chapter 11, depending on the outcome of the rights offering.

Loehmann's, which opened in Brooklyn in 1921, sells designer brands at steep discounts through its stores. It has been unable to meet its debt load even as competitors such as TJX Cos Inc (TJX.N) and Ross Stores Inc (ROST.O) have reported robust sales.

Loehmann's began the year with around 60 stores, but has been closing its weaker locations and currently has about 46.

The company has been trying to restructure its debt for months, but failed to reach an agreement with enough bondholders to prevent a bankruptcy.

The unsecured creditors had opposed the company's original bankruptcy plan, which offered them a recovery of about 4.2 percent.

Under the revised deal reached on Tuesday, the unsecured creditors will get a recovery of about 7.6 percent.

The deal allows Loehmann's to restructure, rather than seek a quick sale, as happens with most bankrupt retailers. The operator Trade Secret beauty salon chain and Urban Brands Inc, which owns the Ashley Stewart clothing chain, both sought quick sales in bankruptcy in recent months.

The Loehmann's agreement is subject to court approval.

The company will also have a $33 million revolving credit facility with Crystal Financial LLC to fund its operations once it exits bankruptcy as well as a $7 million junior facility provided by Whippoorwill. (Reporting by Tom Hals; Editing by Richard Chang)UPDATE 2-Loehmann's strikes deal for quick bankruptcy exit | Reuters