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Show P MARKETPLACE A9 PILLOW TALK A13 CONVENTIONS A12 nasiiiincBss Thursday, December 15, 1994 D Page A8 The Park Record D Section A Gold Bullion is not necessarily collectible by BILL DOYLE Q. I have inherited approximately $10,000 in quarter-ounce South African Krugerrand gold coins in uncirculated condition. After talking to a local gold broker, I learned that I would have to pay a sizable fee to convert the coins into cash. I want to invest the money in CDs and realize some kind of return, because the gold market seems stagnant. Is there any way I can sell the coins and receive at least the face value at current gold prices? Do the coins have any additional value because they are in uncirculated condition? A. First off, you are confusing gold bullion coins with gold collector coins. The South African Kruggerands are bullion coins, which means they are worth only what a specific weight of gold is worth on the world market at any given time. Gold is a commodity for which the price fluctuates daily. Collector gold coins have some bullion value but usually are worth more, sometimes much more, because of their relative scarcity. The American Eagle gold coins are an example. They are worth more than their gold value because only so many were minted in specific years. The fact that your bullion coins are "uncirculated" will have no influence on the price you get. It would be quite important if they were collector coins. It's surprising that a gold-coin dealer or broker would be charging a "sizable fee" to cash in your Krugerrands. Dealers have to be competitive, and prices are quoted daily. When you're selling, the dealer gives you the day's "spot price" minus a modest percentage as J? QvltttoConM S" OuMnladMr Drtvt 5 JESS REID Jr eal estate Bill Boyle Investor's Guide commission. As of this writing, gold was selling for $383 an ounce, which would be $95.75 for each of your quartcr:ounce Kruggerands. A competitive gold-coin dealer would probably buy them for around $93 to $94 each. However, a quick survey showed that dealers prices varied from $90 to more than $94. So it pays to shop for the best price. Dealers are listed in the yellow pages under "Coin Dealers" or "Precious Metal Dealers." You might also want to check dealers advertising in a magazine such as Coin World. You are wise to be getting out of the gold market and into something that is safe and pays interest. Gold is a risky investment best left to professional traders and speculators. Q. You recently wrote about payouts for employee stock ownership' plans funded with employers' stocks, and I think you made a mistake. You said employees who leave their companies have to wait several years before they can get their money out, and you said there were three exceptions to this rule: When employees retire, die or become disabled, they must be able to get their money out within one year. It is my understanding that there is no exception for death or disability, only for retirement. continued on A12 An Entirely New View On Deer Valley For a complete overview of Deer Lake Village, contact David -Dorius, exclusive listing agent, at (801) 649-3000 or (800) 641-7356 Code change could expand mediation field by DAVE MACFARLANE Record staff writer A change in the Utah State Code with regard to litigation will most likely expand the business of a Park-City Park-City resident when it goes into effect next month. Paul Sincock, executive director of Salt Lake-based United States Arbitration and Mediation of Utah, will probably benefit from a provision in the state code that will establish an Alternative Dispute Resolution program and require litigants to consider mediation as an alternative to court action. The code provision goes into effect on Jan. I of next year. "After the first of the year, every lawsuit filed in District 3 and District 5 (which includes Salt Lake, Summit, Tooele, Washington, Iron and Beaver counties) will first go to the ADR director," Sincock said, adding that for those litigants who choose the court system "every attorney filing a lawsuit has to show a six-minute video to his or her client." The new regulation is an attempt by the state to follow a trend in more populated areas of the country where the courts are crowded. "That's not the case here, the courts are not overcrowded," said Diane Hamilton, director of the ADR program. Hamilton added that the state simply wanted to offer litigants the same options as in other states. Hamilton also stressed the difference between arbitration and mediation. Generally, she said, mediation is the process of a third party working with two others to resolve a dispute. In contrast, arbitration is the process of a third party making a binding ruling in a dispute. Utah's ADR program offers non-binding arbitration, meaning participants can always opt to go back to court if unhappy with the arbitrator's ruling. While the state cannot make litigants enter into arbitration or mediation, it can require them to at least consider the idea and watch the D. iscover Deer Lake Village, Deer Valley's newest luxury townhome project. Featuring gorgeous two-, amenities. Situated next to At Deer Lake Village, you video on the subject. After which, Sincock said, the attorneys must respond back to the ADR office in order to go back to court, if they wish. "This is a two-year pilot program. If it works well in those districts, the state will expand it to the rest of the state," said Sincock. "It is going to "Regardless of the case, mediation always works. Mediation should be a necessary consideration for every lawyer in virtually every case," said David Black, a Salt Lake attorney. educate the public by virtue of the video." Despite the encouragement a program such as this one may offer a public that is tired of seeing even the smallest issues end up in civil dispute, the state only expects four or five percent of cases to actually choose the mediation option. "People are not educated well enough about the options the process offers, in my opinion," said Hamilton. Barker leaves Des Barker, director of economic development for, the Park City ChamberBureau, has announced he will be leaving the local organization effective Thursday to take the position of public affairs director with the firm of Barker and Jorgensen, a Salt Lake-based advertising, marketing and government affairs company. Barker said his position with the ChamberBureau will be reevaluated re-evaluated following his departure, and that he will be maintaining some ties with the organization by helping them with some governmental issues in the three - or four-bedroom units with your choice of exquisite Deer Lake, overlooking the ski runs can have it all. Prices starting at $264,000. Sincock stressed, however, that the program's inception is a positive step in the right direction. "Any process that helps people design a settlement that they participate in is much better than having it forced on them in court," said Sincock. "The point is, the whole process is way less expensive than going to court." Which, Sincock admitted, could be either a positive or negative to attorneys, depending on the individual. "From an attorney's point of view, I like mediation because it saves my clients money, it makes me a hero and it provides predictable results," said David Black, a Salt Lake attorney. "I have been a mediator since 1986. Regardless of the case, mediation always works. Park City ChamberBureau upcoming state legislative session. "ITl miss being here every day, but I hope to keep close ties," said Barker, adding that he is leaving simply because he would like to take advantage of some long-term opportunities he has to advance and run his own business. According to ChamberBureau President Joan Calder, Barker will be a representative of Park City, pending executive committee approval. "We hope to have Des still representing us on the hill," she said. Calder added that the review of Barker's position is a standard of Deer Valley Resort. lr)eer Village Mediation should be a necessary consideration for every lawyer in virtually every case." "What's good is that we see each other face to face, across the table," said Jon Topol, claims manager with Farmers Insurance in Orem. "Mediation gets all of those cases out of the courts and it's much better for our company and the claimant." Sincock concurs. "This is brand new in this state and I think very legitimate," he said. "It has also been used in many other states." Sincock, a former executive in construction and real estate development, was trained in mediation in California about five jears ago and has since had quite a bit of experience in that area. After moving to Park City, the building profession got him involved in some property disputes which he hoped to reconcile out of court. "I tried to get them mediated and of course, nobody had ever heard of that," he said. So three years ago he purchased USA&M and has since become active in the expanding area' of mediation and arbitration. Sincock explained that his firm gets involved in several different areas of arbitration. USA&M continued on A11 practice when anyone leaves the ChamberBureau. "The job has changed," she said, explaining that Barker was hired three years ago to help bring in business, but that in recent years "it's been happening without a lot of encouragement.,' Calder said she has recommended to the executive committee that nothing be done in regards to filling the position right away because Barker will probably be representing t)ie ChamberBureau in , the legislature, and had he stayed he would have had time for nothing else anyway. ., . ', j v . r I f I'll POOR |