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#101
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Posted By: Aaron M.
Wow, Wes. Thanks for weighing in -- your experience pretty much sums up the worst of my fears. |
#102
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Posted By: Aaron M.
Sean, epic summary. Really underlines the absurdity of this situation. |
#103
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Posted By: Aaron M.
I think Sean's suggestion about the FBI is a good one. Perhaps you can contact the unit that is currently investigating Doug and they can either direct you to who can help or at minimum take your complaint to add to their case. |
#104
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Posted By: robert a
Wes, |
#105
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Posted By: Wesley
Peter and Aaron, |
#106
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Posted By: Peter_Spaeth
"The completion of all outstanding Mastro Auctions business will be seamlessly facilitated, processed and completed through Legendary Auctions." |
#107
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Posted By: Sean C
From Wes's comment: |
#108
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Posted By: boxingcardman
The whole point of an asset sale is to get the assets out of the mess of the old entity. If the head of the acquiring company is telling Wes and possibly other people that the acquiring company is the same as the old one and therefore the contract with the old one is still in effect, the new company is an alter ego of the old one. There is no way, under any scheme of law that I've ever heard of, that a company can claim not to be a continuation of the old enterprise for some purposes yet insist that it is for other purposes, like forcing those who contracted with the old enterprise honor their contracts as to the new enterprise because the two are one and the same. Legendary can't be the successor to Mastro only when it suits them. Second, there is a fraudulent transfer issue here. Mastro has left some consignors (and I'm going to bet some other creditors) high and dry, including the potential alleged victims of its alleged crimes. It would seem that the transfer to Legendary of its assets made Mastro insolvent, which is grounds for a Mastro creditor to go after the assets and try to get them back under the local version of the Uniform Fraudulent Transfers Act. Then there are other potential claims, like civil or criminal conspiracy to defraud, RICO, etc., all of which are very tempting to level against Legendary as part of any case against Mastro based on what its management has been doing and saying about its ties to Mastro. If the idea was a clean, fresh start, probably could have been executed a hell of a lot better than what's being reported. |
#109
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Posted By: Matt
Perhaps someone from Legendary will come on to clarify... |
#110
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Posted By: Peter_Spaeth
Oh what a tangled web we weave |
#111
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Posted By: John Basilone
"I thought it was strange for Doug to say that Mastro Auctions is still in business. If Mastro is still in business and the current auction is actually a Mastro auction, held "in conjunction with Legendary Auction," then the lines between the two companies are really blurred. " |
#112
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Posted By: Jim VB
I'm sure this won't shock anyone, but Mastro is no longer listed on Silk Road's web site, as being part of their portfolio. |
#113
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Posted By: John Basilone
PORTFOLIO |
#114
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Posted By: quan
wes good luck on the lots. doug probably knew it'd go for big money so he did you a favor. |
#115
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Posted By: Aaron M.
Jim -- damn!!!! Good work. |
#116
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Posted By: Peter_Spaeth
"Legendary Auctions, a newly formed Sports and Americana auction house has announced today it has taken possession of Mastro Auctions assets." |
#117
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Posted By: PC
It is standard M&A practice in the context of an asset sale to transfer the assets, and not the liabilities, to the buyer. This is often the case when there are liabilities that a buyer would otherwise not want to deal with. The presence of such liabilities is a determining factor whether a deal is stuctured as an asset purchase or a stock purchase (although tax and other considerations also come into play). |
#118
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Posted By: Peter_Spaeth
But was there really an asset sale here? |
#119
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Posted By: Jim VB
"But was there really an asset sale here?" |
#120
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Posted By: Jay
Looks like the "new" auction house is becoming legendary for all the wrong reasons. Somewhere in Watchung, NJ a man is laughing his ass off. |
#121
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Posted By: Jeremy Humber
Jay, wonder if the FBI guys are laughing their asses off with the restoration job Mastro did for you back in 2004. |
#122
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Posted By: Jay
Jerry--I have no clue who you are, but nice defense of Legendary. Just to be clear, I was not bashing Legendary, just making the point that you have only one chance to make a first impression and it appears to me that they are not doing a very good job of it. BTW, as noted in my December 8, 2004 post on that thread I never authorized, nor paid for, any restoration work on that piece. Not that there was anything wrong with the work, the work was fantastic. However, it should have been disclosed in the original lot description. |
#123
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Posted By: leon
Aaron- you said |
#124
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Posted By: boxingcardman
The Mastro contracts I have on file do not contain any provision allowing the assignment of the contract. I reiterate, to decide whether the contracts were lawfully assigned you would need to analyze IL law. |
#125
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Posted By: Aaron M.
Leon, this was your comment that I responded to with regard to REA (from your April 16, 2:56 PM post): |
#126
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Posted By: leon
Yes, you did misunderstand. My response (that you just cited) had nothing at all to do with REA. |
#127
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Posted By: Bob Casmer
I haven't read every single entry in this thread so if I missed something, forgive me. As a CPA for about 30 years, I've seen a lot of business sales and transactions. However, I'm not a lawyer so, this is only my opinion based on my years of business experience and thus, in true CYA fashion, I would advise anyone to check with an attorney before preceeding with any specific action in regards to my comments. |
#128
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Posted By: PeterSpaeth
If Silk Road owned Mastro, and now owns Legendary, where was the "sale"? |
#129
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Posted By: Aaron M.
OK, Leon, also when I wrote the following in reference to REA: |
#130
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Posted By: PeterSpaeth
Silence is only probative in circumstances where it is reasonable to expect someone to speak. Issuing an open invitation to attack someone on a public forum would not seem to be one of those circumstances. This has nothing at all to do with Rob, just the methodology here. |
#131
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Posted By: James Feagin
It seems that perhaps Legendary needed to keep these Mastro items in order to have a competitive auction? |
#132
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Posted By: JimCrandell
Aaron, |
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