New Mastro Thread: for consignors who have or haven't gotten paid

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Posted By: Mark

I know I said I wasn't going to post until I received my settlement check, but I think this is somewhat important. I decided to start a new thread because: a) I wasn't comfortable with the title of the prior thread, b) the previous thread had started to float off-topic and c) I really just want to share my experience with other Mastro consignors and share strategy about recovering funds due to us. To recap, I am awaiting a settlement check for approximately $5000 for two lots I consigned to Mastro's February sale. In the past, Mastro has settled in sixty days.

The following email arrived from Walter Tomala at Mastro today:

Dear Mark,

A number of individuals have asked for clarification with respect to the status of their Mastro Auctions' consignment accounts. The following points apply to Mastro Auctions' consignments - and in particular, regarding the final auction conducted by the Mastro Auctions organization, in February, 2009:

· Mastro Auctions will be responsible for paying out consignor obligations related to the February, 2009 auction.

· Legendary Auctions will handle the upcoming April, 2009 and June, 2009 auctions. Legendary Auctions will be responsible for all consignor payments for auction items sold in the April, 2009 and June, 2009 sales.

· Receipts for the February, 2009 auction have taken longer to process than in the past, as a result of the transition of Mastro Auctions' assets to Legendary Auctions. We are working diligently to get the final monies collected by the end of April, 2009.

· We anticipate that consignors with sales in the February, 2009 auction will be paid during the month of May.

We apologize for the unanticipated delay, and thank you in advance for your understanding through what has been a very busy, difficult time.
Further questions can be directed to wtomala@mastroauctions.com, or to 630-472-1200 by leaving a message.

Sincerely,

Mastro Auctions
7900 S. Madison
Burr Ridge, IL 60527
630-472-1200

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I responded to Walter with a very clear message: I expected a settlement check by the end of this week by Express Mail. I expected that check to clear my bank. Previously, I had downloaded a consumer complaint form from the web site of the Attorney General of the State of Illinois and had contacted a field agent at the Chicago FBI office. I put both on hold after receiving reassurance from Doug Allen that he would attempt to get Mastro to release my check. This email was not very reassuring.

So, fellow consignors, what do you think? What strategies are you adopting to recover the funds owed to you?

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Posted By: Rick McQuillan

Mark,
As an outsider who has never dealt with Mastro, your situation looks scary. I would think that the funds would have been collected by now. Why would it take another month to process the checks? Is it because the money is gone? If I were in your situation I would take action immediately.

Rick

[Archive]

Posted By: Rand

to me they are trying to use the cash flow from Feb to assist in the costs of the current auction. kinda robbing peter to pay paul. the money has been recieved for your items, unless your items specifically have not been paid for, hard to prove that. tough spot to be in, maybe you should get your paperwork ready just in case?

in either event, i would think for future consignment and goodwill the Legendary people would go out of their way to satisfy those customers as to build a relationship with them going forward.

we'll see.