Not sure if this has been posted..Mastro in the Chicago Tribune

[Kenny Cole]

I have tried very hard to stay out of this, but that last comment from Mr. Allen was, at best, absurd. IMO, all you have to do to see that Mastro/Legendary are the same enterprise is to be moderately literate.

Based on what I have read, if I was an unpaid consignor I would file an alter-ego/instrumentality lawsuit, allege fraud, name all of the companies, sue the principals individually, get the financials, and look forward to the depositions. I suspect they would be really ugly.

Kenny Cole

[Peter_Spaeth]

Originally Posted by Kenny Cole

I have tried very hard to stay out of this, but that last comment from Mr. Allen was, at best, absurd. IMO, all you have to do to see that Mastro/Legendary are the same enterprise is to be moderately literate.

Based on what I have read, if I was an unpaid consignor I would file an alter-ego/instrumentality lawsuit, allege fraud, name all of the companies, sue the principals individually, get the financials, and look forward to the depositions. I suspect they would be really ugly.

Kenny Cole

Doug might have to bring a couple of hats to the deposition -- white, as he is a great guy.

[Kenny Cole]

The problem with public pronouncements is that they are public and thus, easy to force-feed the deponent who, after all, is sworn to tell the truth. I have watched this cluster-f___ unravel with a fair amount of amazement at the pronouncements, both written and oral, which have been made. If I was trying to skate paying folks I owed money to, I don't think I would probably have said some of those things.

[Jay Wolt]

What if ????

OK so if Legendary is a seperate enterprise from Mastro
and Mastro now no longer exists.
What if the past people pay off their debt to Mastro?
It is said that they have hundreds of thousands outstanding from their past auctions.

Who get the dough?

I'm confused about so many issues concerning the old auction house and the new & improved one.

[Peter_Spaeth]

Jay, Mastro still exists, it just changed its name to Ketap. So in the first instance that entity would get any money collected by or paid to Mastro.

[botn]

What a great deal to get all the assets and none of the liabilities. I wanna make a deal like that.

[calvindog]

Originally Posted by Peter_Spaeth

Jay, Mastro still exists, it just changed its name to Ketap. So in the first instance that entity would get any money collected by or paid to Mastro.

Of which Doug is the President. But he claims that he's not responsible for paying any of Mastro's debts off.

[Rob D.]

I'd pony up some cash if for the next name change, Legendary becomes:

[Reginald Marsh]

In all seriousness i really do not get it. Doug and these guys are easily found. If this dude owed me money it would have been collected at the National. In my opinion they are just waiting to see if some of the consignors just go away so they can get out of paying. I strolled by Doug and the boys on several occasions and they looked at ease in my opinion as if they had no worries in the world.

[Peter_Spaeth]

Originally Posted by Reginald Marsh

. I strolled by Doug and the boys on several occasions and they looked at ease in my opinion as if they had no worries in the world.

Pride goeth before destruction, and a haughty spirit before a fall.

[4815162342]

Originally Posted by Peter_Spaeth

Pride goeth before destruction, and a haughty spirit before a fall.

That proverb has rung true for centuries, whether it's shekels, dollars, or vintage baseball cards.

[mikedenero]

Originally Posted by calvindog

Of which Doug is the President. But he claims that he's not responsible for paying any of Mastro's debts off.

I hate to keep beating a dead horse here, but does anyone know (rather than speculate) what Doug's ownership stake in Mastro/Ketap is/was and what it is in Legendary?

[Peter_Spaeth]

The issue is not really piercing the veil to get to Doug individually, in my opinion, but rather, whether Legendary (the ongoing business) is liable for Mastro's debts on an alter ego and/or fraudulent conveyance theory.

[Ladder7]

"As far as I can tell, your entire enterprise is nothing more than a solitary man with a messy apartment, which may or may not contain a chicken!"

"And with Darren’s help, we’ll get that chicken."

Rob, Thanks for getting me thinking.

[mikedenero]

Originally Posted by Peter_Spaeth

The issue is not really piercing the veil to get to Doug individually, in my opinion, but rather, whether Legendary (the ongoing business) is liable for Mastro's debts on an alter ego and/or fraudulent conveyance theory.

Right - I agree 100%. But, hypothetically speaking (of course), if such claims are viable (key words here: "if" and "viable"), the same facts might (key word here: "might") implicate a veil piercing claim against the orchestrator(s).