Is the complaint viewable online?
Quote:
Originally Posted by botn
The complaint filed by Mastro states that Forman amassed a staggering $805K in debt between 2006 and Aug 2008. Since Aug 2008 (the Dec 08 auction) Forman's net consignment proceeds were just over $569K according to the complaint. It does not give a complete list of the items making up the $805K in purchases nor does it identify all of the items Forman sold in auction totaling just over $569K but it does list the following 4 items:
T210 Jackson PSA Authentic (Lot 589 in the Dec 08 Auction)
T205 Cobb SGC 84 (Lot 718 in the Dec 08 Auction)
M110 Complete Set SGC graded (Lot 329 in the Dec 08 Auction)
49B Robinson SGC 98 (Lot 226 in the Dec 08 Auction)
The complaint also states that Forman had an unpaid $200K debt with Mastro Auctions in Aug 2007 at which time an agreement was made to extend him additional credit at 10% interest.
Don't know about you but if someone is unable to satisfy a debt for 200K what makes you think it is a great idea to extend the credit like to over $800K? The 10% interest was enough of an incentive? I don't buy that. There is more to this story then we are getting.
Greg
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