Mastro/Legendary Article in Today's NY Daily News

[Rich Klein]

Then Leon can spring for Steaks for all of us

[botn]

Dave is a very successful and seasoned dealer and hobby veteran. I think the shill bidding defense is weak unless of course the FBI investigation goes someplace. Right now it has not been proved they have shill bid.

As far as Mastro running a Ponzi scheme that is also a bit absurd. I don't think Mastro was engaged to do business simply to pay off past consignors. However they may have exercised poor judgment in extending credit to certain customers to the detriment of certain consignors. In both Bill Fisher's and Dave Forman's circumstances I suspect both showed the ability to make good on the credit which was extended to them. Not a unique situation where one day someone is a good customer and the next a bad creditor and as an auction house it can be tough to know when that is going to take place. I think Mastro got caught up in the feeding frenzy and was attempting to get the most they could for their items and the best way in which to do that is to extend credit.

I too would like to understand the arrangement Dave had with Mastro. Something very unsettling about this whole thing.