Mastro and Allen Indicted

[Peter_Spaeth]

Originally Posted by calvindog

Walk where? And one of the 'three' appears to be cooperating with the feds as hinted by his lawyer.

If you had your way, they would be walking the plank.

[calvindog]

Well, they ARE great guys.

[RichardSimon]

Originally Posted by calvindog

Well, they ARE great guys.

And why would anyone think otherwise?

[calvindog]

Has Legendary sent out a mass email addressing the indictment of its top executives? I've been banned from bidding in their auctions for a while so I'm unsure whether they've addressed the events of last week. Considering the angst that would-be consignors and bidders surely must be feeling now, I can't imagine that Doug hasn't at least confirmed that the company is a going concern, that he will not be leading the company until his criminal fraud charges are resolved, etc. Anything?

[Jaybird]

Haven't seen anything. Seems the MO of auction houses that are under fire is to duck and cover.

[Peter_Spaeth]

Originally Posted by calvindog

Has Legendary sent out a mass email addressing the indictment of its top executives? I've been banned from bidding in their auctions for a while so I'm unsure whether they've addressed the events of last week. Considering the angst that would-be consignors and bidders surely must be feeling now, I can't imagine that Doug hasn't at least confirmed that the company is a going concern, that he will not be leading the company until his criminal fraud charges are resolved, etc. Anything?

What happened to the presumption of innoncence?

[Leon]

Originally Posted by Peter_Spaeth

What happened to the presumption of innoncence?

Well Peter, he did say "charges". I was kind of curious of that too. From the few emails and snail mail I have received from Legendary I haven't seen anything to address the issue. That might not be a bad strategy though at this point. I hope this whole mess gets over with quickly and we can move to more positive things in our hobby. I can't be "happy" about the whole situation.

[Peter_Spaeth]

Right, I am just questioning Jeff's suggestion that Doug has an obligation to step down until the charges against him are resolved. That sounds like a presumption of guilt. That said, I am not sure playing ostrich is a great PR strategy with a major auction coming up and others in the pipeline.

[calvindog]

Originally Posted by Peter_Spaeth

What happened to the presumption of innoncence?

Which word did I mention which suggested that there was no presumption of innocence? And does the presumption of innocence prevent the government from freezing the assets of an entity which could be claimed to be proceeds of a crime? Does the presumption of innocence come with a guarantee that all businesses operated by those under indictment are required by law to remain open and not be forced into bankruptcy? Ask Arthur Andersen about the pre-conviction impact of an indictment.

And it's not a presumption of guilt for the top executives of a business to step aside upon being indicted for fraud in the very type of business that they are running. More like common sense.

[Peter_Spaeth]

Jeff, I am not sure Legendary is big enough that its two top executives can simply step aside while the judicial process plays out. It certainly will be interesting to see what impact, if any, this has on the upcoming auctions.