Mastro and Allen Indicted

[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.

[calvindog]

They're not so big that they can't address the 600 pound gorilla sitting in the corner.

[Peter_Spaeth]

Originally Posted by calvindog

They're not so big that they can't address the 600 pound gorilla sitting in the corner.

Would you feel better if they sent an email saying we deny the charges and intend to vigorously contest them?

[calvindog]

Originally Posted by Peter_Spaeth

Would you feel better if they sent an email saying we deny the charges and intend to vigorously contest them?

No, they've already said that in the papers through their lawyers. I think it prudent that they at least address the impact if any the charges will have on their business, their consignors, their customers, etc. and what, if any, efforts they are making to ensure that Legendary will be a going concern. Don't the people who have spent millions of dollars with Legendary and Mastro at least deserve that?

[Peter_Spaeth]

Originally Posted by calvindog

No, they've already said that in the papers through their lawyers. I think it prudent that they at least address the impact if any the charges will have on their business, their consignors, their customers, etc. and what, if any, efforts they are making to ensure that Legendary will be a going concern. Don't the people who have spent millions of dollars with Legendary and Mastro at least deserve that?

Maybe Leon will get another message on his voice mail.

[sago]

Mastro and Legendary Auctions have nothing to do with each other. Just because all 3 people used to work for Mastro Auctions and commited fraud, does not mean that the two that bought out Mastro, sold his collection for him, have all the Mastro auction results on their site, etc., should mean anything to current consignors as they surely have not done anything wrong since. (tongue in cheek smiley)

David davis

[T206DK]

Originally Posted by calvindog

They're not so big that they can't address the 600 pound gorilla sitting in the corner.

Indeed !

[calvindog]

Ok, everyone relax. I saw the email from Legendary. It didn't explain anything regarding the indictments of its top executives for shill bidding -- but it did invite bidders to make maximum, online proxy bids for its live auction this week.

I love America!!!

[base_ball]

Craig "Proxy" Helling?

[T206Collector]

Golden Balls Auction:

http://www.legendaryauctions.com/Lot...px?lotid=34377

What do we make of the red text at the top of the auction description? Does it help their case?

Elvis Hair Auction:

Also, with respect to the Elvis hair, what do we make of the note in the letter of authentication that "it is my opinion that short of comparing mitochondrial DNA with that of known Presley relatives, the hair in the bag is also authentic."

http://www.legendaryauctions.com/Lot...px?lotid=88257


Can Mastro/Legendary successfully shield themselves from liability by putting (albeit weak) disclaimers and conditional lines in their auctions and/or letters of authenticity?

My prediction is pleas of guilty from all involved, but no jail time -- only probation.