Mastro and Allen Indicted

[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.

[Leon]

Originally Posted by Peter_Spaeth

Maybe Leon will get another message on his voice mail.

I doubt it.

And not like I am a pushover but I have to concur with Jeff. They do have at least one executive not indicted, with 30+ yrs in the industry, that could easily temporarily fill in. I think an interim president wouldn't be a bad thing to consider. It's not my company but I do have a small vested interest in the way of some consignments coming up. I had to rob Peter to pay Paul (irony intended) as I am a hopelessly addicted type card collector and had to pay for my last winnings somehow . I will mention that Doug has always helped in some of my collecting endeavors. The rest remains to be seen and of course if I was ever shill bid I won't be the happiest collector, nor would anyone.

[base_ball]

Just a rumor, but I've heard that they are putting the finishing touches on mug shot promo cards for distribution at the National. The cards will feature a "Criminal Code of Conduct" on the verso of the booking photo.

[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.

[Peter_Spaeth]

Paul, in my judgment if a seller omits material information that casts doubt on an item's authenticity, a disclaimer doesn't protect it against a fraud claim.

[T206Collector]

I think the (albeit weak) conditions and disclaimers will go to whether the auction house made any "false" representations. Here's the lingo for mail fraud. 18 U.S.C. § 1341 provides:

Whoever, having devised or intending to devise any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises, or to sell, dispose of, loan, exchange, alter, give away, distribute, supply, or furnish or procure for unlawful use any counterfeit or spurious coin, obligation, security, or other article, or anything represented to be or intimated or held out to be such counterfeit or spurious article, for the purpose of executing such scheme or artifice or attempting so to do, places in any post office or authorized depository for mail matter, any matter or thing whatever to be sent or delivered by the Postal Service, or deposits or causes to be deposited any matter or thing whatever to be sent or delivered by any private or commercial interstate carrier, or takes or receives therefrom, any such matter or thing, or knowingly causes to be delivered by mail or such carrier according to the direction thereon, or at the place at which it is directed to be delivered by the person to whom it is addressed, any such matter or thing, shall be fined under this title or imprisoned not more than 20 years, or both. If the violation occurs in relation to, or involving any benefit authorized, transported, transmitted, transferred, disbursed, or paid in connection with, a presidentially declared major disaster or emergency (as those terms are defined in section 102 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5122)), or affects a financial institution, such person shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.

I'll revise my initial prediction of probation, to include a substantial monetary fine and, of course, restitution. But, I'm still going to say no jail time. I also think Legendary Auctions will survive this particular blow.

[calvindog]

Paul, I'll take that action all day.