Legendary Auctions

[baseballart]

Thank you Leon.

Max

[Myachelydra]

Nice move. Hopefully this will help Gary and others get their money.

[calvindog]

What about restitution for the rest of us who have been defrauded by Legenda--woops--Mastro?

[AndrewJerome]

Leon,

I applaud your decision,


Andrew

[gnuche]

I was contacted by Doug Allen about 5:30 this evening and Doug Allen has told me that he will pay me the money (5400.00) that is owed me next week. He also told me that he did not read any of my posts but that a customer of his told him what was going on, and he wanted to get this straightened out. I asked him about others who are in the same situation and he told me to give
them his phone number and he will do what he can to get everyone paid off.
If you have not gotten paid for your consigned item auctioned in the last mastro auction Feb 2009 get in touch with Leon and he can give you Doug's phone number.I retract nothing that I posted and I do not think I would be getting my money if it were not for net 54, all the members who supported my position and Leon. When everyone is paid I think legendary's banner could go
back up, and each individual can deal with it as they please. When the check clears I will let everyone know. Thanks again Nuch

[Matt]

Originally Posted by gnuche

He also told me that he did not read any of my posts but that a customer of his told him what was going on, and he wanted to get this straightened out.

Hard to believe that he was unaware of yours and others situations until today.

[three25hits]

As long as those that are owed get their cash, the rest is wallpaper...

[Jacklitsch]

Originally Posted by Matt

Hard to believe that he was unaware of yours and others situations until today.

That cinches it. If he doesn't keep in touch with the hobby blogs he has become irrelevant.

[daviddbreadman]

I am glad you are getting your money. These card we love often times mean more than money to all of us but unfortunately money is the only thing that comes close to substituting for our cards. Its bad enough to be swindled out of $5400 but when its cards you gave up for that nothing in return it hurts even more if you ask me.

Its good this guy Doug is doing the right thing. Its unfortunate he is most certainly only doing it because he has to protect his brand. One thing he didn't realize, as much as he tried, its not possible to cherry pick the best parts of that Mastro garbage in that inside deal because the good will or in this case "bad will" cannot be separated from the assets. He should have known and hopefully knows that perhaps its better to forgo some consignment profits from these new auctions to nullify and essentially buy back the "bad will" that came with their Mastro asset purchase. They may know cards but based on past experience and this new beginning they know nothing about business and running a successful company.

[botn]

Not sure taking down the banner ad is going to make Legendary pay any faster but it was the right thing to have done. What would help is if some of the very high profile "dealers" paid back the many (and I mean MANY) hundreds of thousands of dollars they owe them. Right now these guys look like the GAI of auction world. Next thing you know they will show up in an RV and hold an auction outside your house.

Greg

[Peter_Spaeth]

I don't think any of us here knows the terms under which Legendary came to possess Mastro Auctions' assets, and the critique of Doug's business acumen in connection with the transaction is just so much idle speculation. Indeed, while I cannot now locate the thread, I recall a board member came up with information suggesting what really happened is simply that the financial firm behind Mastro transferred assets from one wholly owned entity to another, Legendary. There was, if that is true, no "asset purchase" at all. Oh and by the way, it's clique, not "click."

[Jim VB]

Peter,

That was me who posted that.

I also am not privy to any parts of the deal concerning Mastro into Legendary. I do know that Mastro was owned by an investment firm named Silk Road Equity. The day the announcement of the "sale" was made, I checked their web site and Mastro Auctions was no longer listed in their portfolio, but Legendary Auctions was. To me, this means the purchase/sale was done to extract Bill Mastro from the business.

A CPA (or an attorney) specializing in bankruptcies would know better, but the carefully worded phrase concerning the "acquiring the assets" is designed to move the assets and leave the debts behind. If those debts include consignors who are owed money, I'm surprised they are paying up this easily. Actually, I'm surprised that Doug even has that option. If the "ruse" was well constructed, you would think the creditors would have to chase Mastro through the courts for payment.


http://www.silkroadequity.com/Equity/Portfolio.html