Mastro/Legendary Article in Today's NY Daily News

[Mrc32]

Originally Posted by Peter_Spaeth

Dave is still selling and buying cards on ebay, it appears.

http://feedback.ebay.com/ws/eBayISAP...ab=AllFeedback

Is he upgrading those PSA graded cards by walking down the hall?

Ugh

[Jewish-collector]

Maybe Jeff can speak & take questions at the Net54 National dinner.

[Matt]

Originally Posted by Jewish-collector

Maybe Jeff can speak & take questions at the Net54 National dinner.

I was hoping Doug would.

[Bosox Blair]

Originally Posted by Mrc32

Is he upgrading those PSA graded cards by walking down the hall?

Ugh

I think the transactions pretty clearly show he is not. He is repeatedly selling PSA-graded cards in PSA holders (ie. NOT using his "influence" to get those cards slabbed with higher SGC grades).

I don't have nearly enough facts to want to get into this debate, but if this Ebay feedback does anything for me, it encourages me.

Cheers,
Blair

[botn]

The complaint filed by Mastro states that Forman amassed a staggering $805K in debt between 2006 and Aug 2008. Since Aug 2008 (the Dec 08 auction) Forman's net consignment proceeds were just over $569K according to the complaint. It does not give a complete list of the items making up the $805K in purchases nor does it identify all of the items Forman sold in auction totaling just over $569K but it does list the following 4 items:

T210 Jackson PSA Authentic (Lot 589 in the Dec 08 Auction)

T205 Cobb SGC 84 (Lot 718 in the Dec 08 Auction)

M110 Complete Set SGC graded (Lot 329 in the Dec 08 Auction)

49B Robinson SGC 98 (Lot 226 in the Dec 08 Auction)

The complaint also states that Forman had an unpaid $200K debt with Mastro Auctions in Aug 2007 at which time an agreement was made to extend him additional credit at 10% interest.

Don't know about you but if someone is unable to satisfy a debt for 200K what makes you think it is a great idea to extend the credit like to over $800K? The 10% interest was enough of an incentive? I don't buy that. There is more to this story then we are getting.

Greg

[Sean_C]

Is the complaint viewable online?

Originally Posted by botn

The complaint filed by Mastro states that Forman amassed a staggering $805K in debt between 2006 and Aug 2008. Since Aug 2008 (the Dec 08 auction) Forman's net consignment proceeds were just over $569K according to the complaint. It does not give a complete list of the items making up the $805K in purchases nor does it identify all of the items Forman sold in auction totaling just over $569K but it does list the following 4 items:

T210 Jackson PSA Authentic (Lot 589 in the Dec 08 Auction)

T205 Cobb SGC 84 (Lot 718 in the Dec 08 Auction)

M110 Complete Set SGC graded (Lot 329 in the Dec 08 Auction)

49B Robinson SGC 98 (Lot 226 in the Dec 08 Auction)

The complaint also states that Forman had an unpaid $200K debt with Mastro Auctions in Aug 2007 at which time an agreement was made to extend him additional credit at 10% interest.

Don't know about you but if someone is unable to satisfy a debt for 200K what makes you think it is a great idea to extend the credit like to over $800K? The 10% interest was enough of an incentive? I don't buy that. There is more to this story then we are getting.

Greg

[WarHoundR69]

Just wanted to mention that the "Fraudlent" dealings go back even further.

Sometime in 2007, Mark Finn, a prominent & highly respected Non-Sport collector bought a lot from Mastro that included original artwork from the 1941 R158 Gum Inc. Uncle Sam Home Defense Set. When Mark received the lot, the most desirable high number artwork was missing.

A complaint was filed by Mark, he was banned by Mastro. The missing original artwork showed up in a subsequent Mastro auction. Mark filed a complaint with the FBI.

Check out the Nonsport Forum for the complete thread.

Who knows how many little guys were ripped off in this fashion over the years?

As a disclaimer, Mark Finn is a friend of mine - We have bought from, Sold to & Traded many cards, from each other over the years.

When will someone like Mark be made whole by Mastro or Legendary?

[danmckee]

I too will proudly vouch that Mark is a stand up guy. Dan Mckee

[WarHoundR69]

Leon - I emailed Mark Finn about your offer to help.

He should be emailing you with all the particulars.

Anyone out there with a similar Mastro auction problem?

[Peter_Spaeth]

If, as appears to be the case, a large portion of Mastro's claim is interest, in theory that should make the dispute easier to settle. And (easy for me to say, of course), it probably SHOULD settle. That said, settlement dynamics are not always perfectly rational, at least early in a case.

[calvindog]

Originally Posted by WarHoundR69

Leon - I emailed Mark Finn about your offer to help.

He should be emailing you with all the particulars.

Anyone out there with a similar Mastro auction problem?

Does Leon have Doug's phone in his pocket? Why can Mike O'Keeffe get in touch with Doug but not Mastro/Legendary customers?

[Bicem]

Originally Posted by botn

It does not give a complete list of the items making up the $805K in purchases nor does it identify all of the items Forman sold in auction totaling just over $569K but it does list the following 4 items:

T210 Jackson PSA Authentic (Lot 589 in the Dec 08 Auction)

T205 Cobb SGC 84 (Lot 718 in the Dec 08 Auction)

M110 Complete Set SGC graded (Lot 329 in the Dec 08 Auction)

49B Robinson SGC 98 (Lot 226 in the Dec 08 Auction)

he bought or sold these items?

[Wesley]

I have not seen the complaint, but it looks like Dave Forman consigned those cards for Mastro to sell on his behalf.

[botn]

Those are 4 consignments that Mastro sold on behalf of Forman.

[Peter_Spaeth]

Nice Jackie!! Too bad the graders were harsher on Dave than the rest of us or it might have received a 100.

[Mr. Mitt]

Just conjecture, since I have absolutely no facts to back this up, but what about the possibility of Forman shilling for Mastro? It’s not inconceivable that they were working together with an agreement that Forman would re-consign whatever he, unfortunately in their eyes, won while bidding up lots. This could have been ongoing and lead to the massive “paper” debt in his name. Now that the Feds are involved and the books had to be opened, the excuse of a deadbeat bidder needed to be fabricated in order to disguise the shill scam. Any thoughts?