Not sure if this has been posted..Mastro in the Chicago Tribune

[botn]

I am still trying to digest this one Peter Spaeth posted yesterday.

From the NY Daily News
Allen says the matter is out of his hands. The responsibility to pay consigners and other creditors belongs to Mastro Auctions, which was owned by Silk Road Equity. Silk Road has a small stake in the new auction business, Allen adds, but Legendary Auctions is a completely separate entity from Mastro Auctions. "I will share their frustrations until everybody who did business with Mastro Auctions is made whole," Allen says. "I wish we could meet those old obligations and start with a clean slate. But legally, we have done everything appropriate."

I was remaining neutral with regards to my stance on the Mastro/Legendary issues however the above is completely distasteful and unacceptable. If Doug is being quoted accurately his days are numbered in the hobby.

[slidekellyslide]

Originally Posted by botn

I am still trying to digest this one Peter Spaeth posted yesterday.

From the NY Daily News
Allen says the matter is out of his hands. The responsibility to pay consigners and other creditors belongs to Mastro Auctions, which was owned by Silk Road Equity. Silk Road has a small stake in the new auction business, Allen adds, but Legendary Auctions is a completely separate entity from Mastro Auctions. "I will share their frustrations until everybody who did business with Mastro Auctions is made whole," Allen says. "I wish we could meet those old obligations and start with a clean slate. But legally, we have done everything appropriate."

I was remaining neutral with regards to my stance on the Mastro/Legendary issues however the above is completely distasteful and unacceptable. If Doug is being quoted accurately his days are numbered in the hobby.

This is exactly what I said a long time ago...I am certain they did everything legally to make sure their new enterprise has nothing to do with Mastro. It's sad that the only people Mastro seems to be taking care of are the ones that come to this board because they know a good portion of their customer base participates or reads this forum.

[RichardSimon]

Originally Posted by slidekellyslide

This is exactly what I said a long time ago...I am certain they did everything legally to make sure their new enterprise has nothing to do with Mastro. It's sad that the only people Mastro seems to be taking care of are the ones that come to this board because they know a good portion of their customer base participates or reads this forum.

It is not sad that they are only taking care of the people who come to this board. It is a sign of their immorality.

[calvindog]

Originally Posted by botn

I am still trying to digest this one Peter Spaeth posted yesterday.

From the NY Daily News
Allen says the matter is out of his hands. The responsibility to pay consigners and other creditors belongs to Mastro Auctions, which was owned by Silk Road Equity. Silk Road has a small stake in the new auction business, Allen adds, but Legendary Auctions is a completely separate entity from Mastro Auctions. "I will share their frustrations until everybody who did business with Mastro Auctions is made whole," Allen says. "I wish we could meet those old obligations and start with a clean slate. But legally, we have done everything appropriate."

I was remaining neutral with regards to my stance on the Mastro/Legendary issues however the above is completely distasteful and unacceptable. If Doug is being quoted accurately his days are numbered in the hobby.

How can Doug distance himself from Mastro when he's the President of Ketap, the company formerly known as Mastro? Doug IS Mastro.

And how would you like to be a consignor of Mastr--woops Ketap--woops Legendary when the music stops and they've got your cards and money? And Doug doesn't take your calls or emails? Oh wait -- that's already happened.

[mikedenero]

Originally Posted by calvindog

How can Doug distance himself from Mastro when he's the President of Ketap, the company formerly known as Mastro? Doug IS Mastro.

I apologize, in advance, if what I am about to ask has already been revealed on a prior related thread, but does anyone know what Doug's ownership stake in Mastro/Ketap is (or was) as well as his ownership stake in Legendary or it's parent company?

[Matt]

When I first read Ketap I read it as Kaput.

[Tony Gordon]

Greetings from the Illinois Secretary of State's resident vintage collector. I can vouch for the accuracy of our website. A lot of folks work very hard to make sure that website (www.cyberdriveillinois.com) is up to date and accurate. If you go to the corp/LLC search on the site and punch in Mastro, you'll see three or four companies using the name. It seems to me that the old Mastronet Inc. was parceled off into three or four companies. As a result, any creditor (a consignor) of Mastronet would most likely have to file a lawsuit and name as defendants all the new Mastro entities and let the courts sort out which one or ones have liability.

As a side note, Illinois Secretary of State Jesse White played minor league ball in the 1950s and was a minor league teammate of Ernie Banks. He was a pretty good second baseman and not a bad hitter.

[calvindog]

Tony, thanks for that. So apparently as of today, Doug Allen is the President of Ketap, formerly known as Mastro Auctions, Inc.

So why does Doug continue to say that he has nothing to do with Mastro?

[Peter_Spaeth]

Jeff, perhaps holding that office is just a technicality?

[calvindog]

Lol

[Peter_Spaeth]

The most stunning part of all this, for me, is the apparent failure to anticipate the reaction hobbyists would have to pronouncements of the sort Doug made today and previously.

[Kenny Cole]

I have tried very hard to stay out of this, but that last comment from Mr. Allen was, at best, absurd. IMO, all you have to do to see that Mastro/Legendary are the same enterprise is to be moderately literate.

Based on what I have read, if I was an unpaid consignor I would file an alter-ego/instrumentality lawsuit, allege fraud, name all of the companies, sue the principals individually, get the financials, and look forward to the depositions. I suspect they would be really ugly.

Kenny Cole

[buymycards]

OK, so if Doug Allen isn't associated with Mastro, why did he keep "some of Mastro's records"? He just happened to have the record of the consigner that was owed $1800?

Why would he have access to any of Mastro's records? Why would Mastro let him have these records?

I wonder who signed the check.

[WarHoundR69]

Sorta like Mastro & Dave Forman, which is happening now, and not back in the 90's.

[JEFFV96MASTERS]

Post / opinion no longer available

[whitehse]

I started this thread because of a article that appeared in the Chicago Tribune a few weeks back. I read today that there is a resolution at least to the person that was mentioned in the original article. Look all the way down to the bottom of the column

http://www.chicagotribune.com/news/c...7557573.column

[slantycouch]

Originally Posted by whitehse

I started this thread because of a article that appeared in the Chicago Tribune a few weeks back. I read today that there is a resolution at least to the person that was mentioned in the original article. Look all the way down to the bottom of the column

http://www.chicagotribune.com/news/c...7557573.column

WOW! Glad to hear it. Didn't see that coming.

[daviddbreadman]

I wonder where this mysterious money comes from when Mastro decides it can suddenly cut people checks when they go to the press????

[Peter_Spaeth]

David maybe Legendary is continuing to make payments for their arms' length purchase of Mastro's assets.