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

[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

[Peter_Spaeth]

Originally Posted by 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

Doug might have to bring a couple of hats to the deposition -- white, as he is a great guy.

[Jay Wolt]

What if ????

OK so if Legendary is a seperate enterprise from Mastro
and Mastro now no longer exists.
What if the past people pay off their debt to Mastro?
It is said that they have hundreds of thousands outstanding from their past auctions.

Who get the dough?

I'm confused about so many issues concerning the old auction house and the new & improved one.

[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.