I'm in the same boat. I consigned back in October. One item made it into their December auction and I received payment finally by mid March. The second item went into the February auction and I'm still waiting for the close to 2 grand for that one.
On May 13th Walter Tomala sent me this e-mail
Garret, we're expected to make all payments to consignors by the end of May. Sorry for the delay.
Thanks,
Walter Tomala
Then on Sunday, May 31, 2009 I received this e-mail.
Subject: Mastro Auctions Consignor Update
Dear Garret,
Now that June is upon us we thought it would be appropriate to communicate the current situation related to the amounts owed to you from past consignments.
First and foremost in liquidating Mastro Auctions we remain confident that all consignors will be paid. We were hopeful that based on monies received by Legendary Auctions and by liquidating other assets including accounts receivable and inventory this would have been accomplished by the end of May. We are working diligently to liquidate all assets in order to be in a position to remit the outstanding obligation you are due. We have had to take legal action on a few significant accounts that owe us money. In addition we have a few large receivables that will mature in the next few months. We are confident that the actions we are taking will yield positive results which will enable us to pay you. As of the current date we have extinguished all of our senior secured bank obligations and the monies we recover from these other sources will be used to pay out these final obligations. Our inability to pay these obligations in a timely fashion has been very unfortunate and for that we apologize. We ask for your to bear with us as we continue to work through this very difficult situation.
Sincerely,
Walter Tomala
Controller
Mastro Auctions
It's been frustrating, and it's no wonder why their current auction is so weak. How about paying the consignors that make your business a possibility.
- Garret
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