Mastro/legendary consignment checks?

[Rob D.]

Originally Posted by Jim VB

I'd be looking for an attorney by now.

Or perhaps an owner of a chat room.

[Leon]

Are we a chat room? As much as I get beat up I thought it was a boxing ring, or an octagon? I will make a call or two but I have a feeling I might not find much out. I am sorry you are having this problem Gary.....You are certainly one of the good guys in the hobby.....

btw Gary- have you tried calling Doug?

[gnuche]

Leon, I have not talked to Doug or anyone else for that matter. The message on mastroauctions said they were hoping to have all checks mailed in May.
I was waiting(naively I guess) thinking I will get paid in May. Legendary said they are not responsible for consignment checks for the last mastro auction.
Why call Doug?

[Leon]

Hey Gary
Doug was the President of Mastro. He probably has connections. As for me making calls that is who I would call to find out. I have never spoken with Bill Mastro on the phone but I have spoken with Doug many times....I would start with him....shoot me an email if you want his number or you want to chat off line...

leonl@flash.net

[Rob D.]

Originally Posted by Leon

Are we a chat room?

Sorry, I got mixed up on my Internet communication venues.

Although technically, thanks to this new forum platform, you could list a chat room among your assets.

[Leon]

Originally Posted by Rob D.

Sorry, I got mixed up on my Internet communication venues.

Although technically, thanks to this new forum platform, you could list a chat room among your assets.

or a liability

[Rob D.]

Thanks for that.

[HRBAKER]

Originally Posted by leon

or a liability

say no to crack!

[Jim VB]

Originally Posted by Leon

or a liability

Leon,

If you've got a suggestion box going... that is probably a feature we could do without.


I'm just saying...

[RichardSimon]

Considering they were lightning fast to criticize my testimony in a deposition I gave in a lawsuit against them by Bill Daniels, it is amazing that speed has deserted them when it comes to paying consignors.

[egbeachley]

The consignors don't have the ultimate risk, the buyers do. If Mastro goes bankrupt, and has no money, the items go back to the consignor since the sale wasn't completed (a consignment becomes a sale only upon payment).

[baseballart]

I can't comment on any aspect of law in the United States, but in Canada, a consignor should register a personal property security interest for their consignment, and even then, the interest is generally not sufficient to compel the return of goods from a bona fide third party purchaser. This means that if a Canadian auction house goes under without paying its consignors, the consignors are out of luck

Max

[Knuckles]

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