After reading the article and comments, here's what I learned and thought:
1. Use REA if your items are good enough
2. If buying expensive items, buy them yourself and not have a friend help you
3. If not using REA, use Ebay with PayPal. Why? You always get paid and have an avenue to recoup lossess without resorting to a Pomeranian Serenade. Few horror stories aside, considering the massive quantity of sold items on Ebay and low percentage of frauds, it is still (appears to be) the best place to do business.
4. Only ship items after payment is received AND clears.
5. Don't bid if you can't pay
6. "The company filed a lawsuit on June 25 in Illinois state court against Dave Forman, the president of SportsCard Guaranty, a New Jersey card-grading service. The suit alleges Forman owes Mastro more than $400,000, including interest, for items purchased in 2007 and 2008 auctions.
Take out 11 of the 45 words and half of the comments in this topic go away.
"The company filed a lawsuit on June 25 in Illinois state court against Dave Forman. The suit alleges Forman owes Mastro more than $400,000, including interest, for items purchased in 2007 and 2008 auctions.
7. "When Allen and several colleagues announced over the winter that they had bought Mastro assets and would go into business as Legendary Auctions, they promised in a press release that all outstanding Mastro Auction business would be "seamlessly facilitated, processed and completed through Legendary Auctions."
Press releases aren't legally binding. Does 'assets' include the outstanding debt? In this case unpaid consignors. Why buy the debt? Wouldn't it be a smarter business decision to have to make the consignor seek restitution/payment from a bankrupt company?
8. If you are owed money, repeatedly call the company in an attempt to clog the phone lines.
9. If I am Silk Road Equity and I saw one of my investments using my name in the public in a negative sense, I drop them like a lead balloon.
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07-06-2009, 04:48 AM
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