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

calvindog · #1 08-06-2009, 09:24 PM

Quote:

Originally Posted by Peter_Spaeth

Jay, Mastro still exists, it just changed its name to Ketap. So in the first instance that entity would get any money collected by or paid to Mastro.

Of which Doug is the President. But he claims that he's not responsible for paying any of Mastro's debts off.

Rob D. · #2 08-06-2009, 09:26 PM

I'd pony up some cash if for the next name change, Legendary becomes:

Reginald Marsh · #3 08-06-2009, 09:34 PM

In all seriousness i really do not get it. Doug and these guys are easily found. If this dude owed me money it would have been collected at the National. In my opinion they are just waiting to see if some of the consignors just go away so they can get out of paying. I strolled by Doug and the boys on several occasions and they looked at ease in my opinion as if they had no worries in the world.

Peter_Spaeth · #4 08-06-2009, 09:47 PM

Quote:

Originally Posted by Reginald Marsh

. I strolled by Doug and the boys on several occasions and they looked at ease in my opinion as if they had no worries in the world.

Pride goeth before destruction, and a haughty spirit before a fall.

4815162342 · #5 08-06-2009, 10:45 PM

Quote:

Originally Posted by Peter_Spaeth

Pride goeth before destruction, and a haughty spirit before a fall.

That proverb has rung true for centuries, whether it's shekels, dollars, or vintage baseball cards.

Peter_Spaeth · #6 08-07-2009, 07:30 AM

If Silk Road Equity's website is to be believed, it is a firm with substantial capital. One would think a sounder business strategy would have been to inject the cash necessary to pay off consignors (could it have been THAT much?), rather than to leave them unpaid, and generate a tremendous amount of bad will by insisting they aren't Legendary's problem.

calvindog · #7 08-07-2009, 07:53 AM

Peter, you're forgetting the Mastro Rules of Conduct which are tattooed on every employee's arm upon hiring:

1) Money goes in, not out;

2) Lie always (even when unnecessary -- sometimes you just need to practice);

3) Leak lawsuits to the press to avoid questions about 1);

3) See 1) to 3).

Peter_Spaeth · #8 08-07-2009, 08:10 AM

"We typically make $1 million to $20 million equity investments, alone or as part of a syndicate, and can go much higher given our stable of relationships with institutional investors. Our financial strength gives us the flexibility to provide follow up rounds of funding and support your business through differing market conditions."

Hmmmm..... one would think.... oh well.......

mikedenero · #9 08-07-2009, 09:25 AM

Quote:

Originally Posted by calvindog

Of which Doug is the President. But he claims that he's not responsible for paying any of Mastro's debts off.

I hate to keep beating a dead horse here, but does anyone know (rather than speculate) what Doug's ownership stake in Mastro/Ketap is/was and what it is in Legendary?

Peter_Spaeth · #10 08-07-2009, 09:36 AM

The issue is not really piercing the veil to get to Doug individually, in my opinion, but rather, whether Legendary (the ongoing business) is liable for Mastro's debts on an alter ego and/or fraudulent conveyance theory.

Ladder7 · #11 08-07-2009, 09:49 AM

"As far as I can tell, your entire enterprise is nothing more than a solitary man with a messy apartment, which may or may not contain a chicken!"

"And with Darren�s help, we�ll get that chicken."

Rob, Thanks for getting me thinking.

slantycouch · #12 08-07-2009, 09:56 AM

Quote:

Originally Posted by Ladder7

"As far as I can tell, your entire enterprise is nothing more than a solitary man with a messy apartment, which may or may not contain a chicken!"

"And with Darren�s help, we�ll get that chicken."

Rob, Thanks for getting me thinking.

"You know Darren, if you would have told me twenty-five years ago that some day I'd be standing here about to solve the world's energy problems, I would've said you're crazy... Now let's push this giant ball of oil out the window."

mikedenero · #13 08-07-2009, 09:59 AM

Quote:

Originally Posted by Peter_Spaeth

The issue is not really piercing the veil to get to Doug individually, in my opinion, but rather, whether Legendary (the ongoing business) is liable for Mastro's debts on an alter ego and/or fraudulent conveyance theory.

Right - I agree 100%. But, hypothetically speaking (of course), if such claims are viable (key words here: "if" and "viable"), the same facts might (key word here: "might") implicate a veil piercing claim against the orchestrator(s).

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