Wednesday, March 11, 2009

Mastro Auctions No More

As reported by Sports Collectors Daily the Burr Ridge, IL based company has ceased operations and a new company, headed by some members of Mastro, including president Doug Allen, has reformed in its place under the name, Legendary Auctions.

This announcement comes quickly on the heels of an article by Michael O'Keeffe of the NY Daily News earlier last month, stating that Mastro Auctions was having cash flow issues and had contacted co-signers of it December auction and asked them to post-pone cashing their checks until they could resolve "a banking error". You can read the article in its entirety
here.

In addition, ongoing research on my part, regarding allegations of shill-bidding, card doctoring and other issues of fraud, originally brought to light from a late summer
subpoena issued by the FBI on the floor of last year's National, has resulted in little update to this issue in comments either publicly or privately by the people I know at Mastro. Most notably of these is former VP of Acquisitions, Brian Marren, who has left the company as a result of the changes referenced earlier.

More details as they become available.

6 comments:

dinged corners said...

So basically, it will be the same deal but with a new name? Caveat emptor.

yanksfan said...

if the allegations are true, the punishment should be a lot more than just this little tiny slap on the wrist....

Screwed by Mastro said...

Still waiting for my check from Mastro's Feb 2009 auction. They knew what was up and still went ahead with the auction. What a bunch of crroks!

Anonymous said...

I'm still waiting for my Feb. 2009 auction check as well. I guess I have to get a lawyer but that will be a painful and expensive process.

Anonymous said...

I'm still waiting for my Feb 2009 consignment check. Has anyone gotten paid? Nobody at Legendary Auctions is returning phone calls or e-mails. Has anyone contacted an attorney yet to seek payment? Maybe we should look at a class action lawsuit to band together and keep our legal fees within reason.

Anonymous said...

Count me as one more collector who is waiting for payment from the February Mastro auctions. And I can confirm that no one at Legendary is returning emails or phone calls. I sense that none of us want the expense of a lawsuit and all of us are still hopeful that we'll get our money. I'm afraid, however, that unless we sue Mastro, Legendary, and name all the corporate officers of both firms individually, we're not going to get anywhere. I suspect that we can get judgements that include legal fees, though, if we're willing to take the step. I'm getting very close myself.

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