Mastro Sports Auctions

[kingjammy24]

Re: Mastro Sports Auctions

hi ken

i also get the impression that bill's the scapegoat.

mastro was owned by SRE which is headed by doug's old buddy flip. maybe SRE wasn't overly fond of funding an auction house that was the focus of an FBI investigation especially in the current climate? why would SRE cut off funding if mastro was profitable, especially if SRE/flip inserted their own man, doug, at the top of the operation?
secondly, what other investor or lender's going to fund a company under FBI investigation? but if they make bill out to be the scapegoat and say that he's no longer with the company then that allows doug to procure funding to start another auction house. why would legendary be able to procure funding but mastro couldn't? after all, it's the same management team! what's the only difference? bill mastro's not there. not hard to put 2 and 2 together.

i've never met or spoken to bill mastro but from what i've read i see no reason to feel sorry for him especially after reading "The Card". while some may say that the book was a hack job on bill, i didn't see bill suing for libel. the book practically implies that bill committed a massive fraud and bill doesn't say a word. yeah that screams innocence.

http://www.nydailynews.com/sports/baseball/2007/06/24/2007-06-24_just_cant_cut_it.html

is it just a coincidence that the guy accused of altering the T206 wagner then has his auction house under FBI investigation for card altering? as they say, the fish rots from the head down.

secondly, bill chose to sell to SRE in 2004. he chose to take on doug allen. maybe he felt a kinship with doug, a guy who's been shown to have no qualms about altering items without disclosing the alterations. if these choices came back to bite bill in the ass, then so be it. stupidity has always had consequences. the sale made him a wealthy man and even after the sale, he proclaimed he was still heavily involved in every aspect. so you've got bill and doug at the top and the two of them do such an amazing management job that the company comes under FBI investigation for card-altering and shill bidding and then folds. wow! do you know how badly you've got to screw up to result in an FBI investigation? those guys don't go around conducting random investigations of clean businesses. when you think of the gross ineptitude that it takes to come to these results, it's pretty staggering. yet there was ol' dougie doing his usual garbage song and dance a month earlier singing the "everything's alright! t'is just a bank glitch!" ditty. of course the fact that it was coming out of doug's mouth meant it was garbage and wow, shocker, 1 month later mastro goes down. i wouldn't be surprised if in several years, "legendary auctions" is under FBI investigation.

as for oser being a bigwig at mastro, mastro purchased ron's company years and years ago and when you're the head of a company being purchased, it's not hard to secure yourself a plum position with your new overlord.

"Circumstances make it clear to me that the business needs to move in a different direction at this time.."

LOL. "circumstances". like a #*&!@ FBI investigation? those kinds of circumstances? they make it clear that the business needs to move in a non-fraudulent direction perhaps? in a "no more card-altering or shill-bidding" type of direction? what a genius. well good luck moving in that direction with doug allen at the helm. after all, doug was at the top at mastro and they went straight down the toilet. i don't know what makes bill or doug think "legendary" will be any different. "this time it will really be about our customers". what a racket. if i were part of the team at legendary, i wouldn't exactly be advertising that doug allen is leading it. how's that a plus? "and heading our new auction house is failed executive doug allen who previously headed mastro which is now under FBI investigation". what an advertisement. who's in charge of their customer service, kieta?

i don't feel sorry for bill or doug. they made a ton of money and together they governed a company that's now under FBI investigation. the only people i feel sorry for are the lower-level mastro employees who are genuinely paying the consequences for bill and doug's staggering ineptitude. i'm surprised theotikos and oser are actually following allen to another venture. out of one trainwreck and into another. then again, with the economy going the way it is, i can't imagine "auction directors" are in high-demand so maybe they have little choice.

rudy.

[Marichal27]

Re: Mastro Sports Auctions

Henderson's cd has so many holes in it, if it were cheese, it would be Swiss.
He claimed some Indians future jersey as one of those prototypes from the '90's I believe...it's actually a softball uniform.

[earlywynnfan]

Re: Mastro Sports Auctions

Maybe I'm reading into this wrong, but it seems to me that Allen is tossing the Mastro name to the wolves (FBI) and putting on a new set of clothes. I have never personally dealt with Allen, and my few Mastro experiences have been fine, but I always thought that Bill Mastro was the classy one of the group; now this deal almost makes it look like they dumped the problem, and from now on the remaining members will uphold the fine standards they always wanted.

Does anyone else get this vibe from this manuever? We all seem to be seeing a con game in progress, but does anyone else feel bad for Bill in this?

(Also, I've never heard a bad thing about Ron Oser, either; I didn't even know he was a bigwig at Mastro.)

Ken
earlywynnfan5@hotmail.com

[Eric]

Re: Mastro Sports Auctions

http://www.nydailynews.com/sports/2009/03/11/2009-03-11_bill_mastro_folds_sports_memorabilias_la.html?print=1&page=all

Bill Mastro folds sports memorabilia's largest auction house amid FBI probe

BY MICHAEL O'KEEFFE
DAILY NEWS SPORTS WRITER

Thursday, March 12th 2009, 10:15 AM

Mastro auctions chairman Bill Mastro boasted in a Jan. 21 article in the Chicago Daily Herald that his auction house would not be damaged by the recession because it caters to high-end clients.

"When we do our big auctions we're typically dealing with well-heeled guys, and this is what gives them pleasure," Mastro said. "If anything, I think guys are getting more choosy and discriminating about what they buy and how they buy it. But at the end of the day a Mercedes is a Mercedes, and if you want and have the means, you'll pay for it."

Less than two months later, Mastro Auctions is apparently out of business.

Sports memorabilia's largest auction house is at the center of an FBI investigation into shill bidding, card doctoring and other allegations of fraud that have damaged the company's Mercedes image. While Bill Mastro said in the January interview that the company would continue to generate $50 million in annual sales, industry sources say it had crippling credit-line and cash-flow problems. Consignors have complained that they were not paid for items sold at Mastro's December auction.

Three Mastro executives, including president Doug Allen, have purchased Mastro Auction's assets and will launch a new company called Legendary Auctions. The new business has taken possession of computer software and client lists, sources told the Daily News. Allen did not return phone calls for comment, but in a press release, the new company said all outstanding Mastro Auctions business will be "seamlessly facilitated, processed and completed through Legendary Auctions." Industry sources told the Daily News they expect Mastro's consignors will all eventually be paid.

Allen had told potential investors that he is not a target of the FBI probe, according to sources, but the new company appears to be taking steps to avoid shill-bidding allegations and other problems that damaged Mastro's credibility with collectors.

"The principals employed by Legendary Auctions will put their own collecting interests aside and concentrate solely on providing opportunities for our customers," Allen said in the press release. "There will be no mixing of business and pleasure at Legendary Auctions in terms of our own collecting pursuits. This will really be all about our customers."

The Daily News reported last year that sports-memorabilia officials have testified before a grand jury in Chicago that is investigating Mastro Auctions and fraud in the collectibles business.

The grand jury deliberations are part of an investigation into memorabilia fraud initiated last year by the Chicago division of the FBI, whose "Operation Foul Ball" smashed a multistate autograph forgery ring in the 1990s. Other sports-memorabilia businesses and individuals may also be under investigation.

Bill Mastro will not be associated with Legendary Auctions. "Circumstances make it clear to me that the business needs to move in a different direction at this time, and Legendary Auctions is a positive step that allows everyone to be taken care of, especially our customers who have been so loyal," Mastro said in the press release. "I am looking forward to taking some time off for now, and wish Legendary Auctions only the best as they move forward."

[kingjammy24]

Re: Auction sites suck...AMI Coaches corner Mastro net.

Can anyone tell me who I should Trust when I buy game used jersey's, helmets, ect. AMI SUCKS, Coaches Corner SUCKS, Mastro Net SUCKS. Should I just buy from MLB.COM and Steiner. PLEASE HELP.

the answer to that question has always been the same: trust yourself. educate yourself on the items you want to collect. that way you won't need to place trust in others. noone will look after your best interests like you. mlb.com and steiner have both made numerous errors. if you know what you're doing, you'll spot the errors. the thing is, it's not that hard. this isn't rocket science. start with bill henderson's guide: http://www.mlbstyleguides.com/refguide.html . it provides a great introduction to collecting MLB gamers.

rudy.

[dirtyla2000]

Re: Mastro Sports Auctions

I would love the same answer!

[lowell25]

Auction sites suck...AMI Coaches corner Mastro net.

Can anyone tell me who I should Trust when I buy game used jersey's, helmets, ect. AMI SUCKS, Coaches Corner SUCKS, Mastro Net SUCKS. Should I just buy from MLB.COM and Steiner. PLEASE HELP.

[lowell25]

Re: Mastro Sports Auctions

You forgot to add coaches corner.

Looks like we have a new addition to the Game Used Sports Hall of Shame:

1. AMI
2. Bricol
3. Vintage
4. Historic
5. now Mastro...doesn't surprise me.

Should ebay be included for excessive costs, poor buisness practices, etc.?

[kingjammy24]

Re: Mastro Sports Auctions

unless of course the FBI investigation made silk road withdraw their funding and no bank would touch mastro unless there was a scapegoat and investors were told that the scapegoat is no longer part of the company so "everything's ok now".

any way you slice it, it doesn't appear to me to be simply a quaint little matter of bill mastro just wanting more time to feed the ducks in the park.

rudy.

[jppopma]

Re: Mastro Sports Auctions

I'd hate to be one of the people with a consignment check coming from Mastro.... Not coming out and saying that there will be problems and people being told a "sorry Mastro is no more" shell game, just how will these changes affect the timely payments??

[suicide_squeeze]

Re: Mastro Sports Auctions

as usual, mastro's explanation makes little sense. if bill simply wants to leave the hobby then why does that necessitate shutting down his life's work entirely? after all, bill already sold his interest in 2004. all he'd have to do is just quit. you'd think he'd be interested in seeing the business with his name on it continue and prosper for many years.

- in 2004, mastro sold his firm to silk road equity. silk road equity is headed by andrew filipowski. filipowski was doug allen's boss many years ago when doug worked as a VP for platinum technologies. safe to say that andrew and doug have a long history.

- fast forward to today: from a feb 2009 ny daily news article:
"A lawyer contacted by an angry consignor, however, said company founder Bill Mastro told him the company had a cash-flow problem.
"Mastro said the new owners have been reluctant to expand or renew their bank credit line," said the lawyer, who spoke on the condition of anonymity."

wow..doug can't get his buddy's firm to renew their credit line? that's very odd. (at the time, doug said everything was fine, no problems, just a banking glitch. 1 month later, mastro shuts down. as always, doug's word is gold).

well wait a minute here..if doug couldn't secure financing for mastro, then how did he secure it for "legendary", especially in 2009 when credit has practically frozen? legendary is up and running within days of mastro folding? yeah that makes sense. just bill..wanting to leave the hobby. that's it.

my 2 cents: if "legendary" is revealed to be funded by silk road equity, then i think it's obvious what happened.

rudy.

Exactly, Rudy.

I think it's referred to in the brokerage business as an unfriendly takeover. But this one most likely carries a twist.

In creating the "appearance" that Bill's name is being removed from the company from this point on, how convenient is that for the three principles left to run the "new" company while shedding the perceived "baggage" that was Mastro Net? Pretty darn convenient.

So, were the problems that wrecked the largest Auction house in the business from Bill? Or were the majority of these problems the result of the sale and subsequent "management" team that took the reigns and ran with it? Does it even matter?

There is an obvious "changing of the guard" as far as company policy. But it's still the usual suspects running the show. My guess? We are all ending up left to deal with the same company with forced changed mandated by the FBI investigation.....and the results of a manufactured compromise on everyone involved to just end the speculation of "unfair" play, and start over with guidelines to be followed (or else) going forward.

You saw it at AMI......and we're seeing it here. Simple as that.

As long as the end result is a better invironment for the bidders (collectors).......then I guess it's a good thing.

[kingjammy24]

Re: Mastro Sports Auctions

Can't help but wonder iif this is not a direct result of the well publicized FBI investigation. Perhaps the brand had become tarnished, perhaps Bill Mastro was worn out by the wear and tear of the investigation and wanted out. Wonder if the new corporation acquired assets only or assets and liabilities? If just the first could be a liability dodge.

Lots of possible motivations.

as usual, mastro's explanation makes little sense. if bill simply wants to leave the hobby then why does that necessitate shutting down his life's work entirely? after all, bill already sold his interest in 2004. all he'd have to do is just quit. you'd think he'd be interested in seeing the business with his name on it continue and prosper for many years.

- in 2004, mastro sold his firm to silk road equity. silk road equity is headed by andrew filipowski. filipowski was doug allen's boss many years ago when doug worked as a VP for platinum technologies. safe to say that andrew and doug have a long history.

- fast forward to today: from a feb 2009 ny daily news article:
"A lawyer contacted by an angry consignor, however, said company founder Bill Mastro told him the company had a cash-flow problem.
"Mastro said the new owners have been reluctant to expand or renew their bank credit line," said the lawyer, who spoke on the condition of anonymity."

wow..doug can't get his buddy's firm to renew their credit line? that's very odd. (at the time, doug said everything was fine, no problems, just a banking glitch. 1 month later, mastro shuts down. as always, doug's word is gold).

well wait a minute here..if doug couldn't secure financing for mastro, then how did he secure it for "legendary", especially in 2009 when credit has practically frozen? legendary is up and running within days of mastro folding? yeah that makes sense. just bill..wanting to leave the hobby. that's it.

my 2 cents: if "legendary" is revealed to be funded by silk road equity, then i think it's obvious what happened.

rudy.

[dcgreg25]

Re: Mastro Sports Auctions

I just got a call from someone at Mastro and it sounds like Legendary will take over the assets going forward starting with the next auction. Mastro will receive payment for and complete all transactions from the recently closed auction.

Its funny, if you call the phone number on the email announcing Legendary's formation, you get a voicemail for a restoration company and no mention of the auction house...at least as of when I called this morning.

[mvandor]

Re: Mastro Sports Auctions

Can't help but wonder iif this is not a direct result of the well publicized FBI investigation. Perhaps the brand had become tarnished, perhaps Bill Mastro was worn out by the wear and tear of the investigation and wanted out. Wonder if the new corporation acquired assets only or assets and liabilities? If just the first could be a liability dodge.

Lots of possible motivations.

[otismalibu]

Re: Mastro Sports Auctions

I have to say I was impressed with how Mastro shipped the item. Jersey was folded in a sealed bag, and the box was filled with cardboard spacers so that the Mears letter couldn't shift or wrinkle.

Compare that to another auction house I won't mention by name. The item (8x the value of the one mentioned above) was stuffed in a priority mail size box and shipped just like that. No plastic bag or anything.