Is AMI paying anyone??

[trsent]

Re: Is AMI paying anyone??

I see pyramid schemes falling down all over society these days.

Bernie Madoff, a local businessman who took his life a few weeks ago here in town because his 30+ year scheme just was discovered and maybe an auction house with a similar pattern?

Money is tight in the world, and pyramids are finally falling because people attempting to get their money out are finding no more investors to pay the pyramid so they are finally falling.

It is so simple how it works - If you keep getting new investors to put money in, you last forever, but when money gets tight then investors want their investments back but there is no new money coming in to pay them.

Pretty scary concept and pretty scary to think how long so many big money investors got away with it!

[encinorick]

Re: Is AMI paying anyone??

Hopefully, your lawyer did his job which was to sue the company (AMI) and Victor and Kieta individually. If you have a default judgment against multiple defendants then have your lawyer execute a writ or levy against their personal property (homes, bank accounts, cars etc.) as well as AMI's property.

Getting a post-judgment writ or levy also allows you to get a collection agency to work on your behalf.

If they file for bankrcuptcy, well, like I said before, that's a different animal all together.

Good luck.

[BULBUS]

Re: Is AMI paying anyone??

Bernie Madoff, a local businessman who took his life a few weeks ago here in town because his 30+ year scheme just was discovered and maybe an auction house with a similar pattern?

Madoff is still alive sitting in jail.

[suicide_squeeze]

Re: Is AMI paying anyone??

Bernie Madoff, a local businessman who took his life a few weeks ago here in town because his 30+ year scheme just was discovered and maybe an auction house with a similar pattern?

Joel,

Just a small correction....Bernard Madoff did not take his own life.....he is very much alive....incarcerated and awaiting sentencing set for June.

Regards,

Steve

[suicide_squeeze]

Re: Is AMI paying anyone??

Madoff is still alive sitting in jail.

Oops!

I should have read to the end of the thread before posting the same thing!

[suicide_squeeze]

Re: Is AMI paying anyone??

Hopefully, your lawyer did his job which was to sue the company (AMI) and Victor and Kieta individually. If you have a default judgment against multiple defendants then have your lawyer execute a writ or levy against their personal property (homes, bank accounts, cars etc.) as well as AMI's property.

Getting a post-judgment writ or levy also allows you to get a collection agency to work on your behalf.

If they file for bankrcuptcy, well, like I said before, that's a different animal all together.

Good luck.

Rick,

To date, you've been very gracious and humble by offering great advice, and not plugging yourself for clients.

If a member here wanted to use your services, does this fall under your practice? (i.e.-Could you help the members here in their plight to receive the goals mentioned above?) And...would you be able to sue for your costs if you were to be retained, and offer up a "contingency payment" for your fees upon receipt of any judgements paid to anyone who ultimately retains you for help in these matters?

Just a thought...

[rose14]

Re: Is AMI paying anyone??

If he can file against Victor and Kieta personally he would at least force them to pay or file bankruptcy personally as well if AMI does indeed file bankruptcy.

[encinorick]

Re: Is AMI paying anyone??

The offer is very sweet but it wouldn't be right to take money from anyone here, and again, I'm just offering my advice and opinion on any particular item herein, I'm not representing anyone, including GUU.

The problem here is that I can only present people in California, most of these auction houses are elsewhere. If you read your consignment contract (and for the life of me I can't understand why anyone would consign anything without one) the "forum" or place where you can bring an action is typically stated, as well as the applicable law.

For example, I have a friend, a very, very good friend, who had a dispute with a certain auction house (which will remain anonymous) which resides in Wisconsin. In order to resolve it, he has to retain a local lawyer, go to Wisconsin, etc. That's a lot of money. The contract was drafted by the auction house for that purpose.

If you're in the same jurisdiction as the auction house, that's easlier. Again, it's my recommendation that you keep things simple, sue in small claims for each item rather than let a big bill accumulate and then hire a lawyer and sue in Superior Court.

Getting a "judgment" against an auction house and it's individual members is tough, but, once that is done, collecting is easlier, if there's money there. In California, you file a series of post-judgment motions with the Calfornia Sheriff's department and they go around trying to collect on items (real property, bank accounts, etc.), or you can hire a collection agency which will do a series of searches for assets, but, usually they'll ask for as much as 50% of what's found. But, again, you can tack that on to the cost of litigation. All costs incurred by the plaintiff are reimbursable.

One other issue, if you're thinking of bringing the police into the mix, or reporting the auction house to some kind of authority (Better Business Bureau), keep in mind thatyou can be sued for "extortion" or "slander," or "filing a false police report." Make sure everything is documented and don't make assertions if you can't prove them, such as "I heard other people are having problems with this auction house" Again, criminal matters are much different than civil, and once you get the police involved, the investigation goes where the police want it to go...which means you may also be investigated.

I've been lucky, I've had only one real problem and that was with Mastro and Doug Allen. I stopped consigning and buying things from AMI a long time ago.

I'm just a sports fan and I collect for my son, who is 8 years old, this is just a hobby for me. My experiences with GUU, Hunt, Robert Edward, Lelands, Mears, Greyflannel, Heritage, Sotheby, and Dan the Laker expert, have been wonderful and I have no regrets.

[trsent]

Re: Is AMI paying anyone??

Rumors are afloat that the AMI situation will be making the major press in the near future.

[clinton2828]

Re: Is AMI paying anyone??

enr,


how would it be hard to get a judgement against them when they are not denying that they owe you the money?

for many people you can log into there account son ami's website and it says that they owe you the money?

or did you just mean getting a judgement against the owner kieta personally as well?

[33bird]

Re: Is AMI paying anyone??

Here's the thing: they still got money coming in. They are still running their monthly auctions. I think it's gonna be first come first serve. That's why I'm all over this with a lawyer. Of course, I'm right here next to Vegas so it's easier for me than most you guys. AMI finally responded to the court order and the judge granted my default against them yesterday. I'll keep you posted.
Greg

[sarahsdad]

Re: Is AMI paying anyone??

Good luck, Greg. I hope you put them out of business. A company like that does not deserve to be in business.
sarahsdad

[clinton2828]

Re: Is AMI paying anyone??

greg,
i take it you did not file in small claims, like some who are owd money from ami will have to if it is less than $5k.

did they even show up for the court date?

[encinorick]

Re: Is AMI paying anyone??

Bird: You're not in the clear yet. If they defaulted, you still have to have a hearing to "prove-up" your claim, then there's a final Judgment, but, again, the Judgment applies only to those named in the lawsuit, not to anyone else, at least that's how it's done in California

Also, there may be other lawsuits and claimaints on a plethora of other issues which AMI is involved, your suit may just be one of many. Your lawyer should do a search to see if anything other lawsuits have been filed against AMI in the local courts. In cases like these, it's not unusual to find both unsecured and secured creditors coming forward making claims on the same monies.

Error earlier post: delete "easlier" insert "easier,' where's my secretary when I need her.

[33bird]

Re: Is AMI paying anyone??

Yea, understand. But, at least there's a little hope now.
Greg