Mastro Folds House of Cards

Memorabilia king Bill Mastro was one of the central figures in the book "The Card," the book detailing the mystery surrounding the T206 Honus Wagner, the Mona Lisa of baseball cards. Some believe it was Mastro who cut the card, giving it its funny shape. Can you imagine? At any rate, here's one more added to the unemployment rolls. Perhaps he can get the cell next to Madoff's.

Bill Mastro folds sports memorabilia's largest auction house amid FBI probe
BY Michael O'Keeffe
DAILY NEWS SPORTS WRITER


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."

New York Islanders Modern Day Mickey Mouse Operation

After a 13-4 drubbing of the New Jersey Devils in 1984 a game in which the Edmonton Oilers scored at will, Wayne Gretzky famously labeled the Devils a "Mickey Mouse operation on ice." But judging from a recent visit to Nassau Coliseum, the Great One could apply the tag to the modern day New York Islanders. Here are 10 reason why the Islanders could be considered Mickey Mouse.

10.) Ice Girls cleaning up ice during breaks in the action. Don't get me wrong, there's nothing wrong with hot chicks on the ice....but it smacks of minor league hockey

9.) Your team gets booed in its own building, especially when the New York Rangers come to town. Wanna solve the problem? Sell-out your building

8.)Outside of Rick DiPietro, Trent Hunter and Andy Hilbert, the team is devoid of NHL vetereans...Taken further, no stars means fewer dollars devoted to payroll means more dollars in owner's pocket.

7.)Other than the aforementioned Rangers, the team lives off its one glory period, 1979-1983, when it made five consecutive trips to the Stanley Cup finals--winning the first four

6.)Speaking of those Cup winning teams, banners memorializing coach Al Arbour's 1500 game is a joke, so is Bill Torrey's trademark bow-tie. The travesty regarding Arbour is that they brought him back for one game, two days shy of his 75th bithday.

5.)Team executives are more corrupt than government officials in Bridgeport and Rprovidence combined.

4.)After falling behind in the Ranger game, fans serenaded the Islanders with chants of "Kan-sas City, Kan-sas City"--the team's future home if the Wang gets his way

3.)Some Islander braintrust gave golaie Rick DiPietro a 15-year contract. Let that sink in for a minute. A U.S. president gets 8 years max!

2.)Former great Bryan Trottier demands payment for the privilidge of the team retiring his number 19. Imagine the balls of this guy to do it with a straight face.

1.)Incredibly because of short-sighted deals, the Islanders must share revenue from luxury, concessions and parking with Nassau county. The result? a $70 ticket for nose-bleed seats with an obstructed view.

A-Rod and The 5 Stages of Grief....

A-Rod's off-season exploits have been well-documented. But after the latest revelation--that he'll miss more than two months repairing a torn labrum--I feel spent. I don't know how to react anymore. It's always something with this guy.

Whether it's trying to swipe the ball out of Bronson Arroyo's glove during the 2004 ALCS or yelling "I got it" when running behind Toronto's John MacDonald a few years ago, everything A-Rod does is bush-league and calculated.

Rooting for Alex is like befriending an impossibly hot chick. You're happy that she talks to you but you're disappointed time and again. It's reached that point with Alex. You're just drained emotionally.

So here are the five stages of Grief as seen through the eyes of a Yankee fan.

Denial---What happened? A-Rod took steroids? When? I don't believe it. How can it be? Boy, the media won't leave this guy alone. Maybe Mike Francesa was corret when he said that some guys just can't make it in New York. The witch hunt continues.

Anger (after seeing that BS interview with Gammons)--That little bastard! Can't trust the Dominicans. Bolly? Are we kidding? And why is Madonna's manager insisting he wear that faggy blue v-neck? And who the fuck is going to play third base now? Get me Hank Steinbrenner's number...Can we void A-Roid contract? And who can play third base? Newcomer Nick Swisher? Grrrr. Season's wasted?

Bargaining--Okay Alex admitted it. Now we can go on and concentrate on the baseball season and begin debating important matters such as who's going to play center field. Why manager Joe Giradi should be shitcanned before the season starts...Not to mention who's going to play third base.

Depression I don't care anymore. What does it matter? A-Rod's hurt and will miss two months. The Yankees lost their best hitter and third baseman. Boston looked strong and Tampa and Toronto look better this year too. What's the use?

Acceptance I'm ready for whatever comes my way. Perhaps the Yankees will be a better team in the early going and get back to the teamwork during the 1996-2001 era. We don't miss A-Rod..we got Mark Teixera!

Ah, that little bit of Yankee rehab worked wonders..Thank goodness baseball season is around the corner and A-ROD successfully surgically repaired his torn labrum. Only every Yankee fans knows Alex is all thumbs.