based on a report from the chicago sun-times in Oct 2011 (shows u how uptodate we all are) the "fixer" of consumer complaints indicates that the ; American Memorabillia has filed bankruptcy which was a significant delay in a buyer receiving some $1800 from a sale dating back to 2008.
We learned that Susan Kieta, whose real name is Kieta Kieta (yes, you read that right), filed for bankruptcy May 31 2011 in Nevada, declaring almost $3.2 million in liabilities on assets of only $493,537. The list of creditors runs about 50 pages.
Sidney Fields noted the article in a discussion on some sales that one of the AML members was using. Thought it deserved it's own thread for tracking.
Here is the full article
private message. just click on my Don Barcardi and that will take you to my profile where you send a message (may have to add as friend but include message at same time - with information requiest earlier so I know whom I am sending these out to)...
I doubt they are all listed as they would have had to be notified. Some on the list though are out thousands. One is out over $90k while another appears to be out over $60k based on the reported schedules while another out $35k with a number in the $10ks. Of course Diana Ross (don't know if THE Diana Ross) but she is out $150k.
One i really love is a "loan" obviously from themselves to the business that they now declare as debt in addition to the John & mary kieta business loan of $415k. The wonders of bankruptcy laws.
I wish I had covered it, too. I didn't hear they were in bankruptcy and they've been operating ever since. I only heard a collector complaint here about getting paid in the last few months and the person never came back, but dealers have been talking about the weirdness in doing business with them for years.
If they filed for BK then dealers and other consignors who got preferential treatment could be called to return the money they received. Anyone owed money on the filing date and not on the schedule of creditors is not discharged in bankruptcy.
Chapter 7 is a liquidation BK, so how is American Memorabilia operating?
Chap 7 would not be the best approach to use while keeping the business operating while reducing debt. It can and has been done but will run into a wall sooner or later as most assets will need to be sold to pay off creditors.
There apparently are also a number of judgements that have been awarded against American Memorabillia according to the filing.
Why they continue to operate is pure conjecture.
btw. some of you might have recognized the name of 34 yr old Kieta Kieta as being a fairly known "cover model".
I am the VP/CEO for American Memorabilia Auction. I am a model having worked all over the world. I have been featured in Vanity Fair, Seventeen and the Playboy Catalog. I am SAG/AFTRA and have been featured in Married with Children, Full House and Miss Congeniality. You can see my videos with Alice Cooper and Dwight Yoakam on Youtube (americanmemorabilia).
when Chuck Inguaggiato who asked for a copy of the filing since he had been trying to collect for three and a half years the money due him deleted his comment since he had posted his email it also took out my comment.
Chuck was on the filing as an unsecured creditor to the sum of $6,293.00. As an unsecured creditor the chances of a full recovery are slim and none. But, since they continue to operate and obviously paying some consignors then it might be an argument to contest the filing with the bankrupcty court...
An FYI for all creditors...Chapter 7 generally has an exclusion for theft or fraud. Debts incurred by such means are not discharged.
(At least Keita publicly admits owing Chuck money).
It is also interesting that this appears to be a personal filing and not a corporate filing.
At least Keita publicly admits owing Chuck money. and a boatload more.
it's listed as DBA thus it could be a "single owner" but it depends how it was originally incorporated as (partnership, llc, S or so on).
Either way, the secured creditors dwarf all other claims.
That's what's curious here.
I see what u mean. Appears in November 5 months after Kieta files for Chapter 7 taking all American Memorabillia Inc., debt with her, Victor Moreno ends up being named the chief cook & bottle washer.
Secretary of State records can be notoriously out of touch but it does add some intrique.
Thinking out loud ... I might contact the clerk of the US Bankruptcy Court in Nevada especially if I were on the creditor list and had standing as something doesn't look right.
It's hard to believe that something may not look right in the maneuvering done by a business in the autograph industry.
and in retrospect to the many that have lost their life savings with swines like this;
A federal jury on Tuesday convicted R. Allen Stanford, a Texas financier, on 13 out of 14 counts of fraud in connection with a worldwide scheme that lasted more than two decades and involved more than $7 billion in investments.
and while this bankruptcy does not rise to the above level it's impact is equally felt.
Good Post - said another way, the manner in which they are listed on AM are 1. unknown it appears to the seller and 2. a false and deceptive practice by AM. Essentially, they give the impression that the item is ALREADY certified...
Glad Mike indicated who 100% authenticated team was... thier experts? WHo the hell are there experts...
Rather amusing post from yesteryear of one seller with regards to a former employee care of consigned material. Too bad we can't find the individual as imagine what this "disgruntled employee" might say!
These next two pictures were found on the myspace of Johnny Crow, former employee of AMI:
In the first picture, Johnny Crow is wearing this same Albert Pujols jacket which sold for $1,112: