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American Memorabillia Las Vegas auction house filed bankruptcy

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

http://www.suntimes.com/news/zimmermann/8218791-452/at-memorabilia-...

 

Tags: american, american-memorabillia, auction, auction-house, memorabillia

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wasn't noted when I signed up but I see they are there where you pointed them out.  I was looking on the home page, help & FAQs... silly me.

lost of interesting quagmires with ownership rights. 

also appears alot of the chatter is in the last few years.  If, as reported by the chicago sun-times they have filed for bankruptcy and are under (presuming) reorgnization -vs- dissolving then I 'd be very cautious about having consigned goods in their posession especially with the financials reported by the Chicago Sun-times.

What do you mean you found them here?

DB,

I think that buyer's fees at many if not most major auction houses are about 20%. At least they start there and may go down the higher the selling price. Consignor fees are typically about 20%, too, giving the auction house about a third of the total selling price before taxes and shipping.

Granted, you may be able to negotiate.

But if they don't post those fees in their terms of sale, that's not right. I'd be surprised if they weren't, though. Not different than an auction catalog, where the fees are in the small print terms section.

found it on the auction page (as Mike noted).  Thought I'd find it on the front splash page or in the FAQs.  Also found something even more insightful.  Think I'll put these over with my T&Cs thread.;

 

  • Representations and Warranties

    All representations and/or warranties made, if any, are between Buyer and Seller. AMI shall not be held responsible for the correctness of any representations and/or warranties of any kind with respect to the property. AMI shall not be held responsible for any representations and/or genuineness of description of any property. Unless otherwise expressly noted by AMI, ALL SALES ARE FINAL AND ALL PROPERTY IS SOLD "AS IS," "WHERE IS," AND "WITH ALL FAULTS" - THERE ARE NO EXPRESS OR IMPLIED WARRANTIES (INCLUDING THE WARRANTY OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE) ON THE LOT OR LOTS. Any and all warranties (unless expressly noted otherwise) are disclaimed and waived by Buyer.

  • Sales Final and Inspection of Lots

    Buyer acknowledges that he/she has been provided the opportunity to inspect the property before purchasing same and Buyer has/has not inspected the property at his or her sole discretion. ALL SALES ARE FINAL. Buyer is solely responsible for determining the condition of any property. For detailed Lot descriptions, please call BEFORE that auction ends. For every bidder's convenience, all Lots can be shown by appointment.

 

 

Buyer's Premium

A buyer's premium will be charged in this sale. The buyer's premium is an advertised percentage of the high bid or flat fee added to the high bid to determine the total contract price to be paid by Buyer. For each Lot won a twenty percent (20%) buyer's premium will be added to the amount of the high bid. For example, if the high bid is $100 and there is a twenty percent (20%) buyer's premium, the premium will be $20.00, for a total bid of $120.00. Also shipping, handling, and tax (for residents of the State of Nevada) will be added to the total purchase price. Shipping amount is based on the real-time Fed Ex Express Saver rate lookup based on total weight of the Lots won. AMI's handling fee is a flat rate of $10.00 per sale, invoice not per Lot. The buyer's premium does not create any agency relationship between Buyer and AMI. AMI is the agent of the seller only

DB,

The Representations and Warranties you posted is an especially important section for collectors to read. Most auction houses do not guarantee authenticity--even some of the most reputable ones. Many collectors don't realize that and think they're protected like they would be by a reputable dealer. REALLY important for people to understand that.

Mike, is that list posted if not, can you post it here of whose is on if you have the time.  In retrospect it would also help if it were "authentic" and not just "authenticated".  ;-)

Sad part is GAI has had "authentic" items but is once again tainted by them selling out as reported in the GAI thread and a dozen other places.  I've also noticed a few others, like JSA, we have debated here as well.   Who is 100% authentic team?

right you are steve,  I'm just happy that R&R doesn't fall into the most.  

This are some key operative words  "Buyer acknowledges that he/she has been provided the opportunity to inspect the property before purchasing same and Buyer has/has not inspected the property at his or her sole discretion."

which is why Aring's point about selected authenticaticators but trust and verify is also important. 

Trust but verify: When it comes to autographs sold without solid guarantees, I don't believe in that. I only believe in verify.

I think that if collectors started demanding that auction houses offer a solid guarantee of authenticity, the good ones will end up providing one. With most auction houses, the risk falls fully on the shoulders of the party who is generally the least qualified to judge authenticity: the buyer.

@ Steve - am well aware of the buyer's fees ranging from 15 - 20% on average.  That statement that was posted was from a buyer who apparently wasn't aware of such.

Although  I find the item that Aring posted that his friend was going to pay just a tad outrageous

In Sept. 2008 I contacted American Memorabilia about some sports memorabilia I wished to sell. Those items were 1) A signed No. 6 Mickey Mantle Jersey from Upper Deck, 2) A signed Michael Jordan away jersey from Upper Deck 3) A signed Michael Jordan Wingspan poster from Upper Deck. All were matted and framed. These items were sold in American Memorabilia's Nov. 2008 auction. All items sold. I began calling and e-mailing A.M. as to when i could expect my payment. I called at least 10 times before recieving a answer from a woman known as "Kieta" in late Jan. 2009. She said that the funds were slow in coming and I could expect payment in April 2009. April came and still no payment. After many more unanswered calls I recieved a call saying my money would be paid in June 2009. In the meantime, a friend of mine saw my Mickey Mantle jersey for sale on E-Bay. I was able to contact this person and she told me the item was bought in A.M.'s Nov. 2008 auction. I asked if she did in fact pay for the jersey before it was shipped to her. Not only did she pay for it before it was shipped, she sent me a copy of her P.O. from American Memorabilia. The P.O. shows the jersey was shipped to her in early Dec. 2008. Yet a e-mail from Kieta states funds were slow in coming. Once again this e-mail was dated late Jan.2009.

I have spoken to Kieta and A.M's owner Victor Moreno. I said since you were paid for these items I wanted my money.  Or I would contact the Better Business Bureau and take legal action. Her reply was to go ahead and do that. It will not make any difference I still will not be paid. She suggested that the quickest way to insure payment was to send them more items to be auctioned. This way with the new income generated from these sales, they would be able to pay me monies owed. I told her that i have no more items to auction and that was the end of the conversation. In addition to the money they still have, I was charged 15% and the buyers of my items were charged 20% over the buying price.  My last communication from Kieta was a message left on my answering machine in May 2010. She said I was on a list of people whose accounts would be looked in the fall of 2010 to see if payment was possible. Since that message two falls have come and gone with no money paid. It is now almost spring 2012.I have been owed over $6000 now for three and a half years . I advise anyone to have no dealings with American Memorabilia whatsoever.  I would like to know why are these people still allowed to be in business when they are flat out commiting fruad and robbing innocent consumers. Why don't the Las Vegas authorities look into the dealings of American Memorabilia and end their deceit once and for all. 

Aring may have a point although one has to ensure if there is a criminal charge otherwise it's useless unless it involves insurance claims.

U might consider contacting the locals and filing a "grand larceny" theft complaint & do it quickly in case of statute of limitations become a factor.  Based on the circumstances depicted it might be a fit.  I would also strongly suggest we find the Trustee if they are indeed in bankruptcy as reported by the Chicago Sun-Times.

Filing with the BBB is frankly a waiste in terms of resolutions (i.e. it's not a primary step) but it is at least getting something on file that even they can't ignore it.

Sounds to me that at this point and based on earlier points they are running a "ponzi like scheme" as they don't have the cash reserves on hand.  

One thing that I'm not sure of is when they file bankrupcty what happens to the consignments they have... (presuming they don't get lost)  as in do they become assets of the now bankruptcy proceedings.   Unlike, a restauarant gift certificate that goes bankrupt & disolves  the certificate is then worthless.  The question become ownership on the consignments. 

welcome to AML chuck and it seems that your report is indicative of several others with the same outcome..

we could say the same for alot of the claims made on aml.

how jaded we have all become, me included, with ripoffreports, consumercomplaints, thankfully no more AA but there are many to take their place plus the "vendettas" and postings of the darkside.

I personally can niether confirm nor deny so until there is information to the contrary it is what it is.   What is factual is their BBB rates them as a C+ and has registered 44 complaints against them in the last 3 years.

didn't u also indicate that payments on some item(s) were also late if I read it right.  Seems if you connect the dots there is an apparent pattern going on.

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