my answer to this is, and with a nod to David Koos.....
Kenny, you may be my friend and I don't want you to be insulted......
but man-o-man was this stupid
At 06:13 PM 6/23/2012, Franc wrote:
Someone explain to me what I'm missing in this story so far. Why
would Ken file for bankcruptcy, if he owned a repayment of a $500K
loan, when it is well-known that his collection is worth probably
close to $5 million dollars? Why would he risk his collection so
that he could attempt to default on this loan? Did he not presu,e
hat his assets would be seized? FRANC
-----Original Message-----
From: MoPo List [mailto:[email protected]] On Behalf Of
JOHN REID Vintage Movie Memorabilia
Sent: Saturday, June 23, 2012 6:15 PM
To: [email protected]
Subject: Re: [MOPO] "Metropolis" Poster's Troubles Featured in the
Hollywood Reporter
........he estimates its value at just $250,000, a number most
observers view as comically low.
High-end estimates put the value of the poster at more than $1
million, which would make it the first poster to cross that barrier
in a public sale.
Conversely, a sale at Schacter's low estimate of $250,000 or even
any number below $690,000 would represent a softening of the poster
market at a time when other collectibles such as movie props and
rare comics are selling for record amounts.
If this poster is to be sold as part of a "liquidation sale"
presumably with no reserve, the "comically low" estimate of
$250,000.00 might be not far off the mark.
Regards
John
----- Original Message -----
From: <mailto:[email protected]>David Kusumoto
To: <mailto:[email protected]>[email protected]
Sent: Sunday, June 24, 2012 7:58 AM
Subject: [MOPO] "Metropolis" Poster's Troubles Featured in the
Hollywood Reporter
I'm not surprised that the "splash" publicity surrounding the
infamous "Metropolis" 3-sheet - and its brief offering for sale for
$850,000 before it was suddenly pulled from Sean and Peter's
MoviePosterExchange site - could lead to to more stories, albeit
nearly four months later. There are many interesting things in the
article below that - while NOT NEW to hobbyists - are still "new
news" to the rest of the world. I find it intriguing that The
Hollywood Reporter boldly takes credit - asserting media publicity
about the poster - and the publication of its own story in March
2012 - led to its seizure by federal authorities. The update below
cuts through the tedium of going through reams of court documents
posted elsewhere. I now wonder if editors at other news
organizations - might "piggy-back" or "copy-cat" the Hollywood
Reporter - with updated stories of their own. -d.
World's Most Expensive Movie Poster Seized in Bankruptcy Case
One of four surviving "Metropolis" posters along with valuable "King
Kong" and "Invisible Man" posters will be sold as part of a
liquidation auction.
12:01 PM PDT 6/22/2012 by Andy Lewis
Metropolis Title Image - H 2012
A rare and coveted Metropolis movie poster -- one of only four
known surviving copies from the 1927 silent classic -- has been
seized as part of a Chapter 7 liquidation bankruptcy case involving
its owner Kenneth Schacter, a well-known collector. The poster will
be auctioned off soon.
The case is being overseen by the U.S. Bankruptcy Court in Los
Angeles, with John Menchaca serving as the bankruptcy trustee.
The historical importance of the Fritz Lang-helmed movie and
the rarity and beautiful art deco design of the Metropolis poster
combine to make it "the crown jewel of the poster world," according
to Sean Linkenback, a well-known poster dealer. (See the full poster below.)
The poster had been offered for sale in March for $850,000 by
Movieposterexchange.com.
Estimates vary as to what it would fetch on the open market.
Schacter paid a still-record $690,000 for it in 2005.
In the bankruptcy filing, he estimates its value at just
$250,000, a number most observers view as comically low.
High-end estimates put the value of the poster at more than $1
million, which would make it the first poster to cross that barrier
in a public sale.
Conversely, a sale at Schacter's low estimate of $250,000 or
even any number below $690,000 would represent a softening of the
poster market at a time when other collectibles such as movie props
and rare comics are selling for record amounts.
Other key items in Schacter's collection include a King Kong
poster from 1933, which is considered by experts to be nearly as
valuable as the Metropolis poster, and a 1933 one-sheet teaser from
The Invisible Man.
The total collection could be worth as much as $5 million,
according to court filings, but the exact value is uncertain
because Schacter has ignored court orders to provide a full and
complete inventory.
It was
THR's<http://www.hollywoodreporter.com/heat-vision/metropolis-poster-record-leonardo-dicaprio-298114>
reporting about the poster being offered for sale that pushed
Schacter from a Chapter 11 reorganization bankruptcy to a Chapter 7
liquidation bankruptcy.
Schacter had filed for bankruptcy protection on Dec. 12 to
avoid a judgment over a roughly $500,000 loan from Robert Mannheim,
an investor who provided money for Schacter to invest in posters to
sell for a profit.
When Mannheim learned about the possible Metropolis sale via
Movie Poster Exchange, it reinforced his belief that Schacter was
trying to conceal assets to avoid repayment.
(The owners of Movie Poster Exchange were unaware of the
bankruptcy case when Schacter consigned the poster to them for sale
and immediately withdrew it from the site when they learned of the dispute.)
Mannheim filed a motion to force a conversion to a Chapter 7,
which the court granted March 12, concluding that Schacter had
indeed abused the Chapter 11 process by failing to disclose his
full inventory or complete financial assets.
Schacter was required to immediately turn over his entire
collection to a court-appointed bankruptcy trustee, which he failed to do.
On May 16, the court found Schacter in contempt, ordering him
to submit a list of his holdings by May 31 or face a $2,000-a-week
contempt fine.
Schacter submitted an inventory of his collection, but the
bankruptcy trustee still is trying to assess whether it represents
his full and total holdings at the time he filed for bankruptcy (to
account for any sales he may have surreptitiously made after filing).
The trustee is in possession of the Metropolis, King Kong and
Invisible Man posters but only has a list of many of the other items.
Once the inventory investigation is complete and creditors
have submitted timely claims, the bankruptcy trustee intends to
hold a liquidation auction.
If the court approves the request, the trustee is likely to
use Heritage Auctions, one of the largest auctioneers of movie
posters, to conduct the liquidation sale.
Given the size of the Schacter's collection, Heritage might
auction it in waves, but no final decision has been made.
The liquidation is expected to begin before the end of 2012,
but the exact date is dependent on the speed of the inventory
assessment and the court's ruling on the application to conduct the sale.
[]
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