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http://nypost.com/2014/12/14/auctioneer-sues-stamp-loving-sheikh-who-died-before-paying-7-5m-bid/


Mike in NC / meostamps

www.hipstamp.com/sto ...

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re: Another interesting stamp story ---- someone can't pay for large auction bid

If a man dies..what can you do ????

Silence in the face of adversity is the father of complicity and collusion, the first cousins of conspiracy..
15 Dec 2014
02:13:44am

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re: Another interesting stamp story ---- someone can't pay for large auction bid

" ....Feldman is suing the sheik’s estate as well as Sotheby’s Financial Services, which holds $83 million worth of the sheik’s valuables as collateral for a nearly $30 million loan. ...."

So what is actually happening is that Feldman holds enough assets to pay the bill but must clear the courts somewhere before he can sell enough to cover the loan.
Suppose the dead sheik owed a total of $166 million or similar loans to all his creditors together. Under normal conditions each creditor is entitled to only 50% of what he, or she, claims.
And however the numbers work out, before any of his assets can be sold the next potential purchaser will want to be sure that there is clear title to the items being sold.

Imagine if a new purchaser paid whatever $$$ for the biggest stamp item, only to find out that the seller had not the clearance to dispose of the item.
It is no difference, legally or financially than if you were to buy a car from someone whose spouse, alive or dead, had not finished paying his monthly car payments except that when you went to DMV to register your new ride you would discover you had to pay the original note holder the balance still owed before you get the license plates.

There will be a period of time for all creditors to come forward and state their claims, then some time for other heirs and creditors to dispute the claims, also the question as to what or which jurisdiction handles the estate, with the possibility that different jurisdictions may claim that right for certain of the assets, and the governments involved to assess the appropriate taxes of the assets in their area. Once some of those things are settled then a judge should rule on the different disputes by any other courts who claim jurisdiction to settle that issue. Once the who gets what, and the where and how the items will be disposed of. The items will go on the block and sold legally, the funds marshaled and if all agree, a distribution commences.

Even then there may be a further step if someone enters a claim that an item or the items were not sold properly and the best value attained.
I'd love to be a fly on the wall at the meeting between the creditors legal representatives. Of course I'd have to speak Arabic and probably dust off my high school French, but assuming that I had an English translation and a big bag of popcorn, it sure would be an education.

Keep in mind the Golden Rule of Probate negotiations;
"... Anything that seems simple is really complicated, and anything that appears complex, is complicated beyond belief...." or as a sailor might say "FUBAPOB"
Ten or fifteen years from now this case will take up several chapters in Probate Law Books and will get a whole semester to be taught in Law Schools.
Perhaps two semesters.

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re: Another interesting stamp story ---- someone can't pay for large auction bid

if they knew you, Phil, they wouldn't hesitate to agree

juicyheads.com/link. ...

Silence in the face of adversity is the father of complicity and collusion, the first cousins of conspiracy..
22 Dec 2014
07:02:40am

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re: Another interesting stamp story ---- someone can't pay for large auction bid

" ... Harris added the family was “owed a great deal of money at the time of his (The Sheik's ) death that his family may never see again.” ..."

Oh dear, as I read that sad tale, I automatically began to draw my thumb along my forefinger in the classic manner of a nautical violinist playing that dirge known as " My heart pumps a common purple fluid' in sympathy at their plight.