The worst deal of all - Tony Martino

WOW Chady...... sorry this shit has to happen to you like that. my takes on this is you not only lost the currency exchange rate difference, I would consider that as a personal loan since he kept the money for 35 days !!!! personal loan have interests in it. I believe the MOFO need to paid you back the 45K + currency exchange rate difference + personal loan interests. don't give it shit about how much his inventory is worth or how much his company is worth, those are just numbers not CASH. hope all of this get resolved for you quick.
 
The rate for a hard money loan is 13% so to simplify, 45k times 1.083% (for one months interest) is 45487.50 plus depreciation in the exchange 46000 would be fair
 
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Karma

Long story short.

I contacted with Tony Martino on March 8th of 2013 for a McDaniel cue.
During the time we had emails back and forward.
On March 19th we ended up cutting a deal for his Tuxedo set (14 cues), a T.Wayne, a Phillippi, and a Manzino. The total amount is $45,000.

I sent the fund on March 20th and he confirmed that he received it.
After that, he claimed that he was sick and needed to stay at the hospital.
He promised he would ask his family to ship the cues and I said I am not in a hurry. I will wait until he gets home.

On April 24th, he emailed me stating that he has to cancel the deal and return the money because a so-called "big time" dealer told him that he could get 12000 to 15000 more if he sent the cues on consigment to that guy.

Here is the thing. He could have cancelled the whole deal before I sent the fund. Or do it a few days after he received the money. He kept me waiting for OVER A MONTH!! This is insane.

During the time Obama depreciated the US dollar and I had a foreign exchange loss of more than $500. Tony Martino refused to cover the loss.
He took my money for 35 days and I ended up with a loss.

I have been dealing with people from Asia, Mid East, Europe, Russia, North America, South America, and Africa for over 15 years and I have never encountered this kind of situation before. Probably I am lucky. Most people are nice and easy to get along with. A few deal went south but they all managed to right the wrong after a few years.

I hate to post a "buyer be aware" thread here but somebody has to know this when you decide to pull the trigger and buy one of his cues. You better do the escrew otherwise this guy might change his mind and stab you in the back.

Btw I keep all the email communication and bank receipts.

I totally believe in what you put out there you get back in spades..if there were any justice in the world the "big time" dealer won't be able to get him even the 45k (net after consignment commission) that you put up. And he might come groveling back to you at 40k..not that you would do business with him again...just saying I've seen things work out that way many times. Anyway sorry you had to deal with that kind of BS.
 
cue deal

Sorry to hear about the bad deal. Funny he would kill the deal and apparantly sendin them to consignment. That set has been for sale for a long time you would think Tony would have honored the deal and move the cues if he was a real seller. Glad you got most all your money back. Randy
 
I'm also sorry this happened to you.

Did you say 14 cues for the amount, or the 3 or 4 names of cues you listed.
There are only a few people who deal in expensive cues in the volume you are talking about, so maybe putting the cue types out there helps avoid the purchaser.
 
The rate for a hard money loan is 13% so to simplify, 45k times 1.083% (for one months interest) is 45487.50 plus depreciation in the exchange 46000 would be fair


I got a pile of $$$ to loan at 13 points these days, my bank is paying me 0.68% annually, I cant buy sushi with my interest income.
 
Agree

I got a pile of $$$ to loan at 13 points these days, my bank is paying me 0.68% annually, I cant buy sushi with my interest income.

13% yield - must be a loan to some guys that work in that other business.

This whole story is sad. If you said the item is sold you need to honor the deal. Doesn't matter if the cue or anything for that matter is worth more or less. At the price point I would have had the cue escrowed. Hopefully, you had a good USD/JPY trade on today.
 
this is actually funny. a guy gives up a 45,000 dollar order because he thinks he can get more elsewhere. then he loses this big customer and loses his reputation. besides isnt there like a big markup in cues.
how long would it take to make 14 more for the consignment guy.
typical business man that thinks small time and will always get to end up busted.

you got lucky. and never send anyone that you havent dealt with regularly and are doubly sure of any significant money without some kind of protection for it.
 
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