• Guys, we've spent considerable money converting the Les Paul Forum to this new XenForo platform, and we have ongoing monthly operating expenses. THE "DONATIONS" TAB IS NOW WORKING, AND WE WOULD APPRECIATE ANY DONATIONS YOU CAN MAKE TO KEEP THE LES PAUL FORUM GOING! Thank you!

Peter Green LP for sale at Music Ground

Tom Wittrock

Tom Wittrock

Les Paul Forum Co-Owner
Joined
Aug 2, 2001
Messages
42,567
mavmus said:
no he didn't get it back but then again it wasn't his money to begin with,

he didn't try to buy it,

he did buy it he just never received the guitar because I had it in my safe,

he bought it from the alleged "owner" of the Peter Green Les Paul
Click to expand...

It's really hard to understand this post. :wah
 
tangerine

tangerine

Member
Joined
May 14, 2011
Messages
230
So Melvyn's guitar collection was supposedly to be collateral for a line of credit from a dealer, in order to buy the green burst, perhaps along with other parties, and those assets were to be wound down in short order. The dealer would also be able to use the guitar in the meantime for marketing purposes. The guitar would then be flipped for a large profit.

Except that the collateral turned out to be not what it seemed at first sight?

I'd like to know who came up with the original money-spinning idea.. probably not Franks would be my guess. Was Franks just the fish? :hmm
 
landminelenny

landminelenny

Les Paul Froum Member
Joined
May 11, 2010
Messages
3,204
tangerine said:
So Melvyn's guitar collection was supposedly to be collateral for a line of credit from a dealer, in order to buy the green burst, perhaps along with other parties, and those assets were to be wound down in short order. The dealer would also be able to use the guitar in the meantime for marketing purposes. The guitar would then be flipped for a large profit.

Except that the collateral turned out to be not what it seemed at first sight?

I'd like to know who came up with the original money-spinning idea.. probably not Franks would be my guess. Was Franks just the fish? :hmm
Click to expand...

:## :## :## :## :## :##
 
tangerine

tangerine

Member
Joined
May 14, 2011
Messages
230
TW59 said:
It's really hard to understand this post. :wah
Click to expand...

Maverick sold one of Franks guitars 'on consignment' to Al Parish. This was the 'Hendrix' Strat mentioned earlier. However Parish got the funds from his financial Ponzi scheme, and so it was not his money to spend. Parish gets caught for his fraud before he receives the guitar from Phil.

At least that's how I'm reading it :spabout
 
B

Banker

Guest
TW59 said:
It's really hard to understand this post. :wah
Click to expand...

"He didn't try to buy it, he did buy it".

AP bought the guitar and remitted funds. Those funds were "not his" as they were part of the proceeds of the Ponzi scheme.

"he did buy it he just never received the guitar because I had it in my safe"

Ponzi scheme went tits-up, likely AP's assets frozen by court order. ergo it stays in the safe.

"he bought it from the alleged "owner" of the Peter Green Les Paul".

Phil being "cute". Legal transfer would be from Franks' to AP, as the Franks' were the legal owner of the guitar only they had the power to sell it. PW likely acted as agent and arranger (and, perhaps, authenticator) in the sale for a share of any profits achieved. I'd be surprised if Franks ever had more than a cursory glance at the guitar.
 
B

Banker

Guest
tangerine said:
So Melvyn's guitar collection was supposedly to be collateral for a line of credit from a dealer.....
Click to expand...

I very, very much doubt it.

Very much more likely that a line of credit was provided to the Franks' against security interest in real estate or other realizable assets. That money was then used, subject to a contractual agreement, to bank-roll a vintage guitar "business" on the basis of a profit split.

Funds from one, expertise from the other.
 
Last edited:
tangerine

tangerine

Member
Joined
May 14, 2011
Messages
230
Aha. So the 50+ guitar collection is just part of the smokescreen. Franks was legal owner yes, but probably never even saw the guitars.

Sub-prime crisis hit and tensions rose within the partnership, culminating in a falling out and the court case?
 
B

Banker

Guest
tangerine said:
Sub-prime crisis hit and tensions rose within the partnership, culminating in a falling out and the court case?
Click to expand...

I doubt it had anything to do with the sub-prime crisis or the collateral position of the bank, other than perhaps to have accelerated matters.

Ask yourself why a third party authenticator was brought in.

Due diligence exercised ex post facto is no diligence at all.

All mere conjecture on my part of course.
 
Last edited:
tangerine

tangerine

Member
Joined
May 14, 2011
Messages
230
Selling on consignment to avoid consumer legal rights, when in fact the dealer has physically purchased the guitar anyway, but it is legally on behalf on a third party?

If that was the case with the 'Hendrix' strat, then I wonder if the final sale price monies received by the court matched the sale price that Franks got. If it had been sold directly by Maverick perhaps the sale would have been cancelled?

I'm just speculating, trying to understand one possibility, I'm sure there are plenty of other explanations.
 
Cogswell

Cogswell

The Duke of Dumbassery
Joined
Mar 19, 2002
Messages
15,717
I'm surprised Eddie Vegas hasn't parted out that Cry Baby & Tube Screamer
 
ourmaninthenorth

ourmaninthenorth

Well-known member
Joined
Mar 28, 2009
Messages
7,132
A direct question if I may?

Does this guitar have any realistic prospect of escaping the icon murder scene it currently occupies, at the alluded asking price of $8XX,000 (see PW's breakdown for reference).

If not, what happens now?
 
You must log in or register to reply here.
Top