MarkP Posted January 16, 2015 Author Share #21 Posted January 16, 2015 Advertisement (gone after registration) Yes I agree with you paleo. So the receivers are still sifting through consignments. I understand that quite a few consignees have been burned, some much worse than me. I'm unlikely to see the $3500 for my M9 as I'm considered an unsecured creditor. Foto Riesel did NOT put monies for consignment sales into a separate trust account but into their general bank account! Regarding my consignment goods that hadn't yet been sold, my Leica 28 PC lens with accessories and the Zeiss 25mm lens (without packaging and hood) have been found, but not the other two Zeiss lenses 1.5/50 and 4.0/85 with full packaging/hoods :mad: The receivers may go through the shop contents again with the owner/director when he's back from overseas Link to post Share on other sites More sharing options...
Advertisement Posted January 16, 2015 Posted January 16, 2015 Hi MarkP, Take a look here Demise of Foto Riesel in Sydney. I'm sure you'll find what you were looking for!
IkarusJohn Posted January 16, 2015 Share #22 Posted January 16, 2015 Foto Riesel did NOT put monies for consignment sales into a separate trust account but into their general bank account! I'm not at all surprised, Mark. Generally, going into receivership goes hand in hand with poor financial management. They've probably been trading on other people's money for some time. I'm getting more careful about other people holding my money. It's no consolation to you though. Cheers John Link to post Share on other sites More sharing options...
palaeoboy Posted January 17, 2015 Share #23 Posted January 17, 2015 I would be seeking legal advice as some aspects the creditors are telling you doesnt quite make sense and receivers arent to be trusted at face value. You need to check the dates of the sale of your items and the dates of filing for bankruptcy. If it was done afterwards then thats an offence. Also once sold those moneys are yours just like the lenses that are still there just yet to be collected by you. Those funds cannot then be reallocated and spread amongst other creditors most likely the bank. Just because the cash is in a general account its still your property no different to any of the lenses that they are returning to you. They arent going to sell them off and spread those funds amongst creditors are they? Those lenses and funds derived by them were NEVER assets of Foto Riesel and cannot be just handed over to other creditors that would be theft. Only the commission on the sale can be considered one of their assets. They can keep the commission sure but the base funds are completely yours and the consignment contract has been fulfilled. I would have this point double checked. The receivers will always try to bluff the little guys. Link to post Share on other sites More sharing options...
IkarusJohn Posted January 17, 2015 Share #24 Posted January 17, 2015 Without giving free advice on incomplete information, there might be a point here. Receivers are generally in no better position than the company in receivership, but with a couple of qualifications - (1) they are entitled to assume that everything in the company's possession belongs to them, and (2) they can avoid any contractual obligations. This means that if they hold goods of yours, you're entitled to have them back (you just need to prove they're actually yours). But, ownership does not apply to money, and the receivers will just apply any funds held by the company in the order of priority of the creditors. They won't pay you unless there is a greater financial benefit in doing so. Preferring one creditor against another potentially makes the receiver personally liable. Getting reliable legal advice might be worth it ... Link to post Share on other sites More sharing options...
MarkP Posted January 17, 2015 Author Share #25 Posted January 17, 2015 Thanks for the advice guys - makes complete sense. I like the point that if they are willing to give me my lenses back then the money for the sold camera is also mine (accepting that I may have to wait until sale of assets/company to generate those funds to pay me). It certainly otherwise sounds like theft if they give my money to a secured creditor such as a bank I'll look into it and get advice on Monday.[ Link to post Share on other sites More sharing options...
Chavo Ramon Posted January 30, 2015 Share #26 Posted January 30, 2015 Mark looks like Digital Camera Warehouse has purchased Foto Riesel from the receviers not sure how that affects those with consignments and outstanding orders. Link to post Share on other sites More sharing options...
MarkP Posted February 7, 2015 Author Share #27 Posted February 7, 2015 Advertisement (gone after registration) They bought the name and remaining assets but not it's debt. Asking around it seems that it was known for a while in the industry that Foto Riesel were in trouble. There appears to have been some very dodgy financial activity by the previous owners with respect to consignments. I understand that a number of other consignees have been burned. I managed to get back my 28PC R lens (with the case, hood and paperwork) and the 2.8/25 ZM lens (sans packaging, rear cap, etc.) No reimbursement for the M9, and to date the other two Zeiss lenses (1.5/50 Sonnar and 4.0/85 Tele-Tessar are missing! I call it theft but I it's more complex - I think the correct term here is 'conversion'! I have some plans so will keep you posted. Link to post Share on other sites More sharing options...
erl Posted February 7, 2015 Share #28 Posted February 7, 2015 I call it theft but I it's more complex - I think the correct term here is 'conversion'! Mark, I think your definition is more accurate. The so called 'correct' term sounds more like politician speak, and we all know how dodgy that is, especially currently. I hope your plan may bear fruit. Link to post Share on other sites More sharing options...
MarkP Posted February 7, 2015 Author Share #29 Posted February 7, 2015 Mark, I think your definition is more accurate.The so called 'correct' term sounds more like politician speak, and we all know how dodgy that is, especially currently. I hope your plan may bear fruit. I'll send you a pm. Link to post Share on other sites More sharing options...
FlashGordonPhotography Posted February 7, 2015 Share #30 Posted February 7, 2015 Hi Mark, Really sorry to hear about losing gear through Foto Riesel. I do hope you get it back or compensation. I must say things have looked rocky for quite a while. As soon as the store was relocated to the smaller premises I thought something was up. The old Foto Riesel made its money from Government and Industrial clients. That's how it could survive in a back street in Sydney (I worked there for a while). Once that was gone they really needed to move to George St and push the Leica branding. But they kept spiraling downward. A real shame. Godon Link to post Share on other sites More sharing options...
Mornnb Posted March 13, 2015 Share #31 Posted March 13, 2015 They've now reopened.. and no longer stock anything Leica or anything Zeiss. They are just another Canon/Nikon/Sony store. Hi Mark, Really sorry to hear about losing gear through Foto Riesel. I do hope you get it back or compensation. I must say things have looked rocky for quite a while. As soon as the store was relocated to the smaller premises I thought something was up. The old Foto Riesel made its money from Government and Industrial clients. That's how it could survive in a back street in Sydney (I worked there for a while). Once that was gone they really needed to move to George St and push the Leica branding. But they kept spiraling downward. A real shame. Godon They probably needed to focus a lot more on Canon/Nikon/Sigma to have volume items to help fund the business to keep the Leica store going, as DigiDirect does. Sadly now they've completely gone that diection. Link to post Share on other sites More sharing options...
MarkP Posted March 13, 2015 Author Share #32 Posted March 13, 2015 Thanks all. It is clear now to me that even despite external pressures the store was incompetently run. Furthermore the way they handled their consignment sales was dodgy to put it mildly. Two of my lenses which were never sold on consignment have never been found and I understand I'm not the only person in that position. I think someone just helped themselves to equipment when the store went under. I'll let you know how things proceed. Link to post Share on other sites More sharing options...
MarkP Posted March 13, 2015 Author Share #33 Posted March 13, 2015 They probably needed to focus a lot more on Canon/Nikon/Sigma to have volume items to help fund the business to keep the Leica store going, as DigiDirect does DigiDirect seem to be undercutting everyone on everything , working on a low margin high volume model. Link to post Share on other sites More sharing options...
tobey bilek Posted March 14, 2015 Share #34 Posted March 14, 2015 Another store gone. Sad. As long as we vote for a few pennies savings instead of customer service, they will ALL go eventually. Sorry about the M9 $, but I never would consign anything. Link to post Share on other sites More sharing options...
MarkP Posted March 14, 2015 Author Share #35 Posted March 14, 2015 Another store gone. Sad. As long as we vote for a few pennies savings instead of customer service, they will ALL go eventually. Sorry about the M9 $, but I never would consign anything. Thanks. Well this was a store with an excellent name that had been in business for over 60 years (albeit with a few changes of ownership over that time). Never had a problem with consignment before and I had always received the price that I have wanted. I really don't have the time, nor a large enough eBay profile to sell expensive equipment myself, though I guss I could have done so through the Forum classifieds. Link to post Share on other sites More sharing options...
FlashGordonPhotography Posted March 16, 2015 Share #36 Posted March 16, 2015 Consignment in Sydney is getting hard to do. I think the best choice is Scott at Mainline Photographics. Scott is, at least, honest, if not terribly punctual with consignment payments. He just got me a decent price for some older lenses and a frankenfinder. I'm a bit over eBay and Gumtree myself. It's getting harder to justify the extra effort involved to offload gear via those channels. Gordon Link to post Share on other sites More sharing options...
MarkP Posted March 17, 2015 Author Share #37 Posted March 17, 2015 Consignment in Sydney is getting hard to do. I think the best choice is Scott at Mainline Photographics. Scott is, at least, honest, if not terribly punctual with consignment payments. He just got me a decent price for some older lenses and a frankenfinder. I'm a bit over eBay and Gumtree myself. It's getting harder to justify the extra effort involved to offload gear via those channels. Gordon Agreed. Scot is selling my recovered equipment. Link to post Share on other sites More sharing options...
FlashGordonPhotography Posted March 20, 2015 Share #38 Posted March 20, 2015 Looks like Digi Direct have picked up the Sydney Leica boutique. got an email yesterday. Good. They've been my store of choice in the city for a while now. Gordon Link to post Share on other sites More sharing options...
MarkP Posted March 20, 2015 Author Share #39 Posted March 20, 2015 Looks like Digi Direct have picked up the Sydney Leica boutique. got an email yesterday. Good. They've been my store of choice in the city for a while now. Gordon Yes. Got the invitation but there's nothing I need at the moment so may give it a miss. Link to post Share on other sites More sharing options...
nickthetasmaniac Posted March 20, 2015 Share #40 Posted March 20, 2015 4.0/85 Tele-Tessar are missing! I very nearly bought the Tele-Tessar (I'm assuming it was yours) a few months ago, before deciding to go with a 'fat' Tele Elmarit instead - small world... Link to post Share on other sites More sharing options...
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