Franklin Mint Owner Says It Was `Duped' Into Buying Collectibles Company

[The Straight Story]

Franklin Mint Owner Says It Was `Duped' Into Buying Collectibles Company

The owner of Franklin Mint LLC, which sells collectible coins and statues, claimed in a lawsuit it was tricked into buying the business as the company teetered on the brink of failure.

JSSI Capital Enterprises LLC alleges it was defrauded into buying Franklin Mint in 2009 because the sellers made “material misrepresentation and omissions,” according to a complaint filed Dec. 27 in State Supreme Court in New York.

“After the transaction, plaintiffs discovered they had been duped,” JSSI said in court papers.

Franklin Mint, of Exton, Pennsylvania, sells coin sets like a U.S. presidential dollar collection for $259.95, models of cars, including a 7.5-inch long Corvette covered in crystals for $1,295, and dolls of famous women like Michelle Obama and Marilyn Monroe, according to its website.

JSSI sued Moshe Malamud, Sam Malamud and Steven Sisskind, who owned a majority stake in Morgan Mint Inc. at the time of the transaction, according to the complaint. Morgan Mint owned Franklin Mint. Moshe Malamud served as Morgan Mint chairman at the time of the deal, Sam Malamud was a director and Sisskind was chief executive.

http://www.bloomberg.com/news/2010-12-28/franklin-mint-s-owner-says-it-was-duped-into-buying-collectibles-company.html

[hobbit709]

1. Buyer feels ripped off because he buys company that sells shlock.

AAWW!!

[mikeytherat]

2. "Ive got this great idea - why don't we sell it to the Franklin fu**ing Mint?

Fine pewter portraits of General Apathy and Major Boredom singing, 'Whatever and ever. Amen.'" - Ben Folds Five

mikey_the_rat

[SidDithers]

4. I rediscovered Ben Folds Five not too long ago...

heard One Angry Dwarf as the musical overlay on a youtube gaming video, and have become a huge fan. Song for the Dumped gets repeated very often on my playlist (not that it has any special meaning, just that I love the piano and the lyrics :))


Sid

[PoliticAverse]

3. I'm shocked SHOCKED that Franklin Mint might have misrepresented the value of something it sold. n/t

[Vinca]

5. Karma.

[NoPasaran]

6. They should count themselves lucky

If they had acted faster, they could own a SECOND Franklin Mint ABSOLUTELY FREE (Just pay separate shipping and handling)!

[FSogol]

7. Did they say, "This RARE Company is available for a limited time only & the offer won't be repeated"

:shrug:

[LeftinOH]

8. That's OK- Franklin Mint will probably recover their losses with this:

[PoliticAverse]

9. Not unless...

it's anatomically correct...

[eggplant]

10. Since I could return it, I ordered the gold plated monopoly set

despite being insanely expensive, it was actually quite nice. Of course, I returned it. I'm not an idiot.

[PoliticAverse]

11. Did you at least...

collect $200 gold plated dollars while you had it?...