Vegas Auction: Unreleased Material On Its Way

Richard A. Altomare, Chairman and CEO of Universal Express, Inc., comments on the Jackson Family Memorabilia status and its future plans.

“Having recently completed only stage one of our long-term Jackson auction and memorabilia sale, I wanted to succinctly clarify our present status, sales totals and future plans to all interested parties,” said Richard Altomare.

Mr. Altomare continued, “The multiple legal and overly emotional court cases and repeated questions of ownership have generated news stories and have definitely complicated stage one of our initial 1100 lot auction in Las Vegas.”

“Disclosure has been made more difficult due to our now strained relationship with our auctioneer’s inability to give us final sales numbers and our auctioneer’s removal of key lots prior to commencement of the auction, without our permission. In addition, Universal Express recently had a court enforce return of its property from the same auctioneer. That episode and other auction issues will be made public at the appropriate time in the future.

“I continue to stand behind our original estimate of 30 to 200 million dollars for the entire Jackson Memorabilia collection due to the returning items; those items which remain in our warehouse, the tabloid value of some of those items and most importantly the master music tapes.

“Without revealing label discussions and possible financial partnerships our 138 master tapes do include over 23 unreleased songs, which necessitated the need for our initial Las Vegas auction to definitively determine ownership.

“It is legally interesting that ownership must precede sale in the Jackson auction and in all property transactions except, of course, our on-going naked short selling case with the SEC. Permitting sale of stock daily without actual ownership strangely resembles the elements of this case.

“While some of our shareholders lament only an estimated million dollar initial auction, but with over 30 prized lots not auctioned and approximately 25% of the initial lots retained for a future auction; but more informed shareholders may better understand our need to prove ownership, successfully defeat future legal musical claims and initiate dialogue with some highly visible music sources. Our initial media coverage generated millions of branding dollars with millions upon millions anticipated as future sales and master tape announcements materialize.

“The more elaborate the table, the longer the preparation sometimes takes. To those desiring a fast meal, our media coverage should have been sufficient. To those desirous of a memorable feast, we will take whatever legal and negotiation times necessary to achieve our ultimate goals.

“In conclusion, Universal Express has generated positive press, continued its brandings, exposed itself to entirely new markets and industries, and has demonstrated its legal maturation and sophistication. Our Jackson story has just begun. Hopefully the musical sounds will awaken those who haven’t yet grasped the size and scope of our subsidiaries and our ultimate corporate drive,” concluded Richard Altomare.