INDIVIDUAL LICENSEE ISSUES:

 New Orleans Auction Galleries (NOAG)
Pre-Bankruptcy of April 1, 2011

June 20, 2011:

 
LALB Meeting:  6/20/11 - Initial Discussion of NOAG Bankruptcy
LALB Attorney Anna Dow states that unpaid consignors will
be paid via NOAG's January, 2011 auction; however,
the reality is that the consignors were paid ONLY as a result
of $500,000 in DIP financing provided by Eric Aschaffenburg.

 7:49 Executive Assistant Edmonds:  "Five consignors contacted us, and NOT EVEN
 all five filed complaints." The subtle defense of Ms. Steinkamp was birthed.  Interestingly enough,
Ms. Steinkamp, five (5) months later at a November 15, 2011 LALB meeting, STRONGLY pushed
for a substantial pay raise for Ms. Edmonds!! 

 12:20 - 12:50 Board Member and LAPA President Freddie Phillips references
 Massoud Pouratian's 2008 Los Angeles, CA lawsuit against NOAG
wherein Mr. Pouratian represents that he  bid $114,000 on paintings purported to be by famous artists
 but which he says were "total fakes" and which arrived from NOAG with Christie's rejection stickers
on the backs of them!  Nevertheless,  LALB Chairman Steinkamp
brushes aside Rev. Phillips concerns as "not relevant."