Osvaldo Patrizzi Responds



I do not know if you know, Bob and your dear friends, what you are going to do now the Swiss Federal Court has accepted the appeal against the liberation of the blockage of the commercial register in Geneva? How can you justify the transactions with Antiquorum shares that took place almost every month this year despite an interdiction to register the capital increase on which these transfers were based?  You have been buying and selling shares that may never exist !

How do you explain the action of your fellow directors in selling your own inventory and paying the proceeds to you while they knew that the capital increase was blocked by the Zurich courts and that they had no cash from the prospective shareholder to pay the company’s creditors? As the principal shareholder and chairman of a company it is your obligation to assure the payment of all creditors before paying yourself.

Do you know that your predecessor (Yo Tsukahara) promised to the chairman of Artist House, Mr. Murakami, in writing to keep the Quorum house inventory separate from Antiquorum’s business and not use its proceeds? How do you intend to resolve this? By returning the inventory worth CHF 12 Million to us? On behalf of my partner (Artist House Holdings) and the chairman of Quorum House (myself) we have told you repeatedly to return and not sell its inventory. - we do not want to be the next Spanish victim. As the new chairman of Antiquorum, you are now personally responsible for the return of inventory that you know belongs to Quorum House as well as the payment for those lots already sold.

How does the Antiquorum’s Board of Directors think to resolve the ever increasing problem of the creditors?  By not answering as seems to be your usual policy?

As both Habsburg Holdings and myself are still a shareholder of Antiquorum for 1 share each (out of 2'100) we are entitled to receive the annual accounts. Why are the 31.3.08 accounts not issued yet, are you knowingly in default or is your new team unable to keep up?

Why, Bob, did you not include the case and movement references in the description of the important brand new Patek Philippe wristwatches in the catalogue? Don’t you think that this visible grey market approach will irritate the manufacturer?

 In any case, I wish you good luck with the next sale in New York, I know better than anyone else the huge effort it takes to organize an auction and you should know that instinctively I wish a lot of success to everyone including you!

 27 September 2008

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