Osvaldo Patrizzi Responds



This second anniversary provides me with the chance to summarize the events which have haunted me for the last 2 years.  This is my way, as I have prefaced in the first publication on this Blog, of presenting the facts, and defending my position, while I wait for the legal system to carry out justice.  This is one of my weapons of defense to show to the world the deception that has been organized by Artist House, Evan Zimmerman, Michael Levine, and De Kalbermattan to steal the company that I built into the world's most important horological auction house.


Hindsight is 20/20 Vision

The second anniversary of the “coup” at Antiquorum is now upon us and is an excellent opportunity to look back on events, the winners and losers.

The story begins in 2006 with the sale of 50% of Antiquorum  to Artist House Holdings (“AHH”) for USD $30 million. At the same time AHH agreed that I would be able to buy the remaining 43% (the other 7% was already mine) for the sum of CHF 16 million from the sale of the inventory once Antiquorum SA had cashed in on the inventory.

All throughout these negotiations I was assisted by Evan Zimmermann, MY “trusted” COO of Antiquorum USA, and legal advisor in the transaction. AHH was so confident of the potential of this company that they even accorded an additional USD $10 million loan to help expand the business.

 Then disaster struck in Japan and AHH’s private equity fund recorded massive losses in 2007 in their other investments, totaling CHF 200 million; suddenly there was NO WAY they could meet their contractual commitments to buy the remainder of Antiquorum as agreed, in the next 3 years.

 An honorable organization would have found a solution, but Evan Zimmermann, who was extremely close to AHH due to his role, saw in this situation a great opportunity to further his own interests. The best way to save money would be to fire Osvaldo Patrizzi for “cause” and thus renege on the commitments above. The problem was to find a “cause”. Evan again obliged, with allegations of misappropriation of funds, “strange non transparent” transactions etc, and done, of course, behind my back, as otherwise all could have been explained logically.

Since the Japanese stick together and none of the management team spoke English, let alone French, they hired the “Star” turn-around specialist, Yo “John” Tsukahara, advised behind the scenes by none other than Evan Zimmermann.

 From here on, the web of deception was engineered, the allegations of mismanagement and malpractice were created with smoke and mirrors and at an unscheduled “Shareholders Meeting” on June 15, 2007, I was ousted as Chairman.  But not before Mr. Zimmermann proposed himself, in my presence, as my replacement, thus clearly stating phase one of his long term goals, the other being to get control of Antiquorum from the Japanese for peanuts.

 Thus began the long descent into Hell for Antiquorum, and an even longer, personal journey into Hell for myself.

 The Japanese selected puppet was Tsukahara, whose incomprehension of the business, the culture and the people, plus his mindless allegiance to Evan, led to a series of resignations, including Karin Tasso, Brandon Thomas, and the entire non executive board within 6 months of his taking over.

 By March of 2008, the company had hit rock bottom. David Smith, the finance director who dared suggest the company was on the edge of bankruptcy, was summarily dismissed.

 Then Antiquorum entered it darkest period. An unsuspecting Spanish Marquis with a CHF 10 million modern watch collection consigned his watches to ASA, which ASA sold, knowing full well that they did not have the money to pay. This collector still has a bad debt claim against ASA for CHF 5 million and it has been reported that criminal charges are pending in this connection.

 Antiquorum was “recapitalized” early in 2008 to cover the mounting losses, a maneuver which diluted all existing shareholders to zero in an operation which we are currently contesting by judicial means. This was another step in the scam to acquire Antiquorum for peanuts.

Since then AHH has been struck off the Japanese stock exchange, Antiquorum, owned 100% by AHH after the contested “capital restructuring”  has been sold to a company, ForeverMost , in Hong Kong for USD $100, 000, plus an assumption of part of AHH loans.

 How can a company valued at USD $ 60 million in 2006, be sold for USD 100K two years later?

 Afterwards there was a series of new “owners” and capital “increases” which never took place, but when all is said and done, who should emerge as Chairman and substantial shareholder of Antiquorum, but none other than Mr. EVAN ZIMMERMANN.

 Congratulations again, Evan,  on your success in the business of financial manipulation, legal skullduggery and backstabbing, however have you forgotten you are in the Vintage Watch Auctioneering business.

Here your success rate has been somewhat less evident. As this blog’s previous entry has shown, you have taken this business and turned it into a commercial disaster.

When I left the business, it was worth USD 60 million - now even the USD 100,000 you and your Cabal finally paid is beginning to look a bit expensive.



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