“I hope we all make a ton on that boat.”
Those 10 words expressed in a June 2013 email captured the spirit of a deal between Henderson Auctions—one of the most prominent auction houses in Louisiana—and one of its former salesmen to buy and sell a former Lake Charles Isle of Capri riverboat.
As Business Report details in a feature from the current issue, nearly four years have passed since those words were written. The message is now Exhibit No. 4 in an enthralling—and rather nasty—fight in Baton Rouge federal court, one rife with allegations of backroom deals, fraud, deception and, of course, missing money.
Perhaps most intriguing of all is the assertion that Henderson Auctions founder Marvin Henderson, a former National Auctioneers Association Hall of Fame honoree, “carved off” thousands of dollars in cash from the sale of the riverboat, possibly unbeknownst to his own son and daughter, who now own the auction house.
Earlier this month, U.S. District Judge Shelly Dick turned down Henderson’s request to throw out the allegations against him, dubbing some of his arguments “disingenuous.” She also noted that should the allegations be proven in court, Henderson himself could be liable “for all or part” of what is owed.
Marvin Henderson founded Henderson Auctions in 1957, raising just $800 at its first sale. Today, the 50-acre auction house specializes in heavy construction machinery, industrial equipment, trucks and trailers, mobile homes and real estate. Its two- and three-day quarterly construction auctions now gross between $12 million and $20 million each, according to the company’s website.
Henderson’s son, Jeff Henderson, now runs the company as president and CEO, and has also served on the Louisiana Auctioneers Licensing Board under the last two governors. His sister, Janet Henderson Cagley, is CFO. Henderson, now 80, remains both an auctioneer and somewhat of a powerbroker in Livingston Parish politics.
Henderson insists “there is no controversy between me and my kids,” and that he’s not worried about the outcome of the case.
“I’m not perfect, but I have a legitimate business,” he says. “I wouldn’t have that if I had been going around lying. Many, many customers know we do straight business. Those allegations don’t mean nothing.”
Read the full feature. Send your comments to editors@businessreport.com.
