It seemed like a brilliant deal for Fairfax Media, which had to find a way to save its valuable archival photos from deteriorating but could not spend a fortune doing it.

Rogers Photo Archive in Little Rock, Arkansas, offered the solution.

That company would digitise the photos, add metadata for easy searching and then return an online accessible version to Fairfax — taking an ageing and deteriorating archive and giving the cash-strapped media company a digital library in return.

For its efforts Rogers Photo Archive would be able to sell the originals and make a profit. Except it did not.

Documentary maker David Hoffman sold three films to Rogers Photo Archive for $325,000 to help finance further work.

But the money ran out before the contract was fulfilled.

"John Rogers said he was making $125,000 a week off eBay and it didn't sound right to me. I didn't know anybody that could sell old photos and make that kind of money," Hoffman said.

Fairfax had signed its deal in March 2013. The photos were shipped over in September that year.

Just months later, the FBI raided the warehouses in Little Rock over allegations of sports memorabilia fraud and questions were being asked about the financial health of Rogers Photo Archive.

Arkansas Business senior editor George Waldon was following the trail.

"Behind the scenes things were starting to come apart at the seams in John's world," he told the ABC last week in Little Rock.

"Unfortunately for Fairfax, the timing for their deal was right ahead of the FBI publicly opening their probe into the business affairs and it all came tumbling down."

Fairfax photos listed for sale on eBay

The Rogers Photo Archive warehouse ( ABC News: Lisa Millar )

Bushes now grow over the path of the warehouse at 2501 North Poplar Street. Paint peels off the side of the building.

Next door there is a newer building in this industrial area but both are devoid of any markings apart from the "For Sale" sign outside.

A sign asking people not to flick the switch to protect the photographs ( ABC: Lisa Millar )

This is where Fairfax's photo archive has been left in limbo — part of a court battle involving at least a dozen different people and organisations.

Hoffman is one of them.

"He gave me a bunch of cheques and I would cash one each month and then in February 2014 they started bouncing and one bounced and then another bounced," he said.

Rogers Photo Archive is now in the hands of receiver Michael McAfee, who was appointed by the court.

Fairfax's valuable images are locked away under 24-hour surveillance and any digitising work has been suspended.

It is more than two years since the contract was first signed and 18 months since the photos were sent abroad.

This has become an extraordinarily complex situation that Fairfax must be deeply regretting.

The receiver's first quarterly report makes for fascinating reading.

Mr McAfee details his concerns that Fairfax photos were already being sold on eBay before the contract and digitising had been completed.

The New Zealand government had signed an exemption to allow the export of the photos under the Protected Objects Act.

"In late March [2015] the receiver discovered that over 1,000 items related to Fairfax Media were being listed for sale by Angelica Rogers [John Rogers' ex-wife]," the report says.

"Some of the items listed related to the New Zealand archive. This selling of New Zealand items is a direct violation of New Zealand Protected Objects Act and might warrant further action by the New Zealand government.

"After the discovering of this fact all items were picked up that day and it was found that her inventory was in excess of 97,000 photos.

"The initial estimate given by her of her inventory was approximately 25,000 photos.

"It is unclear during the time of the receivership and before how many items of Fairfax Media property may have been sold for her direct benefit."

'John has a reputation as a super seller'

Part of the warehouse that holds thousands of Fairfax's archival photographs ( ABC News: Lisa Millar )

A spokesman for New Zealand's ministry for culture and heritage, Tony Wallace, told the ABC it was the worst possible outcome.

"Obviously we're not happy with the way things have transpired," he said.

"The decision to grant an export order was made in good faith at the time on the information available.

"We've got to balance that up with the need to have a digitisation job done.

"If you leave images permanently there's the probability they will eventually degrade.

"So it's important to have a strategy to get the images digitised, but obviously the outcome that's occurred is not the one that anyone wants and that's really, really sad."

Mr Rogers first attracted attention when he bought the rare Honus Wagner collectors baseball card for $US1.65 million.

"John has a reputation as a super seller, he's a fast talker, he's smart, he's gregarious. Charismatic even, some say. He was able to get into some very interesting doors to do business with," Waldon said.

Mr Rogers lived a large life in Little Rock with a mansion on the waterfront — which is now up for sale for $US2.5 million — and a beautiful wife.

Hoffman agreed he was an excellent salesman.

"First of all he is one hell of a good talker and your people will attest to that too. He is a superb salesman. I really liked him. Really colourful. Sweet and kind and in love with old objects and history and photography and things I admired," he said.

"But he's a master. You read about these kind of people. He could talk you into buying the Brooklyn Bridge."

Historical photos unlikely to be returned 'for some time'

John Rogers inspects photos at the Rogers Photo Archive ( The Arkansas Times: Brian Chilson )

Other newspaper companies also entrusted Rogers Photo Archive with their materials.

The Alaska Dispatch and Digital First Media contracts have not been completed either.

But the Fairfax deal is the most valuable and finding a solution is the top priority for the receiver.

The Age newspaper has had its photos returned to Australia.

But images from The Sydney Morning Herald and New Zealand publications remain in Little Rock — at least those that the receiver can be confident have not been sold.

Former Sydney Morning Herald editor-in-chief Peter Fray said the photographs are enormously important to the nation's history.

"In this case, perhaps there is a case for the Government to get involved to protect the national heritage," he said.

"I know it's been in private hands, I know it's a private resource, but really in the broader sense it's part of our national identity."

Mr Wallace said the New Zealand government continued to express its concern about the situation and was continually monitoring reports.

He says they are focusing their energies on getting the protected, historical photos back to New Zealand but admitted "it could take some time".

"This story could be a movie," Hoffman said.

"It's got everything."

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