This is certainly a fascinating thread.
After reading the whole thread my take on the translation of events is as follows.
Pepis was a wax/cello pack dealer and expert. He allegedly knows the ins and outs and possibilities based on sequences and such.
Pepis submitted a number of his own packs over the years to PSA for resale purposes.
Throughout the course of time Pepis became disillusioned when he saw, what he thought were bad packs, in PSA holders.
In order to test the system himself, he rigged up a bunch of bad packs on his own. They passed at PSA. He went public with PSA's authentication short-comings, based on evidence he planted himself into the system.
Pepis kept those altered packs in his collection as evidence.
In response, PSA placed an alert on ALL packs Pepis had submitted to them over the years.........leaving collectors he had sold to, holding the bag.
I hope this is the case, and he hasn't actually sold any of his altered packs.
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