[Casey2296]

Originally Posted by japhi

None of us have seen PWCC's books, but them selling into a down market suggests things weren't going well.

Also not a stretch to assume their lending program was in trouble - the assets backing the loans were off 25-90%, and the cost of capital had increased dramatically. Let's be real - this is a financial environment where banks have failed and are still in trouble - what are the odds their lending program was in good shape? That program going south could easily sink the ship. When business fail, they fail fast.

I also suspect the move off eBay hurt sales pretty dramatically, and they for sure lost significant share to Goldin.

Do agree the would have received a decent payday, their client base and technology has real value.

But there is no doubt in mind they sold for a fraction of what they would have exited for 12-18 months prior, and I wouldn't be at all surprised if they were buried in bad debt. Hard to believe that it wasn't a distressed asset when Fanatics acquired it.

+1 agree.