[Peter_Spaeth]

Originally Posted by Dpeck100

The market cap is 175 million at the current share price. Obviously it wouldn't be a good thing for the company if they had to pay out millions of dollars but how much of an impact I think is unknown. Their cash since March of 18 was up 6.2 million and the stock was just over $16 then. I could easily be wrong but I don't see them writing checks for six million dollars on this. If so the stock probably retreats some but what will be more telling is what happens to submission revenue. I don't have a breakdown of how much revenue they get from higher priced submissions but if that were to slow significantly because they are getting less submissions that would probably be something that would have a bigger impact on the stock. I can't under any circumstances see this slowing down gaming submissions or lower priced cards like most collectors submit. The other issue is if they deem cards trimmed they keep the fee. I will go through their 10Q and see if I can find the average card submission price. I think if I recall it is under $10. I also think people forget that the coin business is over 60% of revenue and that has struggled in recent years and has had a big impact on the stock. I totally get that many hate grading but this isn't a dooms day scenario under any circumstances in my view.

That's a reasonable analysis but then why is Orlando/Sloan's first statement on the matter an obvious effort to protect against the possibility of a big payout by trying to minimize the scope of the problem, and telling people to go to their sellers with a problem and not PSA? Unless of course the seller is "unknown." Right, I buy lots of cards from unknown people on street corners. Why not just own up to the issue, do their best to help defrauded collectors, institute some positive changes, and move forward? If they truly can afford to deal with this, their instincts are very poor in my opinion.