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[Rollingstone206]

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[4815162342]

Here we go.

[Leon]

A long time ago one of our members, Andy B., had his Sporting News Ruth rookie bought back from PSA as it was not authentic and it was graded. That was probably 10+ yrs ago though....

[glchen]

I don't believe the current owner of the T206 Wagner is going to do anything about it: Link

[I Only Smoke 4 the Cards]

It would be interesting to know what the Wagner's FMV value is now that it's indisputably been trimmed.

[4815162342]

Originally Posted by I Only Smoke 4 the Cards

It would be interesting to know what the Wagner's FMV value is now that it's indisputably been trimmed.

It would depend on the auction house, bidders, position of the stars/planets, and whether or not the consignor is in the Fox viewing position.

[Sean1125]

PSA already made an offer to the current owner of the Wagner. He passed.

[Peter_Spaeth]

Originally Posted by Sean1125

PSA already made an offer to the current owner of the Wagner. He passed.

Why would PSA do that, as it would invalidate the party line if the card was reholdered A? Did PSA tell you this?

[WhenItWasAHobby]

Has David Hall recanted his alleged assessment of Bill Mastro in that Mastro can't be believed regarding his admission of trimming the Wagner?

http://www.nydailynews.com/blogs/ite...ntry-1.1632308

[Sean1125]

Originally Posted by Peter_Spaeth

Why would PSA do that, as it would invalidate the party line if the card was reholdered A? Did PSA tell you this?

Inference based on Kendrick's comments.

[Leon]

Originally Posted by Sean1125

Inference based on Kendrick's comments.

After this debacle came to light Joe O and I had an impromptu conversation at the National. He made it clear to me that PSA was standing pat and it was all up to the owner of the card. And at that point the owner had no inclination to do anything or sell. I was surprised at what you said (PSA offer) and don't think that would happen, unless Hall wants it for his own collection (total guess on my part and probably not the case).....I don't believe PSA made an offer for the card.

[jhs5120]

I took a moment to read through CLCT's 10-k from June 30, 2013

Some fun facts regarding Collectors Universe:

Payments made out via their conditional warranty:
$779k in 2010
$379k in 2011
$502k in 2012

They currently have $1.155 million reserved for future warranty claims.

There is no mention of the Wagner t206 meaning:

They do not have any particular reserve for said card and (assuming they told their auditors about the situation) they are not concerned about a future claim.

I'm assuming the claim would be upwards of $1 million so it would have been disclosed.

Here is what they write about their reserves:

Service Warranties


We generally issue an authenticity or grading warranty with every coin and trading card authenticated or graded by us. Under the terms of the warranty, in general, if a coin or trading card that was graded by us later receives a lower grade upon resubmission to us for grading, we are obligated under our warranty either to purchase the coin or trading card at the price paid by the then-owner of the coin or trading card or, instead, at the customer’s option, to pay the difference in value of the item between its original grade as compared with its lower grade. Similarly, if a coin or trading card that has been authenticated by us is later determined not to have been authentic, we are obligated under our warranty to purchase the coin or trading card at the price that the then-owner paid for that collectible. We accrue for estimated warranty costs based on historical claims experience, and we monitor the adequacy of the warranty reserves on an ongoing basis. If warranty claims were to increase in relation to historical trends and experience, management would increase the warranty reserves and incur additional charges that would have the effect of reducing income in those periods during which the warranty reserve is increased. Before returning an authenticated or graded coin or trading card to our customer, we place the coin or trading card in a tamper-evident, clear plastic holder that encapsulates a label identifying the collectible as having been authenticated and graded by us. The warranty is voided in the event the plastic holder has been broken or damaged or shows signs of tampering.




We do not provide a warranty with respect to our opinions regarding the authenticity or quality of autographs.

Keep in mind all this information also involves their coin and stamp authentication services as well.

[jhs5120]

To answer your other question:

PSA will never offer cash for the card and allow Kendrick to keep it. The card is worth well more than what he paid for it, so any deal would involve handing over the card for the price paid (which Kendrick will obviously never do). I think PSA would be happy take the card off his hands for the price he paid for it.

[Peter_Spaeth]

Of course, they control whether they subsequently determine a card was misgraded or misauthenticated ...

[Rollingstone206]

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[Rollingstone206]

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