Originally Posted by Snowman (Post 2333241)

I think they're brothers, right?

Originally Posted by Lorewalker (Post 2333249)

It is with great self-respect that I can post that I have no idea if they are brothers or even what their names are.

Originally Posted by Snowman (Post 2333257)

Lolol. OK, we can be friends now

Originally Posted by Lorewalker (Post 2333263)

If only I had known it was that easy. We could have done this long ago. Well better late than never, right?

Originally Posted by Snowman (Post 2333186)

I take everything from Sports Card Radio with a grain of salt. Which is to say, I don't believe a damn word he ever says without actual evidence. He has repeatedly proven himself to be full of sh!t. This "anonymous" source is probably either some random troll from Blowhard or just himself making stuff up to get a rise.

I have first-hand experience with taking "loans" from PWCC (in my case, I wasn't borrowing money against cards in my vault, but rather taking an advance on cards I had already consigned for auction, but it's the same process). This is how it works. First, they appraise your cards and assign an insurance value to them. These values are always low. In some cases, extremely low (one of my cards was insured for $10k, but sold for $18k at auction the following week). If you have cards that you want to take a loan against, you have to put in a loan request for the amount you wish to receive. You are allowed to request up to 50% of the insured value for items in your vault, and up to 75% for cards that have already sold in one of their auctions, but for which you have not yet received payment (normally, it takes about 2 1/2 weeks to receive payment, but you can escalate some of those proceeds if approved - in my case, it was free of charge. I did not have to pay any fees or interest since my cards were already submitted to auction. However, there are fees if you just want to take a loan out on cards sitting in your vault, of course). After you submit your request, it then gets reviewed by a team of underwriters. They will typically send you a counteroffer for less than you've requested (so if you requested the full 50% LTV against the conservatively appraised cards in your vault, you will probably get countered for something like 35% instead. When it's all said and done, their actual exposure is probably somewhere around 25-30% of a card's actual market value when a loan is approved. Unless that's for a card that has already sold and awaiting payment, in which case they'll approve a higher amount as mentioned.

As far as a "bank run on the vault" is concerned, all that would do is cause a shipping backlog at PWCC. Even if they went bankrupt, everyone would still get all of their cards back. Unless they've taken loans out against those cards of course, in which case, PWCC obviously reserves the right to auction those cards to recover any funds owed to them.

Originally Posted by Fuddjcal (Post 2335355)

What do you think about SCD talking about 30-40 people let go @PWCC tonight then? That didn't take long, LOL. Tomorrow, there will be a PWCC Vault run. We'll see. Won't we? Someone is full of Sh&*:p;)

Originally Posted by Lorewalker (Post 2335356)

If you mean this info is coming from SCR, I would not hang my hat on the info. Most of what I have heard come from this dude is utter bullshit. As intolerable as it is to listen to him, if this is from him, can you link it?

Thanks!!

Originally Posted by Peter_Spaeth (Post 2335357)

He reluctantly gets kudos though for some of his card doctor nicknames.

Originally Posted by Fuddjcal (Post 2335355)

What do you think about SCD talking about 30-40 people let go @PWCC tonight then? That didn't take long, LOL. Tomorrow, there will be a PWCC Vault run. We'll see. Won't we? Someone is full of Sh&*:p;)

Originally Posted by Snowman (Post 2335394)

Link?

I'm not saying it didn't happen, but I personally know multiple people who were recently hired at PWCC. So it seems odd if true.

Originally Posted by Snowman (Post 2335394)

Link?

I'm not saying it didn't happen, but I personally know multiple people who were recently hired at PWCC. So it seems odd if true.

Originally Posted by Rhotchkiss (Post 2335419)

Not all layoffs signal a struggling company. Many companies (multiple industries) hired rapidly in anticipation of growth that never manifested, and they are now laying off those people to right-size the company given that the growth came. Suppose PWCC was preparing for alternative revenue streams - NFTs, video games, shoes, etc. but the NFT market sucks, and video games have cooled a ton after a few big profile auctions (I don’t know about shoes). There is no reason to keep that dead-weight salary expense on the books, so you lay them off. That doesn’t mean their card auctions, market place, vault, etc are doing bad. It just means they don’t need the people they hired to serve collateral businesses that did not materialize.

I have no idea what’s going on at pwcc and if the above applies, or if they are having larger issues, etc. I am just pointing out that layoffs do not always mean a company is struggling. It may mean they have given up on some growth

Originally Posted by Rhotchkiss (Post 2335419)

Not all layoffs signal a struggling company. Many companies (multiple industries) hired rapidly in anticipation of growth that never manifested, and they are now laying off those people to right-size the company given that the growth came. Suppose PWCC was preparing for alternative revenue streams - NFTs, video games, shoes, etc. but the NFT market sucks, and video games have cooled a ton after a few big profile auctions (I don’t know about shoes). There is no reason to keep that dead-weight salary expense on the books, so you lay them off. That doesn’t mean their card auctions, market place, vault, etc are doing bad. It just means they don’t need the people they hired to serve collateral businesses that did not materialize.

I have no idea what’s going on at pwcc and if the above applies, or if they are having larger issues, etc. I am just pointing out that layoffs do not always mean a company is struggling. It may mean they have given up on some growth

Originally Posted by glynparson (Post 2335449)

Layoffs coupled with the news of them getting stuck with defaulted loans were the collateral is worth 1/10 to 1/2 of what it was when the loan was written. Does not seem like good news to me. I don’t get why some are always so quick to defend some of the people they do, it mystifies me. As for sports card radio please show me all these times they’ve been wrong about the hobby? I think they sometimes are jerks about how they say stuff and there politics are absurd but they tend to be on top of the hobby and what’s going on. I must admit I was shocked at how good KG was on the show last night.

Originally Posted by parkplace33 (Post 2335413)

Any word from the leader of pwcc? He has been quite quiet for the last few years.

Originally Posted by glynparson (Post 2335449)

I don’t get why some are always so quick to defend some of the people they do, it mystifies me.

Originally Posted by glynparson (Post 2335449)

Layoffs coupled with the news of them getting stuck with defaulted loans were the collateral is worth 1/10 to 1/2 of what it was when the loan was written. Does not seem like good news to me. I don’t get why some are always so quick to defend some of the people they do, it mystifies me. As for sports card radio please show me all these times they’ve been wrong about the hobby? I think they sometimes are jerks about how they say stuff and there politics are absurd but they tend to be on top of the hobby and what’s going on. I must admit I was shocked at how good KG was on the show last night.

Originally Posted by Peter_Spaeth (Post 2335357)

He reluctantly gets kudos though for some of his card doctor nicknames.

Originally Posted by glynparson (Post 2335449)

Layoffs coupled with the news of them getting stuck with defaulted loans were the collateral is worth 1/10 to 1/2 of what it was when the loan was written. Does not seem like good news to me. I don’t get why some are always so quick to defend some of the people they do, it mystifies me. As for sports card radio please show me all these times they’ve been wrong about the hobby? I think they sometimes are jerks about how they say stuff and there politics are absurd but they tend to be on top of the hobby and what’s going on. I must admit I was shocked at how good KG was on the show last night.

Originally Posted by Snowman (Post 2335671)

Certainly interesting. 100+ employees sure feels like a lot for the operation they're running. As a point of comparison, Rick Probstein says he has 35, and those are mostly minimum wage kids/young adults.

Originally Posted by Peter_Spaeth (Post 2335675)

Rick doesn't have the side businesses like a vault. He doesn't have to maintain his own platform. Etc.

Originally Posted by Snowman (Post 2335671)

those are mostly minimum wage kids/young adults.

Originally Posted by Snowman (Post 2335671)

Certainly interesting. 100+ employees sure feels like a lot for the operation they're running. As a point of comparison, Rick Probstein says he has 35, and those are mostly minimum wage kids/young adults.

Originally Posted by Peter_Spaeth (Post 2336548)

Originally Posted by Peter_Spaeth (Post 2336588)

Huigens says PWCC is developing new robotics to handle an increased volume of submissions to its platform and is “incrementally introducing new features on our new digital marketplaces over the coming months, and we are preparing to release a robust financial services tool to the world.

Originally Posted by raulus (Post 2336599)

Wow.

That seems like a whole lot of ambitious plans. I guess we’ll see how they turn out.

Originally Posted by Peter_Spaeth (Post 2336601)

Say what you will about him, he always seems to have ideas.

Originally Posted by Peter_Spaeth (Post 2336548)

Originally Posted by Peter_Spaeth (Post 2336588)

Huigens says PWCC is developing new robotics to handle an increased volume of submissions to its platform and is “incrementally introducing new features on our new digital marketplaces over the coming months, and we are preparing to release a robust financial services tool to the world.

Originally Posted by timzcardz (Post 2336650)

I found the choice of words to start the article very amusing!


"One of the trading card market’s largest companies trimmed . . . "

.