Quote:
Originally Posted by Yoda
I say all of this because it is a distinct possibility that paying out their own pocket could bankrupt ML.
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I have total confidence that I will get paid in full, as will all other consignors whose cards were stolen -- Memory Lane is no fly by night outfit. I expect ML will lose some money here, but this will not sink the ship and they will continue as one of the best 3-4 sports memorabilia AHs. I also expect they will learn and grow from this, improving procedures going forward.
If/when I do get paid, I will disclose. If issues arise, then I have a forum to post on and I have legal recourse. But again, I believe the odds of needing either of the latter are super low.
For what its worth, I know more than what has been posted here, but its not my job or place to discuss (and none of your business to hear) some of these facts, especially those concerning the investigation. All I will say on the matter is that as someone who is potentially materially impacted, I am very satisfied with how this is being handled so far and I do not blame Memory Lane -- its a shitty scenario all around.
I hope (and frankly expect) that in time Memory Lane will make some announcement on the matter. But I expect that right now they are doing what advisors suggest (counsel, police, insurance, etc) and they are focused more on navigating this crappy situation than satisfying the interests and curiousity of message board posters.
BRIAN -- I dont know if ML will charge a buyer's premium, I assumed they would. The point is that no impacted winning bidder will be bound by their bid in the event the cards resurface -- they will be given the option and not the obligation to buy them (I assume on the terms run in the auction).