Quote:
Originally Posted by Carter08
I (very) lightly dabbled in it when it first came out. There’s two main ways to get your money as far as I recall. First, after you buy your shares in a large item you can just sell your shares to other investors. If the market has gone up / others perceive the value of the piece has gone up, the price you get will be more (and, obviously, vice versa).
Second, if an offer comes in on an item there is a vote on whether to accept it or not. If the vote passes, shareholders are cashed out that way. The tiny shares I bought when the market was COVID hot all seemed to go down a little, but that’s just anecdotal.
|
It looks like that 1st option is no longer available, and why anybody who put money into this should rightfully be pissed (not me LOL) at how they've been misled.
Fine print and sociopathy should not be a valid excuse to scam people IMO.....greedy victims or not.
The two biggest red flags seem to be getting glossed over here.
#1. The company as originally founded was sold off to somebody else, likely without the knowledge of the "investors" of all the memorabilia assets.
#2. This little nugget which made option 1 stated above to sell your stake impossible.
Quote:
|
What about investors who are still actively trading the memorabilia? Well, they're not. Trading was halted in late April, when Collectable failed to file the necessary financial paperwork with the SEC.
|
I also don't like the fact that owner #1 cut bait and ran the second he realized this might not have been a sound financial idea, leaving all of his customers in the lurch, and then expressing concern about their predicament from a safe distance away, while owner #2 seems to have a George Costanza clone acting as an uncommunicative figurehead, while financial strip mining is going on in the background.