Collectors Universe (read PSA)

[Rich Klein]

Was able to secure PPP funds. Here is a part of an article (which I will state is written from the left of center point of view) and note CU is only noted at the very bottom:

https://popular.info/p/32-millionair...who-scooped-up

[rats60]

Link doesn't work.

[swarmee]

It does for me. You just have to scroll down and click "Let me read the article."

But basically, it's a list of the 32 companies who paid their CEOs a million dollars last year that applied for government small business funds.

[MULLINS5]

................

[samosa4u]

Originally Posted by Rich Klein

Was able to secure PPP funds. Here is a part of an article (which I will state is written from the left of center point of view) and note CU is only noted at the very bottom:

https://popular.info/p/32-millionair...who-scooped-up

Could you please tell me what you're trying to argue here?

[perezfan]

I believe he is simply stating that Joe Orlando was paid over one million dollars ($1,040,307) as the CEO of Collectors Universe. And that their PPP Loan amount was $4,204,300.

That's how I am reading it, anyway.

[MULLINS5]

Originally Posted by perezfan

I believe he is simply stating that Joe Orlando was paid over one million dollars ($1,040,307) as the CEO of Collectors Universe. And that their PPP Loan amount was $4,204,300.

That's how I am reading it, anyway.

Most of that (probably over $3 million) will end up being a bailout grant that does not have to be paid back. Doubtful the funds were really needed - just a low interest cash grab loan IMO (anything left over after the first 8 weeks from receiving funds rolls into a 1% loan I believe) and Joe Orlando himself will likely get a free $100k from it. The PPP was supposed to be for small business that need the funds to keep people on payroll and help with some operational expenses. How's CU stock been throughout the pandemic?

[perezfan]

Originally Posted by MULLINS5

Most of that (probably over $3 million) will end up being a bailout grant that does not have to be paid back. Doubtful the funds were really needed - just a low interest cash grab loan IMO (anything left over after the first 8 weeks from receiving funds rolls into a 1% loan I believe) and Joe Orlando himself will likely get a free $100k from it. The PPP was supposed to be for small business that need the funds to keep people on payroll and help with some operational expenses. How's CU stock been throughout the pandemic?

It dropped significantly (was under $15 for a brief time) but has rebounded a bit, along with the overall market (currently standing at $19.40).

[cardsnstuff]

Originally Posted by MULLINS5

Most of that (probably over $3 million) will end up being a bailout grant that does not have to be paid back. Doubtful the funds were really needed - just a low interest cash grab loan IMO (anything left over after the first 8 weeks from receiving funds rolls into a 1% loan I believe) and Joe Orlando himself will likely get a free $100k from it. The PPP was supposed to be for small business that need the funds to keep people on payroll and help with some operational expenses. How's CU stock been throughout the pandemic?

Yet, my landscape business, which is barely staying afloat, and haven't laid anyone off {many of my customers are home with more time than money at the moment} couldn't get a dime, keep in mind, I applied the first few days of the Eidl {and had an app in before site crashed} and first day the PPP program were open.

[mantlefan]

The Payroll Protection Program (designed to provide forgivable loans to SMALL Businesses) was gutted by massive payouts to HUGE Fortune 500 companies. Unfortunately that was perfectly legal although it was contrary to the spirit of the law. The bigger banks like Chase made sure their biggest customers got millions while they ignored businesses like mine.

USA Today:

"Some big banks have been accused in lawsuits of giving priority to requests for larger loans that carry heftier fees and come from bigger small businesses that have deeper relationships with the bank and are more likely to purchase other products and services."

The bad press that was generated has prompted some companies like Shake Shack a($10 million) and Ruths Chris ($20 million) to return the funds.

USA Today:

"After numerous reports that Fortune 500 companies and other publicly traded firms were able to access the Paycheck Protection Program, the Treasury Department and Small Business Administration on Thursday issued guidance designed to prevent what critics call favored treatment for well-heeled corporations.:

This week's program states that a company should be prepared to demonstrate to SBA, upon request, the basis for its certification...namely that without the funds their company will be in serious financial difficulty.

USA Today:

"It is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith."

Hopefully the second round of PPP will accomplish what the first one failed to do.

Stay tuned....

[slidekellyslide]

Originally Posted by cardsnstuff

Yet, my landscape business, which is barely staying afloat, and haven't laid anyone off {many of my customers are home with more time than money at the moment} couldn't get a dime, keep in mind, I applied the first few days of the Eidl {and had an app in before site crashed} and first day the PPP program were open.

Same here, I own a vintage toy store and an ice cream shop. Neither one was able to secure the loan because I just never heard back before the money ran out and I put my applications in very early. These publicly traded companies that went after this money as if it was a cash grab are shameless.

[Rich Klein]

Originally Posted by perezfan

I believe he is simply stating that Joe Orlando was paid over one million dollars ($1,040,307) as the CEO of Collectors Universe. And that their PPP Loan amount was $4,204,300.

That's how I am reading it, anyway.

Correct -- just stating facts, and nothing more than that. It's a matter worth noting and discussing but I just wanted to post the facts and not stating an opinion on my part.

Rich

[Rich Klein]

For the 2nd Round -- possibly because of the backlash both public companies and places of higher education with huge endowments (Harvard the best known example) -- there will probably be less public companies going after this money and more places like your neighborhood LCS going after this money:

https://www.cnbc.com/2020/04/23/us-i...get-funds.html

Regards
Rich

[Bamacollection]

Good investment or stay away???