Beware of Beckett!

[BobC]

Originally Posted by Rich Klein

Bobby:

With all due respect, even Nat Turner said this was a wake up call for PSA about how to process payments and when to process payments. So it actually was on PSA but going forward a situation such as that would not be on PSA

This is the statement made by PSA after the fact

This is an unfortunate incident and our top priority is protecting the collectors who may have been impacted by the bankruptcy of Marx Cards. We are currently requesting detailed account information from Marx Cards for the impacted orders still at PSA with the expressed goal of returning cards to their rightful owners as soon as possible. We will not be charging customers for the return of their cards, other than shipping. As of yet we have not received payment from Marx Cards to grade the cards in our possession and as a result of this incident, we will be making changes to our group submitter requirements, including a new order upfront deposit and more robust policies around late payments. We will also be requiring all group submitters to bring their accounts current in order to continue service with us. We ask for patience while we sort through this expensive and labor intensive process with the end goal being the return of cards to their rightful owners.

If you have submitted cards to Marx Cards that you believe to be at PSA, please email curielj@collectors.com with “Marx Cards” in the subject line.

Rich,

This PSA statement seems to indicate they are now looking to simply return ungraded cards to Marx customers, and only charge them a return shipping fee. However, in that Sports Collectors Daily article you earlier provided the link to, it pretty clearly stated in that article that, I quote, "PSA has pledged to complete the process of grading the thousands of cards collectors had sent to Marx at no cost". That reported statement doesn't seem to jive exactly with the PSA one you just posted. So, is the SCD article full of crap or am I misinterpreting something?

In an earlier post I was lauding the now privately owned PSA for doing such a great thing, based on that article, and wondering if the former publicly traded PSA would have been so benevolent. It seems my earlier post and question may now be mute. Hmmmm!