PWCC Statement on Recent Card Trimming Concerns

[Peter_Spaeth]

Originally Posted by leaflover

I see this whole mess ending very badly for everyone. Dealers, collectors, investors AND TPG's alike. How in the world will PSA be able to buy back all of those altered cards, that got by them, at the prices that their monthly SMR says they are worth?
After all CEO Joe O. has signed off "Taking My Hacks" each and every month with "Never get cheated".

Some expect they'll fight tooth and nail on each and every one on which a buyback is requested.

[70ToppsFanatic]

Originally Posted by Peter_Spaeth

Some expect they'll fight tooth and nail on each and every one on which a buyback is requested.

Actually in this case PSA has apparently found a willing party to cover those costs instead of going to jail for being party to a fraud.

I expect that as cards are shown to be altered and traceable to PWCC they (PWCC) will make restitution for them and turn in the cards to PSA. Meanwhile, PSA will continue to stand behind their brand and methods.

Unless forced by legal actions to disclose the full breadth of possible affected cards there is no way PSA would ever issue a comprehensive flip list. Ultimately only those cards that can shown to be doctored (along the lines of what has been shown on BO) will ever be dealt with. The rest will stay in their existing slabs and continue to be regarded as the real deal by those who are not aware of this situation. If submitted for review PSA has no incentive to change the original opinion, because doing so would undermine the perception of their brand.

If you have any doubts about this scenario coming to pass just go back a few years and see what happened to the majority of the “late model” vintage cellos with stars showing that made it into slabs and are still being bought, sold and exchanged in the hobby today.

This isn’t like Johnson & Johnson and the Tylenol problem in the 80s.

[perezfan]

Originally Posted by 70ToppsFanatic

Actually in this case PSA has apparently found a willing party to cover those costs instead of going to jail for being party to a fraud.

I expect that as cards are shown to be altered and traceable to PWCC they (PWCC) will make restitution for them and turn in the cards to PSA. Meanwhile, PSA will continue to stand behind their brand and methods.

Unless forced by legal actions to disclose the full breadth of possible affected cards there is no way PSA would ever issue a comprehensive flip list. Ultimately only those cards that can shown to be doctored (along the lines of what has been shown on BO) will ever be dealt with. The rest will stay in their existing slabs and continue to be regarded as the real deal by those who are not aware of this situation. If submitted for review PSA has no incentive to change the original opinion, because doing so would undermine the perception of their brand.

If you have any doubts about this scenario coming to pass just go back a few years and see what happened to the majority of the “late model” vintage cellos with stars showing that made it into slabs and are still being bought, sold and exchanged in the hobby today.

This isn’t like Johnson & Johnson and the Tylenol problem in the 80s.

This is exactly what I've been trying to convey all along, but it seems to fall on a lot of deaf ears. I guess this group largely wants PSA to thrive and survive for personal financial reasons.

[jfkheat]

I just saw this posted on Facebook. I don't know if it has been posted here.

http://www.sportscardradio.com/gary-...E1HC8J1wLRDR2A

[Bigdaddy]

What are the odds that a year from now, there is a significant change to the viability of PSA and/or PWCC as a company? Is this a bump in the road, or the beginning of a major change in the hobby? Will card prices continue to rise, especially for higher grade examples, or will we see a bear market? I think it all hinges on any legal proceedings and prosecution of the guilty.

[Snapolit1]

I'd be stunned if this goes anywhere criminally. But I am not a criminal attorney. The board has a really good one, and it ain't me.

In a similar vein, let's see if anyone goes after Boeing criminally after a few hundred thousand scathing articles in the press and a few planes dropping out of the sky.