PWCC expands its lending activities

[glynparson]

Layoffs coupled with the news of them getting stuck with defaulted loans were the collateral is worth 1/10 to 1/2 of what it was when the loan was written. Does not seem like good news to me. I don’t get why some are always so quick to defend some of the people they do, it mystifies me. As for sports card radio please show me all these times they’ve been wrong about the hobby? I think they sometimes are jerks about how they say stuff and there politics are absurd but they tend to be on top of the hobby and what’s going on. I must admit I was shocked at how good KG was on the show last night.

[Johnny630]

Originally Posted by glynparson

Layoffs coupled with the news of them getting stuck with defaulted loans were the collateral is worth 1/10 to 1/2 of what it was when the loan was written. Does not seem like good news to me. I don’t get why some are always so quick to defend some of the people they do, it mystifies me. As for sports card radio please show me all these times they’ve been wrong about the hobby? I think they sometimes are jerks about how they say stuff and there politics are absurd but they tend to be on top of the hobby and what’s going on. I must admit I was shocked at how good KG was on the show last night.

Agree Glyn

[Rhotchkiss]

Originally Posted by glynparson

I don’t get why some are always so quick to defend some of the people they do, it mystifies me.

I am not sure if this is directed at my post, but if so, I am not defending PWCC. Rather, I am pointing out that layoffs don’t always mean the sky is falling. PWCC plays zero factor/role in my life/collection.

[trambo]

Originally Posted by glynparson

Layoffs coupled with the news of them getting stuck with defaulted loans were the collateral is worth 1/10 to 1/2 of what it was when the loan was written. Does not seem like good news to me. I don’t get why some are always so quick to defend some of the people they do, it mystifies me. As for sports card radio please show me all these times they’ve been wrong about the hobby? I think they sometimes are jerks about how they say stuff and there politics are absurd but they tend to be on top of the hobby and what’s going on. I must admit I was shocked at how good KG was on the show last night.

Not defending PWCC here at all but I don't think there's been anything more than rumor on the significance of the defaults w/substandard collateral. I also agree w/Ryan's comments that layoffs don't exactly equal sky is falling sort of things. I'm sure there are instances where PWCC did lose money on the loans but I'd guess (and it's just that) there was something in the business model to accommodate for it.

We'll see how it all shakes out.

[Fuddjcal]

Originally Posted by glynparson

Layoffs coupled with the news of them getting stuck with defaulted loans were the collateral is worth 1/10 to 1/2 of what it was when the loan was written. Does not seem like good news to me. I don’t get why some are always so quick to defend some of the people they do, it mystifies me. As for sports card radio please show me all these times they’ve been wrong about the hobby? I think they sometimes are jerks about how they say stuff and there politics are absurd but they tend to be on top of the hobby and what’s going on. I must admit I was shocked at how good KG was on the show last night.

Agreed 100%. it's ALL pretty funny.

[Yoda]

If by any chance there is a vault run, I hope all cards are present and accounted for, audited by an outside 3rd party. I only say this because of PWCC's less than stellar reputation. And if any cards that were used for loan collateral are missing.....Gulp!

[Snowman]

Certainly interesting. 100+ employees sure feels like a lot for the operation they're running. As a point of comparison, Rick Probstein says he has 35, and those are mostly minimum wage kids/young adults.

[Peter_Spaeth]

Originally Posted by Snowman

Certainly interesting. 100+ employees sure feels like a lot for the operation they're running. As a point of comparison, Rick Probstein says he has 35, and those are mostly minimum wage kids/young adults.

Rick doesn't have the side businesses like a vault. He doesn't have to maintain his own platform. Etc.

[Snowman]

Originally Posted by Peter_Spaeth

Rick doesn't have the side businesses like a vault. He doesn't have to maintain his own platform. Etc.

Ya, PWCC has to maintain a website and a large database as well. And they have a finance department and sales people. I wonder how their gross revenues compare though?

[conor912]

Originally Posted by Snowman

those are mostly minimum wage kids/young adults.

Just who I want handling my consignments.

[Peter_Spaeth]

Originally Posted by Snowman

Certainly interesting. 100+ employees sure feels like a lot for the operation they're running. As a point of comparison, Rick Probstein says he has 35, and those are mostly minimum wage kids/young adults.

https://www.sportscollectorsdaily.co...loyee-layoffs/

[parkplace33]

Originally Posted by Peter_Spaeth

https://www.sportscollectorsdaily.co...loyee-layoffs/

PWCC still has 130 employees, according to company founder and CEO Brent Huigens, who confirmed that about 25 percent of the company’s workforce was let go.

25 percent. Yikes!

[Republicaninmass]

Should bode well for earnings. When is the conference call

[timzcardz]

Originally Posted by Peter_Spaeth

https://www.sportscollectorsdaily.co...loyee-layoffs/

I found the choice of words to start the article very amusing!


"One of the trading card market’s largest companies trimmed . . . "

.

[Peter_Spaeth]

Originally Posted by timzcardz

I found the choice of words to start the article very amusing!


"One of the trading card market’s largest companies trimmed . . . "

.

Yeah that was rich lol.