New lawsuit accuses PWCC of massive shill bidding

[raulus]

As a business owner, the whole situation fascinates and flummoxes me.

It sure seems like PWCC had a perfectly solid business that was basically printing money through normal operations by operating their boring little monthly eBay auctions. Seems like only a fool would mess with that. I guess you could argue that it was too boring and pedestrian as far as business models go, without a whole lot of flash and pizzazz.

And yet the only way that these allegations make any sense is if PWCC decided that they needed even more, and the only way to get there was by engaging in shenanigans and monkeyshines, because they thought they could get away with it?

I suppose to some extent they did get away with it, in terms of not going to jail or facing any serious consequences, aside from the business basically collapsing, and who knows how much (or little) in value accruing to the original ownership in the sale to Fanatics. I think we've had some debates around here about that point, but none of us seems to really know whether the original ownership actually got any cash in the sale. If they got nothing, then that has to hurt. If the payout was 8 or 9 figures (seems unlikely to me), then I guess it worked out well for them in the end.

But for my money, particularly with the benefit of hindsight, it sure seems like a terrible idea to take a perfectly solid business and basically bet the farm by chasing a little more. But maybe as an accountant, I'm just way too conservative in my approach to managing my business to swing out of my shoes at every pitch that comes my way.