New allegations on BO

[t206madman]

I really don't know much of the details as to what is going on with PWCC, but I read some of the Blowout forum in the link and have an idea.

Does this mean I should suspect trimming or alterations on any PWCC cards I purchased?

[bobbyw8469]

Originally Posted by t206madman

I really don't know much of the details as to what is going on with PWCC, but I read some of the Blowout forum in the link and have an idea.

Does this mean I should suspect trimming or alterations on any PWCC cards I purchased?

Most definitely. I know I would. Especially any card with a "High End Sticker". Hell, any card worth over, say $1,000 is quite suspect IMHO.

[Mdmtx]

How does PSA determine the amount refund on an improperly graded card? Is it based on current market? Amount paid? Other?

Mark

[swarmee]

Originally Posted by Mdmtx

How does PSA determine the amount refund on an improperly graded card? Is it based on current market? Amount paid? Other?

Current market per their Grade Guarantee.

[bobbyw8469]

Originally Posted by Mdmtx

How does PSA determine the amount refund on an improperly graded card? Is it based on current market? Amount paid? Other?

Mark

Who knows. This is unprecedented. I'm just blown away at the SHEER (or is it SHEAR..haha) MAGNITUDE at the volume of cards that have been tampered with. I would be totally shocked if the Feds don't come in like they did Mastro.

[frankbmd]

I wonder if Moser has ever asked for a refund on a rare downgraded card.

[swarmee]

And what a Bull market we are in.

[Exhibitman]

Originally Posted by Mdmtx

How does PSA determine the amount refund on an improperly graded card? Is it based on current market? Amount paid? Other?

Mark

What makes you think that PSA will pay a cent to anyone? That is not their MO; if that was the plan don't you think we'd have heard from PSA by now, nearly a month into this?

I expect that anyone who wants to cash in on the PSA guarantee will have to sue PSA to do it. Smells like a class action to me...

[Peter_Spaeth]

Originally Posted by Exhibitman

What makes you think that PSA will pay a cent to anyone? That is not their MO; if that was the plan don't you think we'd have heard from PSA by now, nearly a month into this?

I expect that anyone who wants to cash in on the PSA guarantee will have to sue PSA to do it. Smells like a class action to me...

On its current trajectory this scandal is going to be the biggest threat they have dealt with yet. We'll see if they do their WIWAG ostrich thing again or provide a more meaningful response.

[CuriousGeorge]

Originally Posted by Exhibitman

What makes you think that PSA will pay a cent to anyone? That is not their MO; if that was the plan don't you think we'd have heard from PSA by now, nearly a month into this?

I expect that anyone who wants to cash in on the PSA guarantee will have to sue PSA to do it. Smells like a class action to me...

I suspect they are going to bury their head in the sand like they always have and hope it all just goes away. I can assure you it’s not. This time it’s going to be different.

[Peter_Spaeth]

Originally Posted by CuriousGeorge

I suspect they are going to bury their head in the sand like they always have and hope it all just goes away. I can assure you it’s not. This time it’s going to be different.

Steven, yeah that's certainly been their corporate culture. Will the new guy Sloan make a difference, or the sheer magnitude of it?

[Exhibitman]

My prediction: not until the summonses start landing on the desk of CU's registered agent for service of process...

[CuriousGeorge]

Originally Posted by Peter_Spaeth

Steven, yeah that's certainly been their corporate culture. Will the new guy Sloan make a difference, or the sheer magnitude of it?

If you look at the market cap of CLCT, the amount they have in reserve to pay out for claims like these, and then do a rough calculation as to their legitimate exposure, I suspect Sloan is having a very hard time sleeping at night.

[Peter_Spaeth]

Originally Posted by CuriousGeorge

If you look at the market cap of CLCT, the amount they have in reserve to pay out for claims like these, and then do a rough calculation as to their legitimate exposure, I suspect Sloan is having a very hard time sleeping at night.

Yup. It's ugly. Now of course they probably have a claim over against whoever submitted these fraudulent cards, be it Brent or Gary, for breach of the submission agreement and maybe fraud, but that's probably not much consolation.

They also face the possibility of securities fraud claims, I suppose, if they have reason to know their reserve is materially insufficient.