New allegations on BO

[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.

[CuriousGeorge]

Originally Posted by Peter_Spaeth

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.

I imagine Brent will blame it all on Moser, PSA and refer to his tenets as the authority to make it all seem ok, PSA will blame Brent and Moser for duping them and Moser will blame Brent, I suspect for conspiring with him to commit fraud. Ultimately that will be for the Feds and lawyers to sort out as to whom is responsible for what. The bottom line is assuming all of the research BO is doing is accurate, they are all guilty in part and will be held accountable whether it be financial or criminal. And until there’s a better system of somehow marking cards that get graded so any attempt at altering (or conserving as Brent would say) can be easily caught, this cycle will repeat itself again in the next few years. Just too much money at stake.

[Peter_Spaeth]

Originally Posted by CuriousGeorge

I imagine Brent will blame it all on Moser, PSA and refer to his tenets as the authority to make it all seem ok, PSA will blame Brent and Moser for duping them and Moser will blame Brent, I suspect for conspiring with him to commit fraud. Ultimately that will be for the Feds and lawyers to sort out as to whom is responsible for what. The bottom line is assuming all of the research BO is doing is accurate, they are all guilty in part and will be held accountable whether it be financial or criminal. And until there’s a better system of somehow marking cards that get graded so any attempt at altering (or conserving as Brent would say) can be easily caught, this cycle will repeat itself again in the next few years. Just too much money at stake.

Brent can't blame Moser.

[Johnny630]

Originally Posted by CuriousGeorge

I imagine Brent will blame it all on Moser, PSA and refer to his tenets as the authority to make it all seem ok, PSA will blame Brent and Moser for duping them and Moser will blame Brent, I suspect for conspiring with him to commit fraud. Ultimately that will be for the Feds and lawyers to sort out as to whom is responsible for what. The bottom line is assuming all of the research BO is doing is accurate, they are all guilty in part and will be held accountable whether it be financial or criminal. And until there’s a better system of somehow marking cards that get graded so any attempt at altering (or conserving as Brent would say) can be easily caught, this cycle will repeat itself again in the next few years. Just too much money at stake.

Here is my solution to this

Search warrants for one Slimy Business and all their dealings...find out whom the guys are resubmitted the doctored cards...who’s invoices are they using...

I said this months ago on board use the daube they use on PSA/DNA items it’s invisible, only psa can see, would insure once graded or not graded that’s it done ✅ if crack, doctor and resub it would instantly show what’s going on....idk maybe It’s a insane idea and would cut down on resubs and crack outs but it would stop this mess....or at least attempt to prevent it daube all items log grade and or non grade and done.

Sure people and PSA will hate this cause they won’t be able to crack out and gamble but it’s a solution.

[swarmee]

So the way to prevent future card alterations is to alter the card? Not buying it, plus PSA would have to share with BGS, SGC etc their technology because they have competitors. And there are 30 million cards in slabs that have not had this done.

[CobbSpikedMe]

Originally Posted by Johnny630

Sure people and PSA will hate this cause they won’t be able to crack out and gamble but it’s a solution.

But why shouldn't people be allowed to crack out and resubmit for a chance at a higher grade? It's the altering between the crack out and resubmission that the problem, but not the folks that are just trying for a half grade bump and not altering the card any.