Darren's Rovell take on PWCC, etc.

[steve B]

Originally Posted by benjulmag

While I agree that one should not speculate why an officer decides to sell his shares, in the same fashion I would not put too much stock (no pun intended) into the accuracy of his/her legally mandated public explanation. If the real reason is concern that the price is about to plummet, regardless whether for known or as not yet publicly disclosed information, the officer is unlikely to list that as the motivating reason. In saying this, I am in no way implying that is the explanation for the sale in this instance, but simply opining that a publicly disclosed sale and explanation in and of itself means very little and that no inferences should be drawn from it.

Bob, as to your question whether PWCC ultimately decides to invoke the PSA grading guaranty and seek reimbursement from PSA, I think they would have a lot of trouble doing that. The guaranty proscribes the original submitter from invoking it. So to the extent that the cards at issue were cards Moser bought from PWCC and then had PWCC submit for grading, by the technical wording of the guaranty, PWCC would be out of luck. If Moser on the other hand was the person who submitted them to PSA, I suspect PSA would still resist payment arguing that PWCC and Moser were in cahoots over the doctoring scheme and therefore should be legally regarded as one and the same.

So PSA saying that people should take the card back to the dealer is worse than I'd thought. It's not circumventing their own guarantee to avoid some liability. It's circumventing their guarantee to avoid all liability.

[damonh23]

Man PWCC $60M a year revenue is crazy..I wonder what their yearly EBTDA is. They'd be better off paying back whatever they have to, just to keep it going and end it as soon as possible....though the FBI will have to do their thing. I doubt they'd involve PSA...This does have class action lawsuit written all over it.

[Mark17]

Originally Posted by damonh23

Man PWCC $60M a year revenue is crazy..I wonder what their yearly EBTDA is. They'd be better off paying back whatever they have to, just to keep it going and end it as soon as possible....though the FBI will have to do their thing. I doubt they'd involve PSA...This does have class action lawsuit written all over it.

"It never occurred to me that one man could start to play with the faith of fifty million people – with the single-mindedness of a burglar blowing a safe."

-F. Scott Fitzgerald, The Great Gatsby

[Peter_Spaeth]

Originally Posted by Mark17

"It never occurred to me that one man could start to play with the faith of fifty million people – with the single-mindedness of a burglar blowing a safe."

-F. Scott Fitzgerald, The Great Gatsby

"He just saw the opportunity."

[Johnny630]

People don’t wanna believe their cards in PSA holders are altered....well guess what many are....

[Just.Rachel]

Originally Posted by Johnny630

People don’t wanna believe their cards in PSA holders are altered....well guess what many are....

Yeah...I'm one of them. I don't want to believe it. This all feels like a gut punch.

This crap has always been a concern, and I've always known PSA could be fooled (or worse). The biggest revelation I've had about all of this is that nothing is safe.

I used to figure that flawed cards were legit. I figured focusing on mid-grade cards would weed this crap out. I thought if a card had a corner touch or an edge chink that it wasn't altered. Big mistake. These cats are bumping 4s to 6s too. These past couple of months have been educational for sure.

Ugh.

Sent from my Nexus 6P using Tapatalk

[ullmandds]

Originally Posted by Just.Rachel

Yeah...I'm one of them. I don't want to believe it. This all feels like a gut punch.

This crap has always been a concern, and I've always known PSA could be fooled (or worse). The biggest revelation I've had about all of this is that nothing is safe.

I used to figure that flawed cards were legit. I figured focusing on mid-grade cards would weed this crap out. I thought if a card had a corner touch or an edge chink that it wasn't altered. Big mistake. These cats are bumping 4s to 6s too. These past couple of months have been educational for sure.

Ugh.

Sent from my Nexus 6P using Tapatalk

"edge chink?"

[bnorth]

There is one good thing happening from all this fraud coming out. There are just so many examples now that most of the usual suspects pumping up/making excuses for PSA have quit posting.

[Fuddjcal]

Originally Posted by Just.Rachel

Yeah...I'm one of them. I don't want to believe it. This all feels like a gut punch.

This crap has always been a concern, and I've always known PSA could be fooled (or worse). The biggest revelation I've had about all of this is that nothing is safe.

I used to figure that flawed cards were legit. I figured focusing on mid-grade cards would weed this crap out. I thought if a card had a corner touch or an edge chink that it wasn't altered. Big mistake. These cats are bumping 4s to 6s too. These past couple of months have been educational for sure.

Ugh.

Sent from my Nexus 6P using Tapatalk

Not to mention you are bidding with 20 card doctors and their agents for the 6's & 7's, Chances are, someone else has already doctored the card before them. They are spinning cards in and out of those stupid plastic holders like this guy spins plates.