Collectors Universe (read PSA)

[Rich Klein]

Originally Posted by perezfan

I believe he is simply stating that Joe Orlando was paid over one million dollars ($1,040,307) as the CEO of Collectors Universe. And that their PPP Loan amount was $4,204,300.

That's how I am reading it, anyway.

Correct -- just stating facts, and nothing more than that. It's a matter worth noting and discussing but I just wanted to post the facts and not stating an opinion on my part.

Rich

[Rich Klein]

For the 2nd Round -- possibly because of the backlash both public companies and places of higher education with huge endowments (Harvard the best known example) -- there will probably be less public companies going after this money and more places like your neighborhood LCS going after this money:

https://www.cnbc.com/2020/04/23/us-i...get-funds.html

Regards
Rich

[Bamacollection]

Good investment or stay away???

[samosa4u]

“Borrowers still must certify in good faith that their PPP loan request is necessary,” the SBA said.

Despite Joe Orlando's salary, we don't really know what kind of financial state CU is currently in. First, let's look at the SlabGate scandal. There are all these lawyers involved, lawsuits, returns, police, etc. And just when you thought things were bad, then boom, COVID-19 came knocking. PSA had to close their doors for about a month. According to a recent update posted on the 21st of April, PSA is slowly starting to reopen their California facility and have brought in a few employees, but they are still far away from being back at full capacity.

[drcy]

My girlfriend's company-- that she works for-- got $$, and the condition was they can't fire anyone. If they fire someone, they have to return the money.

[Bugsy]

Originally Posted by samosa4u

“Borrowers still must certify in good faith that their PPP loan request is necessary,” the SBA said.

This is from a new guidance posted today. It will be interesting if CU returns the money.

"It is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith..."

https://home.treasury.gov/system/fil...-Questions.pdf

[JeremyW]

Seems to me that they don't qualify.

[MULLINS5]

Joe Orlando will get 8 weeks salary paid by the government in bailout money that was meant for small mom and pop shops.

That's about $100k of free money.

Pay it back Joe.