“Activist” PSA Shareholders Seeking Board Shakeup

[Exhibitman]

One reason I've not bothered with grading any of my sale inventory is the delay. I'd rather turn over the inventory quickly and move on to the next deal than wait half a year or more on the hope of scoring a money-making grade. If I think something is really, really sharp and might get a high grade, I just set it aside for the time being on the hope (perhaps misplaced) that the TPGs will get their acts together enough to clear some of that backlog. I can always sell a nice card but only if I have it in hand...

[BeanTown]

Maybe we will see a slight premium for cards already in the holder.

[taul166]

Hi all, I will let others who either work in the investment field or have knowledge chime in but does an investor with a 5.4% interest in a company.... carry that much weight?
To me, 5.4% is nothing to disregard and nothing you would shrug off. Is there a source or does anyone know who else has a significant interest that exceeds this investor's portfolio percentage?

When you consider the complaints about turnaround from those who use PSA with not much openness from PSA to implement greater technologies, and combine that with the pending lawsuit against PSA, and now a significant investor who is asking for replacement of the Board, things are starting to mount.

[taul166]

Just to continue.....this investor has during the pandemic probably taken a major "hit" with investments with companies where it is going take a long time to recover. They then look at PSA and see continued demand even during the pandemic so they want to maximize their return to offset investments with other companies. So, they are getting impatient with PSA's current progress on innovation, continued backlog, etc.....and they are saying let's get a new Board in there to shake things up.

[hcv123]

It appears CLCT treats its investment community the same way it treats its customers!! NIce that they are in a position to possibly doing something about it. I didn't see anything about raising prices. In fact I saw a couple of mentions of stepped-up customer service!

Direct quote from their letter:
"Our nominees would work tirelessly with management to fix the bottlenecks in the core
grading business, introduce valuable new digital services, and bring increased transparency to both
investors and customers. "

Wouldn't that be a breath of fresh air!!

[taul166]

Anyone know how long the current Board has been in place. Probably time for a shake up whether it is driven by this investor alone or maybe a combination of investors and stakeholders. The Boards of many companies turnover from time to time, in part just to bring fresh perspectives to issues. No company should stay stagnant.

[todeen]

Originally Posted by taul166

Anyone know how long the current Board has been in place. Probably time for a shake up whether it is driven by this investor alone or maybe a combination of investors and stakeholders. The Boards of many companies turnover from time to time, in part just to bring fresh perspectives to issues. No company should stay stagnant.

I think the letter said the average length of board members was 13 years. However, it stated that the board members only owned just over 1% of the company, gotten thru company compensation/benefits rather than thru direct investment. The letter inferred that no direct investment meant the board members had no interest in whether the company could make more money, offer better services, etc. "Board members don't seem to care except for continuing the status quo".... which is a direct quote.

Sent from my SAMSUNG-SM-G930A using Tapatalk

[perezfan]

Originally Posted by hcv123

It appears CLCT treats its investment community the same way it treats its customers!! NIce that they are in a position to possibly doing something about it. I didn't see anything about raising prices. In fact I saw a couple of mentions of stepped-up customer service!

Direct quote from their letter:
"Our nominees would work tirelessly with management to fix the bottlenecks in the core
grading business, introduce valuable new digital services, and bring increased transparency to both
investors and customers. "

Wouldn't that be a breath of fresh air!!

I wonder what percentage of the "Investment Community" even knows that PSA is under investigation by the FBI? I bet it's less than 10%. Same goes for the submitting Sheeple.

[swarmee]

There are some more articles on blowout about this:
https://www.blowoutforums.com/showthread.php?t=1387003
And Nat Turner (that I mentioned earlier) is the same one who owns millions of dollars of cards in PSA slabs, including the Jordan Green PMG PSA Altered he bought for $350K last year.

[Republicaninmass]

Originally Posted by perezfan

I wonder what percentage of the "Investment Community" even knows that PSA is under investigation by the FBI? I bet it's less than 10%. Same goes for the submitting Sheeple.

PSA was under Investigation by the FBI? I thought pwcc was cooperating with the FBI? Must be late to the party. Link?

[swarmee]

FWIW, Anyone planning a value sub at current prices should send as soon as possible because they just hiked the 2017-current value level from $9 to $12/card with absolutely no forewarning.

And they now require that you DO NOT send your cardsavers with any kind of labels on the outside, after asking the exact opposite the last couple of years. People who submit a lot of the same card for bulk submitters are worried that the cards will now get rearranged accidentally and they may lose track of them. It may be done to reduce the ability of graders to see who submitted the cards (based on prior knowledge of label type).

[swarmee]

Anyone recognize this name from the list: Nathaniel S. Turner V. ?