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#1
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CLCT going private
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My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. Last edited by Peter_Spaeth; 11-30-2020 at 07:48 AM. |
#2
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So any vestige of accountability just flew out the window. >sigh<
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Check out https://www.thecollectorconnection.com Always looking for consignments 717.327.8915 We sell your less expensive pre-war cards individually instead of in bulk lots to make YOU the most money possible! and Facebook: https://www.facebook.com/thecollectorconnectionauctions |
#3
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Buying at the top!
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"Trolling Ebay right now" © Always looking for signed 1952 topps as well as variations and errors |
#4
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Those are heavyweight investors. And I’m pretty sure they’re long-term valuation is double what they paid for (as shocking as it sounds).
__________________
Looking for: Sporting News/Collins McCarthy Jackson Low Grade Ruth rookie Signed Wilt Chamberlain rookie Cards: https://www.flickr.com/photos/189414509@N08/albums |
#5
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It will be interesting to see if they retain management.
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My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. |
#6
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Wow. I need to digest this. I hope management gets the boot. I also hope they change their f-ing motto
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#7
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which motto is that, ryan-
"Never get [concerned about being] cheated"?
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T206 COBB RED Wanted: Blank Back, Broad Leaf, Drum, Hindu, & Piedmont 350, also BAT ON: Old Mill, SC 350/25 BAT OFF: Cycle, Lenox, Piedmont 460/42, Uzit & Piedmont 350 Last edited by sando69; 11-30-2020 at 08:32 AM. |
#8
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Nat Turner is a very passionate collector and cares very much about the hobby. I think this is a possitive for the hobby. He's talked frequently about ideas to make PSA operate better.
He does like Orlando though, based on recent statements and this morning's press release. I think this is a good day for the hobby. The Board of Directors did not care about our hobby, did not take stock options as payments, and let the company languish to the point that we are waiting 6-9 months for submissions. |
#9
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Cohen Private Ventures, assuming they are the same Cohen Private Ventures, LLC, they are owned by Steve Cohen owner of Point72 (formerly SAC Capital) and the New York Mets. It would be surprising to me if Mr. Cohen made an investment without performing a high level of due diligence and being satisfied with the results of that process.
Last edited by iwantitiwinit; 11-30-2020 at 09:19 AM. |
#10
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Nat Turner is a very smart guy. I'm looking forward to his ownership of CLCT. I think this is going to be very good.
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#11
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Pretty big conflict of interest, with a collector able to print his own grades at will. I guess no different than it ever was in the TPG space from the history I’ve absorbed over the years.
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#12
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Big No-N0
Quote:
...SEC forbids insider grading...... .. |
#13
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Well played, Mike!
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#14
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You know they wouldn’t have spent that kind of money if they didn’t know they were in the clear for any type of accountability for the altered cards in their holders...are the bad guys going to walk as well??
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Always looking for PSA Graded 1952 Topps: 1-80 PSA 7 81-310 PSA 8 311-407 PSA 6 |
#15
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Quote:
Than Enter a Cell Broke!
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Life's Grand, Denny Walsh |
#16
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Quote:
Yes |
#17
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Can somebody tell me how I can reach out to Nat Turner? He needs to get PSA to start grading Star Co. basketball cards again! PSA has blacklisted these cards for way too long and everybody is sick of it! Come on, Nat, do the right thing!
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#18
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nat.turner@ gmail.com? .
__________________
I'm always looking for t206's with purple numbers stamped on the back like the one in my avatar. The Great T206 Back Stamp Project: Click Here My Online Trading Site: Click Here Member of OBC (Old Baseball Cards), the longest running on-line collecting club www.oldbaseball.com My Humble Blog: Click Here |
#19
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Quote:
I think ya meant observed but absorbed is more fitting. The whole collecting community has absorbed it big time. Millions of bad slabs. Never gonna change.
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( h @ $ e A n + l e y |
#20
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We're discussing the world today; I will also say, I'm more fascinated by what 2023 will bring because I believe about 2 years in will be when some major personnel changes may just occur. That is just my opinion, nothing more, nothing less.
__________________
Look for our show listings in the Net 54 Calendar section |
#21
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Quote:
Everyone wants the cards graded by people who know about the cards.. But not by anyone that collects them.. That really shrinks the pool of potential graders. |
#22
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Nat Turner is well know collector of modern basketball cards. He has been trying to buy PSA for a while with the intention of improving the grading industry. Shouldn't we give him a chance before implying that he is unethical without any evidence? |
#23
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Quote:
I can't think of a more promising turn for PSA than having Nat Turner involved: A young, passionate, tech-savvy collector with an equal respect for modern and vintage sides of the hobby. Also someone who has been vocal about PSA's shortcomings over the years. Unfortunately, there's are a lot of legacy issues that the new owners will be forced to navigate and hopefully they'll stay accountable to the community while doing so - It's all we can ask for. |
#24
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HEY!! Another Nat Turner rebellion...
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#25
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Well said
While I believe "things can always get worse", I believe there is a lot more space to improve than to get worse! A passionate collector - a successful entrepreneurial investment team! I REALLY like the start of this! So much potential with the right changes! If done right - they will be light years ahead of the other grading companies!
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#26
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According to Darren Rovell's story: The average age of the current board is 73. Nat Truner is 34. I suspect the younger people who will be joining the board will be more amenable to whatever technological changes will occur.
https://www.actionnetwork.com/news/p...n=DarrenRovell Rich
__________________
Look for our show listings in the Net 54 Calendar section |
#27
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Quote:
__________________
Check out https://www.thecollectorconnection.com Always looking for consignments 717.327.8915 We sell your less expensive pre-war cards individually instead of in bulk lots to make YOU the most money possible! and Facebook: https://www.facebook.com/thecollectorconnectionauctions |
#28
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I wish him the best and PSA, there is some conflict of interest with this. Hoping he will make the hobby better anyways, time will tell how this will go. At least this is interesting news for the hobby and something to talk about. We all know we need a little cardboard talk right now.
Jimmy
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“Devoted to Bringing Quality Vintage Sports Cards and Memorabilia to the Hobby” https://www.ebay.com/str/jbsportsauctions |
#29
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Quote:
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. |
#30
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Lol. Many, many private companies have boards of directors. Especially ones with the value of a PSA.
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#31
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Sometimes private companies do have advisory boards, so I bet there will be more help on this.
__________________
Look for our show listings in the Net 54 Calendar section |
#32
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+1. Nice historical joke
Sent from my SAMSUNG-SM-G930A using Tapatalk
__________________
Barry Larkin, Joey Votto, Tris Speaker, 1930-45 Cincinnati Reds, T206 Cincinnati Successful deals with: Banksfan14, Brianp-beme, Bumpus Jones, Dacubfan (x5), Dstrawberryfan39, Ed_Hutchinson, Fballguy, fusorcruiser (x2), GoCalBears, Gorditadog, Luke, MikeKam, Moosedog, Nineunder71, Powdered H20, PSU, Ronniehatesjazz, Roarfrom34, Sebie43, Seven, and Wondo |
#33
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Haven't they done so already? Again and again and again... for every Mastro, how many other shady people never get brought to justice? I'd guess a lot.
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#34
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At first blush, their steady cash flow business and upside to market share reversion makes it a great candidate to stuff with mezzanine debt...sell off the higher tranches and retain the equity for a reipo down the road.
Financial engineering cookbook to meet hurdles and get that carry... |
#35
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Quote:
I think it would be an additional challenge to have people totally unfamiliar with cards do the grading. A lot of the mainstream cards could be taught, but if you get outside the very common stuff you need an expert. I see many people say that's a conflict, but it's pretty much unavoidable. In my other hobbies, the expertisers are almost always collectors or dealers. And they all get items certified if not graded. (Not much point grading a unique item) The companies generally just make sure the submitter isn't the one looking at it. It can be difficult in some small niches. I have one thing that I haven't had expertised, and the best experts in that very narrow area already know of it and whose it is from the article about it. |
#36
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It would be no surprise if a significant dollar amount of the sale price was set aside in escrow to fund future liabilities and then released over time, say 5-10 yrs.
__________________
Buzz Obscure Pre-War NYAL cards, photos, etc. WantList: Mendelsohns Marsans; Rose 760PC Niles; 1924 Diaz Roettger Successful deals with 60+ board members |
#37
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Quote:
__________________
Check out https://www.thecollectorconnection.com Always looking for consignments 717.327.8915 We sell your less expensive pre-war cards individually instead of in bulk lots to make YOU the most money possible! and Facebook: https://www.facebook.com/thecollectorconnectionauctions |
#38
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In the purchase of a publicly held company? I doubt it.
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. |
#39
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So, what happens to the Grade Guarantee? Still in force? Will it still apply to cards graded before the buyout?
__________________
-- PWCC: The Fish Stinks From the Head PSA: Regularly Get Cheated BGS: Can't detect trimming on modern SGC: Closed auto authentication business JSA: Approved same T206 Autos before SGC Oh, what a difference a year makes. |
#40
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Dr. Beckett who kind of, sort of, has experience in running and then selling a company had some thoughts on his podcast this AM. Interesting perspective from someone who had been there. Plus about a week ago he ran a podcast with the person who was Beckett's CEO after he sold the company. I'd suggest listening to both. Not totally similar but some crossover
https://beckettinsights.podbean.com/e/356-psa-buyout/
__________________
Look for our show listings in the Net 54 Calendar section |
#41
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Quote:
__________________
Looking for: Sporting News/Collins McCarthy Jackson Low Grade Ruth rookie Signed Wilt Chamberlain rookie Cards: https://www.flickr.com/photos/189414509@N08/albums |
#42
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Quote:
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#43
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Thinking about the vote of confidence in Joe Orlando... what were they going to say? We're buying the company and firing the top brass? Not bloody likely. Would make a whole lot of negative news for no reason.
Doesn't mean they think he's a long term fix. But he's a necessary evil during the transition time. Think of the new ownership group as the GM of a football team who keeps getting asked when the head coach is getting fired; it will happen in due time.
__________________
-- PWCC: The Fish Stinks From the Head PSA: Regularly Get Cheated BGS: Can't detect trimming on modern SGC: Closed auto authentication business JSA: Approved same T206 Autos before SGC Oh, what a difference a year makes. |
#44
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Quote:
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. Last edited by Peter_Spaeth; 12-01-2020 at 05:50 PM. |
#45
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Given Nat's background in technology integration, I expect his vision includes greatly reducing the human discretion element in card grading.
Steve Cohen's involvement tells me that he possibly sees an angle for collectibles as an asset class... Investment/Change in this business is necessary and welcome. and, nice to know some heavy hitters do not believe we are in a bubble.
__________________
Deals Done: GrayGhost, Count76, mybuddyinc, banksfan14, boysblue, Sverteramo, rocuan, rootsearcher60, GoldenAge50s, pt7464, trdcrdkid, T206.org, bnorth, frankrizzo29, David Atkatz, Johnny630, cardsamillion, SPMIDD, esehombre, bbsports, babraham, RhodeyRhode, Nate Adams, OhioCardCollector, ejstel, Golfcollector, Luke, 53toppscollector, benge610, Lunker21, VintageCardCo, jmanners51, T206CollectorVince, wrm, hockeyhockey Collecting: T206 Monster #236 |
#46
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In a stunning development, the merger agreement has been amended to increase the price from $75 per share to $92. Keep in mind CLCT traded as low as $15 or so earlier this year. What scandal?
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. Last edited by Peter_Spaeth; 01-20-2021 at 07:49 AM. |
#47
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They got a lot of push back on the $75 price. People were not happy.
__________________
Looking for: Sporting News/Collins McCarthy Jackson Low Grade Ruth rookie Signed Wilt Chamberlain rookie Cards: https://www.flickr.com/photos/189414509@N08/albums |
#48
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That price jump from $75 to $92 just netted me another $46,000.00. Thanks Nat!
__________________
Collecting T206 Set 485/524 Successful transactions with: Wildfireschulte, bengineno9, Davids resale shop, dougcats, wcsportscards, Bryan Long, Moonlight Graham, sycks22, Set Builder, itjclarke, mybuddyinc x 2, Double-P-Enterprises, Michael McGuffin, sebie43, T2069bk, JollyRoger, LukeLyon x 2, drjdog5150, Beatles Guy, GehrigFan, piecesofthegame, AddieJoss, Marty, HOF Yankees, FrankWakefield, Tim Fritz, vcuono, T206blogcom, btcarfagno x 3, Bleedinblue, Tolstoi, brewing |
#49
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It’s all about the Benjamin’s.....
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#50
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CU's sale has apparently been finalized.
Interesting to note that one of the investors in CU/PSA, is The Chernin Group, who also just bought Goldin Auctions. So now, they're going to be involved in running both the card grader, and the card seller/auctioneer. Conflict of Interest????? Steve https://www.sportscollectorsdaily.co...R9JM4oU_e_5ao8
__________________
Successful BST deals with eliotdeutsch, gonzo, jimivintage, Leon, lharris3600, markf31, Mrc32, sb1, seablaster, shammus, veloce. Current Wantlist: 1909 Obak Howard (Los Angeles) (no frame on back) 1910 E90-2 Gibson, Hyatt, Maddox |
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