Brent has left PWCC

[Michael B]

I have no opinions one way or the other and everything is anecdotal. According to ESPN:

Despite PWCC layoffs in late April that eliminated roughly 25% of its workforce, Fanatics has announced that "all of PWCC's 125 employees" will move over, though it's not immediately clear how PWCC's platform will be utilized or integrated.

It's believed, according to sources close to the deal, that the acquisition will prove beneficial to the still-to-come Fanatics Live, a live shopping platform and commerce service for collectors. Fanatics Live, expected to launch in the second half of 2023, will focus on money-pooled case and box breaks to start.

According to Cardlines:

We don’t know the exact sum of the sale. But according to a source familiar with the deal, it was executed at a meager price. This will surprise no one since PWCC has been in serious trouble for a while now.

In April, the company fired one-quarter of its workforce, a total of 30 workers. Reportedly, none of those fired received any severance pay. That is both an indication of the ethically challenged practices of PWCC and a sign of their financially troubled position.

In an internal statement, PWCC assured their remaining employees that the move was designed to “restructure and streamline PWCC into increasingly efficient, technical, and data-driven departments.”

But many of their workers were understandably not feeling reassured. However, Fanatics’s company purchase will provide a much-needed cash infusion for PWCC.

While PWCC was in financial trouble, that doesn’t mean Rubin got to name his price. According to sources, Collectors Universe and at least one potential buyer were in the mix to purchase the vaulting and auctions company.

Indeed, Collectors Universe may have been pretty close to making a deal. Therefore, the price was probably not optimal from the perspective of Fanatics.

[Johnny630]

The true story may never be told....many side deals behind closed doors take place on the DL in this industry, that's life...the truth lies somewhere between. Either way I can say his impact on the Industry over the past 15 years has been massive.....right, wrong, or indifferent he has exited stage left for now. Many in this Hobby/Industry are akin to toenail fungus they go away, remain dormant, but always come back in some way shape or form.....stay tunned.

[mrreality68]

I agree I cannot picture Brent walking away with nothing.

For all the problems PWCC had and despite what many people thought about the company many many people were using it.

IT has a variety of values including its Data Base of customers both sellers and buyers.

What that value is and what he was paid I do not know. Hope we all find out

[Jay Wolt]

Wonder if all the vault users want their stuff now

[Exhibitman]

[Leon]

Originally Posted by Jay Wolt

Wonder if all the vault users want their stuff now

I would think they are in a better position since the acquisition. Also, with the change at top, it puts a bit more legit (to me) perspective on PWCC. I haven't bid in their auctions in years but will now start to do so.
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[Leon]

Originally Posted by Jay Wolt

Wonder if all the vault users want their stuff now

I would think they are in a better position since the acquisition. Also, with the change at top, it puts a bit more legit (to me) perspective on PWCC. I haven't bid in their auctions in years but will now start to do so.
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[Snapolit1]

Could easily see some package whereby he runs the company into the ground and then the new owners pay him a handsome no show consulting contract for a few years. Seen that a million times.

I had one direct incident with him and he was an obnoxious blowhard.

Also remember one National where he was taking a lot of heat and he was nowhere to be seen. But his wife was manning the tables. Tells you a lot about someone. Always looked to me like an overgrown weasel.

[Peter_Spaeth]

Originally Posted by Snapolit1

Could easily see some package whereby he runs the company into the ground and then the new owners pay him a handsome no show consulting contract for a few years. Seen that a million times.

I had one direct incident with him and he was an obnoxious blowhard.

Also remember one National where he was taking a lot of heat and he was nowhere to be seen. But his wife was manning the tables. Tells you a lot about someone. Always looked to me like an overgrown weasel.

It's funny, as many issues as I had with him, and of course he knew it, our interactions were always pleasant.

[perezfan]

Originally Posted by Snapolit1

Could easily see some package whereby he runs the company into the ground and then the new owners pay him a handsome no show consulting contract for a few years. Seen that a million times.

I had one direct incident with him and he was an obnoxious blowhard.

Also remember one National where he was taking a lot of heat and he was nowhere to be seen. But his wife was manning the tables. Tells you a lot about someone. Always looked to me like an overgrown weasel.

I was at that National and remember it well. Brent was in hiding for most of the show, while Betsy was thrown to the wolves. It was basically Betsy and a 300 lb. security gorilla manning the booth.

It was a very busy National, but the PWCC booth was almost abandoned, with the only visitors being people who wanted up-close and personal views of some highly graded altered cards in PSA holders. People were closely scrutinizing all the 8s, 9s and 10s - all offering their own theories of how and where the alterations appeared most evident.

It was truly a disgrace, but I suppose most collectors have short memories (provided the number on the flip suits them).

[glynparson]

He didn’t walk
Away with nothing if fanatics took up any debts pwcc had. I have heard everything Peter posted is true. If he had let it go under he’d have lost more than selling it for a buck and having them assume all debts. It’s not the first time a deal like this has taken place in this hobby. One of the boards favorite conpanies was acquired in a similar fashion. Letting it go under would have cost him more than he could lose from everything I hear from people that know the principles and are familiar with the deal. I don’t know if it’s true for sure but it is absolutely what I have heard.

[bobbyw8469]

Bear in mind I am an idiot, but I would think letting people borrow money against baseball cards might not have been the smartest move that they pulled off.

[JustinD]

Originally Posted by glynparson

He didn’t walk away with nothing if fanatics took up any debts pwcc had. I have heard everything Peter posted is true. If he had let it go under he’d have lost more than selling it for a buck and having them assume all debts. It’s not the first time a deal like this has taken place in this hobby. One of the boards favorite conpanies was acquired in a similar fashion. Letting it go under would have cost him more than he could lose from everything I hear from people that know the principles and are familiar with the deal. I don’t know if it’s true for sure but it is absolutely what I have heard.

You hit it on the head.

If he sold it for dollar but had all liabilities assumed, he honestly made out like a bandit. The outstanding loan catalog can easily be imagined to be in the realm of 8 to 9 figures at the speed they were moving. The original financing approved was for 175 million. Who knows the default percentage both current and future of that idea with current devaluation of collateral. If the devalued assets are the written collateral, it would completely make sense to walk from those debts.

https://sportscollectorsdigest.com/n...it-175-million

If they had moved to any bankruptcy, additional lawsuits to protect personal property outside the business LLC from creditors would have cost a ton to litigate...win or lose. The financing aspect would not include the additional civil possibilities for any other scandal if it should surface either.

Thinking he got a big payday seems illogical. Thinking he received an incredible super-sized life preserver would be logical and one hell of a win.