Brent has left PWCC

[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).

[G1911]

So we have an anonymous ‘source close to the deal’ credited as saying it was a “meager price”. Nothing for $1.

Brett fanboys having no source at all, they just can’t imagine their favorite fraudster losing.

Good stuff.

[Peter_Spaeth]

Originally Posted by G1911

So we have an anonymous ‘source close to the deal’ credited as saying it was a “meager price”. Nothing for $1.

Brett fanboys having no source at all, they just can’t imagine their favorite fraudster losing.

Good stuff.

I have a couple of corroborating anonymous on the $1 but I know that doesn't persuade anyone. Of course if it includes debt forgiveness it's really semantics, you could say it's $1 plus the debt.

[Steve D]

Originally Posted by Peter_Spaeth

I have a couple of corroborating anonymous on the $1 but I know that doesn't persuade anyone. Of course if it includes debt forgiveness it's really semantics, you could say it's $1 plus the debt.

Exactly; Brent wins, by not losing.

Fanatics takes over PWCC's debt, he saves what he already has.

Steve

[Peter_Spaeth]

https://www.sportscollectorsdaily.co...ens-part-ways/

[nolemmings]

Originally Posted by Steve D

Exactly; Brent wins, by not losing.

Fanatics takes over PWCC's debt, he saves what he already has.

Steve

I am not at all clear on the debt situation, but unless the debt was literally forgiven-- a tax event--he likely has co-liability, whether primary or secondary. I suppose the debt could have been paid off as part of the transaction, in which case he basically did get paid. Otherwise, I assume that he has indemnification or reimbursement rights in the event Fanatics defaults on the debt, but that still leaves him on the hook while the debt remains owing; i.e. I doubt he was completely released. I also assume that he signed personal guaranties on these debts, or else he has no exposure absent fraud or similar skullduggery.

Finally, I am uncertain what what was meant in the original post. Loaning money against undersecured assets (overvalued cards) does not create debt for Brent-- it just adversely impairs collectability for him. So long as his borrowers are current on repayment and don't default, there is nothing to see, even if he used those loans as collateral to get his own, provided there is no provision that allows his lender a right to call its loan due upon the occurrence of certain events.

This is one of those days where I'm just a step or so behind on my thinking. Hopefully others can make it simpler for me.

[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.

[Snapolit1]

Sounds just like the kind of dude Id want holding my $350,000 “asset” in his personal vault. Yep.

[parkplace33]

Originally Posted by Snapolit1

Sounds just like the kind of dude Id want holding my $350,000 in his personal vault. Yep.

Funny, very few people have actually admitting using the vault. Odd.

[parkplace33]

Whatever the case, Brent is still sitting pretty. And don't worry, he will pop up elsewhere. They always do.

[Brian Van Horn]

One interesting coincidence for me and this in no way shape or form involves Leon:

The Monday it was announced that PWCC was sold I no longer was prompted to use a sign in screen and enter my password for Net54.

[Republicaninmass]

Originally Posted by parkplace33

Whatever the case, Brent is still sitting pretty. And don't worry, he will pop up elsewhere. They always do.

Like Whack-a-mole

[Peter_Spaeth]

Originally Posted by parkplace33

Funny, very few people have actually admitting using the vault. Odd.

I think it's mostly modern guys.

[trambo]

Originally Posted by parkplace33

Funny, very few people have actually admitting using the vault. Odd.

I had some tobacco cards in there for awhile but decided against having anything in there earlier this year. Now if I happen to win anything in their auction, they're not in the vault for very long at all.

I do like the idea of a vault and all of its benefits. You just have to be sure you trust the vaultmaster and in the PWCC case, well.....I emptied my vault..haha!

[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.

[ValKehl]

With Brent's quick departure, I don't see the company name PWCC lasting much beyond Labor Day.

[jbsports33]

Time to move on! not surprised by the move, another year with hobby stories about PWCC - maybe Fanatics will change the name

Happy collecting everyone!

Jimmy

[parkplace33]

Originally Posted by ValKehl

With Brent's quick departure, I don't see the company name PWCC lasting much beyond Labor Day.

I would have thought they would have changed the name by today, but we shall see.

[nolemmings]

I wonder if the new ownership and shedding of Brent will allow the company to re-enter the Ebay world.

[bobbyw8469]

Originally Posted by nolemmings

I wonder if the new ownership and shedding of Brent will allow the company to re-enter the Ebay world.

Their excuse for getting rid of them was kinda weak. Do you think Probstein can prevent their consignors from bidding on their own items? How about other sellers?

[Jay Wolt]

Originally Posted by nolemmings

I wonder if the new ownership and shedding of Brent will allow the company to re-enter the Ebay world.

If they change their name & became a new company, their shouldn't be any problem re-joining ebay