Brent has left PWCC

Snapolit1 · #1 07-24-2023, 07:52 AM

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 · #2 07-24-2023, 10:04 AM

Quote:

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 · #3 07-24-2023, 10:32 AM

Quote:

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 · #4 07-24-2023, 10:46 AM

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 · #5 07-24-2023, 10:54 AM

Quote:

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 · #6 07-24-2023, 04:30 PM

Quote:

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 · #7 07-24-2023, 04:34 PM

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

Lorewalker · #8 07-24-2023, 05:05 PM

Quote:

Originally Posted by Peter_Spaeth

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

Mutual and no other details? Oh ok. I would say it was anything but amicable but I could be wrong.

nolemmings · #9 07-24-2023, 06:09 PM

Quote:

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.

Leon · #10 07-24-2023, 06:15 PM

Quote:

Originally Posted by nolemmings

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.

Many of them walked away from their loans, is my understanding. That created (bad) debt because of the money lent not being repaid .
.
.

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