Memory Lane sold cards they didn't have per SCD

[brianp-beme]

Originally Posted by gabrinus

Holy shit that sucks...I understand the insurance angle but that money could have gone to other cards in the auction...Jerry

Definitely a great point...not only did this hurt the winning bidders of the missing cards, some of whom perhaps would have shifted their bidding money to other non-stolen lots, but the consigners of some non-stolen cards in the auction perhaps could have had the action on their lots potentially minimized because of the decision to keep the stolen auction lots open.

Condolences to all involved, and just a sucky situation all around that, with some common sense precautions, probably could have been avoided in the first place.


brianp(arker)-beme

[Brian Van Horn]

I didn't see this yesterday, but this is one heck up of a wake up this morning.

[Brian Van Horn]

99.9% sure this isn't related, but given the name of the town in the title:

https://www.news5cleveland.com/news/...-district-says

[Carter08]

From the way they shipped such expensive cards to running a phantom auction on items that were stolen seems pretty crazy. If I were an insurance company I’m not sure I’d take the results of a dummy auction as setting a value. Seems too easy to manipulate.

[brunswickreeves]

This is devastating, but only a matter of time until investigators work their way to the culprit and the cards are recovered.

I wonder if parties involved are thinking….

[Johnny630]

The Con goes on and on…..

[parkplace33]

I’m sorry for Ryan and for the collectors who thought they won these cards, but I am flabbergasted that ML decided to still run the auction with these cards in it. It’s not a good look for the hobby at all. I expect to see changes in the future.

[Leon]

Originally Posted by Johnny630

The Con goes on and on…..

What does that mean? There is no con. ML had to do what they had to do and no doubt they took advice from counsel as well as others. There is a possiblity of the cards being recovered. It sucks for everyone involved. Hopefully, the cards will eventually be returned. Most of our pre war cards are like fingerprints, so there is a possibilty......
.

[Rhotchkiss]

I received a call after Sunday night (a day after auction ended) telling me that a box of cards had been stolen. First, I was assured that I will be paid out 100%, on the final value of the auction, which I have no doubt will happen, whether insurance covers it or not (and I am sure they will). Second, I was told the auction had to continue in order to establish the fair market value of the cards, otherwise, how does anyone establish the value/hammer price. Third, I was told anyone who won a stolen card will be given the option, but not obligation, to buy the card at the hammer price + BP if they are found. Plus, they are optimistic the cards will be found.

A few other things:

1. The cards were stolen, not lost or misplaced. The cards got to their intended destination, were signed for and stored, and then taken. As far as I can tell, ML has done nothing wrong or irresponsible.

2. It sucks for the buyers, but they are out no money, only expectations. They may have missed out on another card, but they are in no worse position than before the auction started. The bigger issue would have been how much do you pay the consignors? Do you guess, do you just settle, do you litigate? Running the auction, which I am sure was done at the advice of both counsel and insurance, to establish value is certainly the best path with the least damage given the crappy situation that’s nobody’s fault. There is no winning answer under these circumstances. It sucks, millions $$ of cards got stolen and ML is on the hook. No bueno all around

3. ML owes me a lot of money. I have complete confidence I will get every dime (and have proactively been assured numerous times of that and I will get paid before insurance ever kicks in). I do not blame ML for this and I think they are doing all the right things under real crappy circumstances. I think it sucks balls for the collecting community bc the cards may be gone from the hobby forever. Hopefully the turn up.

[notfast]

Originally Posted by Rhotchkiss

Third, I was told anyone who won a stolen card will be given the option, but not obligation, to buy the card at the hammer price + BP if they are found. Plus, they are optimistic the cards will be found.

Probably should eat that buyers premium.

[Powell]

I agree with you Ryan. I won the Bat Off Cobb PSA 7.5. I don’t blame Memory Lane. I blame the thieves. Memory Lane is reputable and will do the right thing.

[BRoberts]

I think it is admirable that a consignor, Ryan, is handling spokesperson duties here for Memory Lane. It has been established that Joe T. Is the best catalog writer in the business. Maybe he or another ML representative could come on the board and make a post or two to clarify the situation about what exactly happened and what expectations are moving forward.

[Leon]

Originally Posted by BRoberts

I think it is admirable that a consignor, Ryan, is handling spokesperson duties here for Memory Lane. It has been established that Joe T. Is the best catalog writer in the business. Maybe he or another ML representative could come on the board and make a post or two to clarify the situation about what exactly happened and what expectations are moving forward.

I don't think they should make comments while an investigation is going on, but that is up to them.. Isn't that law 101? Or is that common sense 101?
.

[111gecko]

There is probably a good reason they have handled it this way. Guessing:

1) They know the party that took them is and have sufficient confidence they will get them back.

2) If some have been sold, they didn't want the auction down for the investigation while they try and retrieve.

3) Short of the thief freaking out and throwing them in the trash (which is highly unlikely); the cards are probably under someone's bed until they figure out what the heck they got themself into.

We're all extremely hopeful they will be found and you'd think that's going to happen.

[BillyCoxDodgers3B]

.

[hcv123]

Originally Posted by Leon

I don't think they should make comments while an investigation is going on, but that is up to them.. Isn't that law 101? Or is that common sense 101?
.

It sounds like ML has communicated clearly and directly with all affected parties - which IS business critical. At this point they don't owe anyone else any explanations. I suspect as this unfolds more details will be made available to interested but unaffected (directly) parties.

For ML, Ryan and all other affected consignors and winning bidders, I am very sorry to hear about this and hope the thief is caught and cards recovered.

To all those who are offering could have, should have and would have scenarios I remind you that hindsight is 20/20 and "easy" to see looking back. As previously mentioned it sounds like this was standard business practice with little or no historical problem(s) and was covered by insurance. I suspect that practice will be scrutinized and possibly modified moving forward.

While I understand the question of running the auction with the knowledge that the cards weren't available, I also understand that it really was the best way to establish current fair market value for insurance purposes.

I have and know of others that in the past had issue with Fedex stealing cards and hope they are being investigated here as well. I think their $1,000 cap on "collectible" claims (it's in the fine print) leaves them ripe for incidents like this.

[Carter08]

Originally Posted by hcv123

It sounds like ML has communicated clearly and directly with all affected parties - which IS business critical. At this point they don't owe anyone else any explanations. I suspect as this unfolds more details will be made available to interested but unaffected (directly) parties.

For ML, Ryan and all other affected consignors and winning bidders, I am very sorry to hear about this and hope the thief is caught and cards recovered.

To all those who are offering could have, should have and would have scenarios I remind you that hindsight is 20/20 and "easy" to see looking back. As previously mentioned it sounds like this was standard business practice with little or no historical problem(s) and was covered by insurance. I suspect that practice will be scrutinized and possibly modified moving forward.

While I understand the question of running the auction with the knowledge that the cards weren't available, I also understand that it really was the best way to establish current fair market value for insurance purposes.

I have and know of others that in the past had issue with Fedex stealing cards and hope they are being investigated here as well. I think their $1,000 cap on "collectible" claims (it's in the fine print) leaves them ripe for incidents like this.

Counter point if it was to establish value: They allowed their customers to waste their time bidding on a make believe auction to maximize their own insurance recovery.

[Powell]

Memory Lane is in a tough spot and doesn’t want to do anything to jeopardize their insurance. My personal opinion is to support Memory Lane and unite against the thief.

[BRoberts]

Originally Posted by Powell

Memory Lane is in a tough spot and doesn’t want to do anything to jeopardize their insurance. My personal opinion is to support Memory Lane and unite against the thief.

#United

[parkplace33]

Originally Posted by Rhotchkiss

I received a call after Sunday night (a day after auction ended) telling me that a box of cards had been stolen. First, I was assured that I will be paid out 100%, on the final value of the auction, which I have no doubt will happen, whether insurance covers it or not (and I am sure they will). Second, I was told the auction had to continue in order to establish the fair market value of the cards, otherwise, how does anyone establish the value/hammer price. Third, I was told anyone who won a stolen card will be given the option, but not obligation, to buy the card at the hammer price + BP if they are found. Plus, they are optimistic the cards will be found.

A few other things:

1. The cards were stolen, not lost or misplaced. The cards got to their intended destination, were signed for and stored, and then taken. As far as I can tell, ML has done nothing wrong or irresponsible.

2. It sucks for the buyers, but they are out no money, only expectations. They may have missed out on another card, but they are in no worse position than before the auction started. The bigger issue would have been how much do you pay the consignors? Do you guess, do you just settle, do you litigate? Running the auction, which I am sure was done at the advice of both counsel and insurance, to establish value is certainly the best path with the least damage given the crappy situation that’s nobody’s fault. There is no winning answer under these circumstances. It sucks, millions $$ of cards got stolen and ML is on the hook. No bueno all around

3. ML owes me a lot of money. I have complete confidence I will get every dime (and have proactively been assured numerous times of that and I will get paid before insurance ever kicks in). I do not blame ML for this and I think they are doing all the right things under real crappy circumstances. I think it sucks balls for the collecting community bc the cards may be gone from the hobby forever. Hopefully the turn up.

Ryan, I misread your original post. I originally read that you were notified the Sunday after the cards were stolen. I now see that you were notified the Sunday after the auction ended (May 5th). Sorry if my previous responses reflected that incorrect information.

Any concern with the the lag time between when the cards were stolen and when you were notified?