Memory Lane sold cards they didn't have per SCD

[steve B]

I would expect to see some of these being cracked out and sent for grading.
Slowly, and through different companies if they're smart, all at once and through the same company if they're not.

[Casey2296]

Originally Posted by steve B

I would expect to see some of these being cracked out and sent for grading.
Slowly, and through different companies if they're smart, all at once and through the same company if they're not.

Probably a bit premature but it would be prudent to publish a list with hi-res photos of the stolen cards along with any unique identifiers so TPGs and others in the hobby could keep an eye out for them.

[packs]

I think you’d have to let the auctions run for the benefit of the consignors no? Otherwise what do you pay them? I wouldn’t necessarily want the AH to decide what my card might have sold for.

[Yoda]

Since most auction houses are not capital intensive and the cards are not recovered, ML will probably only have 2 routes to compensate consignors, insurance recovery or sue Best Western for failure to protect the cards once they were in possession of the cards, which they clearly did not. This is a clear responsibility under state's bailee laws. And I agree the limit under the transit portion of their policy would be lower than at the original location. I had nearly 30 years in the insurance industry and that is the normal procedure.
I say all of this because it is a distinct possibility that paying out their own pocket could bankrupt ML.

[Rhotchkiss]

Originally Posted by Yoda

I say all of this because it is a distinct possibility that paying out their own pocket could bankrupt ML.

I have total confidence that I will get paid in full, as will all other consignors whose cards were stolen -- Memory Lane is no fly by night outfit. I expect ML will lose some money here, but this will not sink the ship and they will continue as one of the best 3-4 sports memorabilia AHs. I also expect they will learn and grow from this, improving procedures going forward.

If/when I do get paid, I will disclose. If issues arise, then I have a forum to post on and I have legal recourse. But again, I believe the odds of needing either of the latter are super low.

For what its worth, I know more than what has been posted here, but its not my job or place to discuss (and none of your business to hear) some of these facts, especially those concerning the investigation. All I will say on the matter is that as someone who is potentially materially impacted, I am very satisfied with how this is being handled so far and I do not blame Memory Lane -- its a shitty scenario all around.

I hope (and frankly expect) that in time Memory Lane will make some announcement on the matter. But I expect that right now they are doing what advisors suggest (counsel, police, insurance, etc) and they are focused more on navigating this crappy situation than satisfying the interests and curiousity of message board posters.

BRIAN -- I dont know if ML will charge a buyer's premium, I assumed they would. The point is that no impacted winning bidder will be bound by their bid in the event the cards resurface -- they will be given the option and not the obligation to buy them (I assume on the terms run in the auction).

[brianp-beme]

Originally Posted by Rhotchkiss

BRIAN -- I dont know if ML will charge a buyer's premium, I assumed they would. The point is that no impacted winning bidder will be bound by their bid in the event the cards resurface -- they will be given the option and not the obligation to buy them (I assume on the terms run in the auction).

Thanks Ryan for the clarification. I retract my audacity remark (unless of course they would actually tack on that Buyer's Premium).

Brian

[GregC]

The ML rep was coming from the East Coast and the cards were located in California; that is why they were shipped (similar to how high value items are shipped every day).

But the method of transit is also moot, because the items were stolen after they were safely delivered. The package was supposed to be held in a secure place by hotel management.

Memory Lane could have had a California-based employee drive the package to the hotel by Sherman tank or armed convoy, and still, once hotel management was asked to store the package in a secure room, it could/would have been stolen just the same.

[Snowman]

Originally Posted by Casey2296

Probably a bit premature but it would be prudent to publish a list with hi-res photos of the stolen cards along with any unique identifiers so TPGs and others in the hobby could keep an eye out for them.

I suspect you could go to the recent auction, sort by highest price, and then select the top 50 cards and you'd have a pretty good idea of what was likely stolen.

[Lorewalker]

Originally Posted by Snowman

I suspect you could go to the recent auction, sort by highest price, and then select the top 50 cards and you'd have a pretty good idea of what was likely stolen.

Or how about this? Since the story was released with their cooperation, they could just let the public know which cards are missing. Huge difference between relying on an assumption if the actual info is available.

[brianp-beme]

The handling of this situation is just driving me nuts, and these type of things normally don't. I have never had (nor will I in the future) any interaction with this auction house. Mistakes can and will be made, but...

Here is a quote from one of Ryan's prior posts about how Memory Lane informed him how they would handle the following scenario:


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.


Really, they would still be looking to profit from the winners of these stolen cards (who placed their bids with the understandable belief that it was a normal auction for these cards, not a phantom one) if they happen to resurface? Does a real company that has made serious lapses in judgement and caused bidders and consigners such headaches and confusion really have the audacity to handle things in this manner? To still offer the cards with a Buyer's Premium?

Own up to your mistakes and do the right thing! Or else a fair amount of folks, to keep things on baseball terms, will think strike three and you're out.


brianp(arker)-beme (I have already ejected myself from this Auction House's game)

[Lorewalker]

Originally Posted by brianp-beme

The handling of this situation is just driving me nuts, and these type of things normally don't. I have never had (nor will I in the future) any interaction with this auction house. Mistakes can and will be made, but...

Here is a quote from one of Ryan's prior posts about how Memory Lane informed him how they would handle the following scenario:


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.


Really, they would still be looking to profit from the winners of these stolen cards (who placed their bids with the understandable belief that it was a normal auction for these cards, not a phantom one) if they happen to resurface? Does a real company that has made serious lapses in judgement and caused bidders and consigners such headaches and confusion really have the audacity to handle things in this manner? To still offer the cards with a Buyer's Premium?

Own up to your mistakes and do the right thing! Or else a fair amount of folks, to keep things on baseball terms, will think strike three and you're out.


brianp(arker)-beme (I have already ejected myself from this Auction House's game)

We are talking about card collectors. Just give me the card I need and we can look past fraud, wrongdoings, mishaps, excess shipping...oh wait not excess shipping or shipping slowly...