Investors in Collectable concerned: 'They are holding our items hostage'

[parkplace33]

https://www.cllct.com/sports-collect...-items-hostage

Never bought into the fractional market. I hope these investors get some money back.

[doug.goodman]

PT Barnum

[Peter_Spaeth]

Originally Posted by doug.goodman

PT Barnum

He understood human nature, did he not?

[doug.goodman]

Originally Posted by Peter_Spaeth

He understood human nature, did he not?

Yes he did, and evidently so do the owners of whatever the company being discussed here is called. The whole thing is too laughable for me to care enough to scroll down the thread to find it.

[Peter_Spaeth]

Originally Posted by doug.goodman

Yes he did, and evidently so do the owners of whatever the company being discussed here is called. The whole thing is too laughable for me to care enough to scroll down the thread to find it.

That stupid Grateful Dead line is stuck in my head now.
Shake the hand
That shook the hand
Of P.T. Barnum
and Charlie Chan

[JollyElm]

Even more pertinent to this scenario is "...one many gathers what another man spills."

[doug.goodman]

Originally Posted by Peter_Spaeth

... stupid Grateful Dead...

Yes, I also think the Grateful Dead are / were stupid.

[Bored5000]

Originally Posted by doug.goodman

PT Barnum

Hmmmpf, I have standards. Taking people's money to see George Washington's 161-year-old nurse is one thing; selling partial ownership in a '52 Mantle is quite another.

[4815162342]

‘One investor, who sold shares of his Bill Russell, Bobby Orr and Durant jerseys to Collectable, said he's very concerned with the state of affairs.

"They are hostile, and they are holding our items hostage," he said, requesting anonymity. "Not only do I have so much money tied up in this, but I so believed in this platform. I feel terrible for my ex-girlfriend and my nieces and nephews who put money in."’

Good Lord.

[Hankphenom]

OMG! "Michael Brown, who owns 13% in the 1933 Babe Ruth Goudey card worth around $15,000, reached out to the new Collectable management, asking to buy out the card. The last value being $125,000, Brown said he offered $130,000. "They actually did answer," Brown said. "With a 'no.' So I said, 'OK, Can I see the card so that I can perhaps make a better offer?' I wrote them back five times. They never answered."
The only thing I ever want to own 13% of is Berkshire Hathaway!

[G1911]

The final two paragraphs seems to be closer to the truth than the hyperbole clickbait title.

"Investors always have the rights to sue for fraud or willful negligence, but the provisions in Collectables' contracts would likely make a case difficult.

It's not like Collectable has run away with the investments. The company is showing what it owns in a huge retail space in New York, asking for more investors, while many original investors just want to know how to get out."

Investors are unhappy their investments were not good investments. Investors signed an agreement quite clearly spelling out what their rights are. The company is showing items off in a retail space looking to make profitable sells.


Cry me a river.

[Leon]

Stupid idea to start with.
.

[Fuddjcal]

Originally Posted by Leon

Stupid idea to start with.
.

BINGO...DING DING DING Winner

[Republicaninmass]

Originally Posted by Fuddjcal

BINGO...DING DING DING Winner

It's hard to cheat an honest man.


When greed is the driver, people tend not.to use their brain.

Plus, cards just go up! You.cant lose

[ullmandds]

we all make mistakes...I guess I'll expect to never retrieve my 2K partial ownership of that plank t206.

[4815162342]

Originally Posted by ullmandds

we all make mistakes...I guess I'll expect to never retrieve my 2K partial ownership of that plank t206.

Say it ain’t so, Pete.

[brunswickreeves]

Reminds me of the Simpsons episode: Bart, Milhouse and Martin buy Radioactive Man No.1

https://m.youtube.com/watch?v=xZ98cOqnwTA

[Snapolit1]

Owning a fractional share of an asset held in someone else's vault.

A dream come true.

[ullmandds]

Originally Posted by 4815162342

Say it ain’t so, Pete.

oh well! i am guilty of a momentary episode of stupidity. I've done very well on the vast majority of my hobby expenditures...minus this and a rare fernando tatis card. we all make mistakes. I've learned to stay in my lane.

[slightlyrounded]

Originally Posted by Hankphenom

OMG! "Michael Brown, who owns 13% in the 1933 Babe Ruth Goudey card worth around $15,000, reached out to the new Collectable management, asking to buy out the card. The last value being $125,000, Brown said he offered $130,000. "They actually did answer," Brown said. "With a 'no.' So I said, 'OK, Can I see the card so that I can perhaps make a better offer?' I wrote them back five times. They never answered."
The only thing I ever want to own 13% of is Berkshire Hathaway!

If you're only offering a 4% buyout premium to the last traded 'market value', why would the sponsor take that seriously?.....for example, most tenders for a public company takeover (very) generally carry 20-80% premium to the last traded price.

[calvindog]

I'm always amazed that collectors fall for this huckster bullshit. The only ones who ever make any money are the owners of the companies, who then get what they can from it and disappear onto the next get rich quick scheme.

[Hankphenom]

Originally Posted by slightlyrounded

If you're only offering a 4% buyout premium to the last traded 'market value', why would the sponsor take that seriously?.....for example, most tenders for a public company takeover (very) generally carry 20-80% premium to the last traded price.

Got me!

[Fuddjcal]

Originally Posted by parkplace33

https://www.cllct.com/sports-collect...-items-hostage

Never bought into the fractional market. I hope these investors get some money back.

Thanks for the investment tip Goof Wilson