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#344247 - 02/18/04 03:22 AM ..
MW1
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Registered: 07/30/02
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#344248 - 02/18/04 09:10 AM Re: Major News from Collectors Universe! [Re: MW1]
shouldabeena10
Learning the Ropes


Registered: 10/24/03
Posts: 48
Loc: Pasadena, Maryland

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The copyright to the SMR is owned by CU, and it is also published by CU. Odyssey still has their logo in the book as Odyssey Publications, but I believe they are probably talking about selling off the "old movie stars" memorabellia auctions that Odyssey holds. I can't imagine CU getting rid of the SMR... you'll probably just see the Odyssey logo removed and replaced by a CU logo in future issues. No biggie.

Also, I'm glad to see that CU is getting away from the auctions and selling business. I've always found that to be somewhat of a conflict of interest with their card grading ventures. Since sometimes the differences between a PSA 8 and a PSA 9 can be almost undetectible .... it's hard to have confidence in PSA 9's that are graded and then sold off through different arms of the the same parent company.

I think the selling of these companies is a good move and will help bolster the confidence in PSA and CU.
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#344249 - 02/18/04 09:20 AM .. [Re: shouldabeena10]
MW1
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#344250 - 02/18/04 10:10 AM Re: Major News from Collectors Universe! [Re: MW1]
buttermarc
Collector


Registered: 07/10/03
Posts: 79
Loc: NYC

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Quote:

Quote:

I think the selling of these companies is a good move and will help bolster the confidence in PSA and CU.



SBA10,

What if no one steps forward to buy the companies that are operating at a financial loss? Does that mean that the perceived conflict of interest will persist and that red ink will continue to blot the ledger?





Well, SMR will probably continue to have some sort of business relationship with CU either way, since they are both essentially promoting the same end product. How that translates to the in-kind and other payments down the road will be interesting.

Superior was purchased by CU a few years ago. At that time, Chris Porter and Greg Bussineau ran the business. I think the owners at that time made out pretty well. I imagine that Chris (who is one of the few guys in the hobby that I have never heard anything negative about....) would like to stay on with Superior in whatever capacity he can. I cannot imagine that Superior, in and of itself, is a money losing enterprise.

If, as you say, "the red ink continues to blot the ledger", I would assume that CU would not keep the business..... (e.g. fire, downsize, however you want to suggest it...)
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#344251 - 02/18/04 12:06 PM Re: Major News from Collectors Universe! [Re: buttermarc]
Basilone
If I just sell the car, I can up my bid...


Registered: 09/03/03
Posts: 166

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This seems to be pretty big hobby news.....I posted the info over accross the street.

Any word if this will effect the Spring Auction or future auctions?


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#344252 - 02/18/04 12:17 PM Re: Major News from Collectors Universe! [Re: Basilone]
MW1
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#344253 - 02/18/04 03:45 PM Re: Major News from Collectors Universe! [Re: MW1]
estang
(S)uper Collector


Registered: 11/15/02
Posts: 495

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OK. I admit that I don't follow the auction part of the hobby well enough to understand the impact of this announcment. Help me. Net this out for me.

On the surface it seems like a good business decision. Focus on what you're best at and remove the aspect of what seems like "colusion" type aspects of filling an auction house full of your own product to reap the best possible $$$.

I don't see directly how this decison effects the masses. These auction houses seem to cater to the elite / rich; the 1% of the population. You often hear that 1% of the U.S. population controls 99% of the wealth. I'd be interested to understand how that correlation corresponds to the sports card trading market, not the sports memorabila market. For me, collecting game-used this and that, just doesn't do it for me, nor does hit my budget.

I need to be enlightened here.

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#344254 - 02/18/04 06:53 PM Additional Info... [Re: estang]
botn
I am gonna miss that car.


Registered: 06/18/03
Posts: 215
Loc: Santa Monica, CA

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Most of which you can bet Dan "Orlando Jr." Markel (Dude) will deny.

Six more employees were given Pink Slips. Head of Customer Service, Peter Ma, along with three other Customer Service employees and two management level employees.

Being Head of Customer Service seems to be a position in which an employee can count his or her days. CU is a business and must be conscience of costs but they certainly have a knack of letting go of qualified people in order to save a few $$. It is very clear that the cut backs in recent years have harmed PSA in terms of Customer Service and more importantly the quality of the product coming from the grading room—CU’s core business. I understand that GAI, who has already displayed a history of picking up all of the qualified people that CU has let go, will be making an attempt to get Ma.

In addition, Greg Manning Auctions has purchased Superior and supposedly one of the Coin Auction divisions. The reports were that Superior was purchased for between 7 and 14 million, a number which I feel is probably overstated.

Once again, this would not be a complete post unless I again made an attempt to discuss Mr. Joe Orlando. As anticipated, Joe posts on the CU message boards to "address rumors". First off all Joe, these are not rumors. Secondly, the only "rumors" that you have not attempted to address but continue to avoid, are those surrounding the WIWAG cover up. Amazing how quickly Joe will write to tell collectors that he does not actually have hemorrhoids from being Hall's puppet but he will not even mention anything having to do with WIWAG. Makes you wonder since Joe was quoted as saying, “more details would follow at the conclusion of the investigation.” Could it be the investigation is not concluded or is Joe really just a liar?

You have to wonder how much more hoop jumping Orlando must do before he will be getting that vote of confidence from David Hall.

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#344255 - 02/18/04 07:30 PM Re: Additional Info... [Re: botn]
aconte
Bid more or post more... tough one...


Registered: 02/22/02
Posts: 1896
Loc: On The Beach....where else!

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Botn,

I read your post. The big question that comes to my mind is this. How many
more ex Psa people can Gai continue to hire? If for example some of the
other graders leave Psa will Gai grab them too? Also, if Joe O were let go
do you think he would get hired by Gai...

aconte
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#344256 - 02/18/04 07:53 PM Re: Additional Info... [Re: aconte]
buttermarc
Collector


Registered: 07/10/03
Posts: 79
Loc: NYC

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Quote:

Botn,

I read your post. The big question that comes to my mind is this. How many
more ex Psa people can Gai continue to hire? If for example some of the
other graders leave Psa will Gai grab them too? Also, if Joe O were let go
do you think he would get hired by Gai...

aconte





Question:

How much overhead can GAI actually absorb? They've got some powerhouses there already -- do they have adequate FCF to rationally support more? I like GAI for many reasons, and am putting together my first submission to them. But my experience seems to suggest that they have not gotten the critical mass of dealers and minor collectors buying into their model (yet), which makes me question whether they actually need someone like Peter Ma. I'm just interested in how much cash GAI burns, if any. Just seems like they have a lot of heavyweights there -- and I'm not convinced that there is adequate submissions coming through on a regular basis to support the model long-term. Especially if some of the big-set crossovers have been essentially done at cost or gratis....

MS
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