[Exhibitman]

I don't think any of us can really tell what will happen with Moser, PWCC and the other card doctors outed by these recent revelations. I would hope that some branch of law enforcement somewhere will take action against them but I am not holding my breath. I've delivered even worse financial fraud cases to local prosecutors and have only one scumbag's scalp to show for it thus far. They don't like white collar crime, especially when the proof is specialized and esoteric.

PSA will probably have to increase its loss reserves substantially and will take some short term financial pain, but will go on as the main TPG brand. Too much registry participation and investment (emotional and financial) to realistically assume otherwise. AHs and Dealers will stay with TPGs because it is financially expedient. PSA will somehow find a way to pass on the costs to us because it can. Lunch at the National will be as well attended as ever, the food will be inedible swill, the speakers self-serving and dull, and the give-away will sell on eBay. Same as it ever was.

Some collectors will shift away from big dollar purchases based solely on the flips; I know quite a few collectors who vow to stop upgrading their registry sets and are considering liquidating the ones they have. I suspect that sentiment will ebb over time. Some collectors will stop sending in cards to play grade lotto. I suspect that will ebb over time as well. Ditto those who vow to go with raw cards.


In short, I don't see much changing overall.