PWCC expands its lending activities

[Snowman]

Originally Posted by Fuddjcal

What do you think about SCD talking about 30-40 people let go @PWCC tonight then? That didn't take long, LOL. Tomorrow, there will be a PWCC Vault run. We'll see. Won't we? Someone is full of Sh&*

Link?

I'm not saying it didn't happen, but I personally know multiple people who were recently hired at PWCC. So it seems odd if true.

[philo98]

Originally Posted by Snowman

Link?

I'm not saying it didn't happen, but I personally know multiple people who were recently hired at PWCC. So it seems odd if true.

If you use LinkedIn just search for Pwcc. There are a number of posts related to workers being laid off. I’ve seen numbers between 30-40. I tried to attach one screenshot.

[savedfrommyspokes]

Originally Posted by Snowman

Link?

I'm not saying it didn't happen, but I personally know multiple people who were recently hired at PWCC. So it seems odd if true.

Below is the post found on Linkedin from a now former employee.

About a year ago I went to the PWCC page on linkedin and there were 40-50 employees listed on their business page. I checked this morning and there were (still) 100+ employees listed. Some of them working remotely (likely the reason for the zoom dismissal) and numerous hired in the past 8-10 months. There were a number of category specialists hired in the past year in areas such as comics, memorabilia, etc.. This hiring spree, IE too rapid of an expansion, correlates time wise with the $175 million fund infusion. Guess the money was burned through quicker than expected..

[parkplace33]

Any word from the leader of pwcc? He has been quite quiet for the last few years.

[Rhotchkiss]

Not all layoffs signal a struggling company. Many companies (multiple industries) hired rapidly in anticipation of growth that never manifested, and they are now laying off those people to right-size the company given that the growth came. Suppose PWCC was preparing for alternative revenue streams - NFTs, video games, shoes, etc. but the NFT market sucks, and video games have cooled a ton after a few big profile auctions (I don’t know about shoes). There is no reason to keep that dead-weight salary expense on the books, so you lay them off. That doesn’t mean their card auctions, market place, vault, etc are doing bad. It just means they don’t need the people they hired to serve collateral businesses that did not materialize.

I have no idea what’s going on at pwcc and if the above applies, or if they are having larger issues, etc. I am just pointing out that layoffs do not always mean a company is struggling. It may mean they have given up on some growth

[1952boyntoncollector]

Originally Posted by Rhotchkiss

Not all layoffs signal a struggling company. Many companies (multiple industries) hired rapidly in anticipation of growth that never manifested, and they are now laying off those people to right-size the company given that the growth came. Suppose PWCC was preparing for alternative revenue streams - NFTs, video games, shoes, etc. but the NFT market sucks, and video games have cooled a ton after a few big profile auctions (I don’t know about shoes). There is no reason to keep that dead-weight salary expense on the books, so you lay them off. That doesn’t mean their card auctions, market place, vault, etc are doing bad. It just means they don’t need the people they hired to serve collateral businesses that did not materialize.

I have no idea what’s going on at pwcc and if the above applies, or if they are having larger issues, etc. I am just pointing out that layoffs do not always mean a company is struggling. It may mean they have given up on some growth

right google and amazon have a had a lot of layoffs...they seem to be making a ton of money...once thing to layoff when making money, another to layoff when losing money such as First Republic bank etc..

[savedfrommyspokes]

Originally Posted by Rhotchkiss

Not all layoffs signal a struggling company. Many companies (multiple industries) hired rapidly in anticipation of growth that never manifested, and they are now laying off those people to right-size the company given that the growth came. Suppose PWCC was preparing for alternative revenue streams - NFTs, video games, shoes, etc. but the NFT market sucks, and video games have cooled a ton after a few big profile auctions (I don’t know about shoes). There is no reason to keep that dead-weight salary expense on the books, so you lay them off. That doesn’t mean their card auctions, market place, vault, etc are doing bad. It just means they don’t need the people they hired to serve collateral businesses that did not materialize.

I have no idea what’s going on at pwcc and if the above applies, or if they are having larger issues, etc. I am just pointing out that layoffs do not always mean a company is struggling. It may mean they have given up on some growth

Not knowing specifically who all the released employees were and what their responsibilities entailed, it is tough to say if they lay-offs were targeted at these expansion categories or not. The two linkedin posters who are known to have been released yesterday are essentially software engineers and do not appear to be associated with any specific category. However, this is only accounts for only 2 of 30/40 employees out at pwcc....it will be interesting to find out what some of the other released employee's responsibilities were at pwcc.

[glynparson]

Layoffs coupled with the news of them getting stuck with defaulted loans were the collateral is worth 1/10 to 1/2 of what it was when the loan was written. Does not seem like good news to me. I don’t get why some are always so quick to defend some of the people they do, it mystifies me. As for sports card radio please show me all these times they’ve been wrong about the hobby? I think they sometimes are jerks about how they say stuff and there politics are absurd but they tend to be on top of the hobby and what’s going on. I must admit I was shocked at how good KG was on the show last night.

[Johnny630]

Originally Posted by glynparson

Layoffs coupled with the news of them getting stuck with defaulted loans were the collateral is worth 1/10 to 1/2 of what it was when the loan was written. Does not seem like good news to me. I don’t get why some are always so quick to defend some of the people they do, it mystifies me. As for sports card radio please show me all these times they’ve been wrong about the hobby? I think they sometimes are jerks about how they say stuff and there politics are absurd but they tend to be on top of the hobby and what’s going on. I must admit I was shocked at how good KG was on the show last night.

Agree Glyn

[Rhotchkiss]

Originally Posted by glynparson

I don’t get why some are always so quick to defend some of the people they do, it mystifies me.

I am not sure if this is directed at my post, but if so, I am not defending PWCC. Rather, I am pointing out that layoffs don’t always mean the sky is falling. PWCC plays zero factor/role in my life/collection.

[trambo]

Originally Posted by glynparson

Layoffs coupled with the news of them getting stuck with defaulted loans were the collateral is worth 1/10 to 1/2 of what it was when the loan was written. Does not seem like good news to me. I don’t get why some are always so quick to defend some of the people they do, it mystifies me. As for sports card radio please show me all these times they’ve been wrong about the hobby? I think they sometimes are jerks about how they say stuff and there politics are absurd but they tend to be on top of the hobby and what’s going on. I must admit I was shocked at how good KG was on the show last night.

Not defending PWCC here at all but I don't think there's been anything more than rumor on the significance of the defaults w/substandard collateral. I also agree w/Ryan's comments that layoffs don't exactly equal sky is falling sort of things. I'm sure there are instances where PWCC did lose money on the loans but I'd guess (and it's just that) there was something in the business model to accommodate for it.

We'll see how it all shakes out.

[Fuddjcal]

Originally Posted by glynparson

Layoffs coupled with the news of them getting stuck with defaulted loans were the collateral is worth 1/10 to 1/2 of what it was when the loan was written. Does not seem like good news to me. I don’t get why some are always so quick to defend some of the people they do, it mystifies me. As for sports card radio please show me all these times they’ve been wrong about the hobby? I think they sometimes are jerks about how they say stuff and there politics are absurd but they tend to be on top of the hobby and what’s going on. I must admit I was shocked at how good KG was on the show last night.

Agreed 100%. it's ALL pretty funny.

[Peter_Spaeth]

Originally Posted by parkplace33

Any word from the leader of pwcc? He has been quite quiet for the last few years.

Brent had a propensity for saying stupid things even though IMO he's very smart. If he's learned not to, that's a good move for him.