[Exhibitman]

Did anyone honestly think a bunch of Wall Street assholes paid up for the company to do collectors any favors? These guys are pimps. Taking this company private, dramatically increasing the revenue without increasing costs, and leaving a giant backlog of revenue, that's the formula for selling it on the street corner with an IPO. I would bet that they take it public again after they have sufficient performance to show proof of concept. Central to the plan is one fact: PSA customers are sheep. They will line up to hand over their money as long as the PSA imprimatur makes money with unexpected high grades. The chance for freakish spontaneous wealth is too strong to mitigate against submissions. Only the poor set collectors--a very small group of the overall herd--will cry foul and walk away rather than spend $20 to slab a Sixto Lezcano card.

The silver lining is that everyone who has an inventory of PSA graded cards to sell can raise their prices because the submission cost for a collector to send in a raw card just jumped to the card price plus $20. I had been offering up graded cards for $10 MB. Now it is $15 going forward plus $5 to ship. Eventually, the PSA sheep will do the math and pay it. They always do.