“Activist” PSA Shareholders Seeking Board Shakeup

[Sean1125]

PSA has a backlog of 1,000,000 cards.

[sportscardpete]

I have dealt with numerous activists over the years. This letter is good. Taking the company private would be a good thing - if you don't have to manage the business to hit your quarterly numbers, you can take a longer-term view which is usually the best for the company. It seems like this letter wants them to bolster their business by spending, not the traditional activist route of cutting costs to bolster margins.

[conor912]

Originally Posted by Sean1125

PSA has a backlog of 1,000,000 cards.

Not to mention the x million sitting in inventories that would have been sent in had the backlog not been so bad. A six month wait time is completely and utterly unacceptable for any business, regardless of the product. I could have a Tesla built from scratch in less time than i can get a bulk submission back from PSA at this point.

[Jay Wolt]

Originally Posted by conor912

Not to mention the x million sitting in inventories that would have been sent in had the backlog not been so bad. A six month wait time is completely and utterly unacceptable for any business, regardless of the product. I could have a Tesla built from scratch in less time than i can get a bulk submission back from PSA at this point.

Its not just PSA, SGC & Beckett are having long delays as well

[Exhibitman]

One reason I've not bothered with grading any of my sale inventory is the delay. I'd rather turn over the inventory quickly and move on to the next deal than wait half a year or more on the hope of scoring a money-making grade. If I think something is really, really sharp and might get a high grade, I just set it aside for the time being on the hope (perhaps misplaced) that the TPGs will get their acts together enough to clear some of that backlog. I can always sell a nice card but only if I have it in hand...

[BeanTown]

Maybe we will see a slight premium for cards already in the holder.

[taul166]

Hi all, I will let others who either work in the investment field or have knowledge chime in but does an investor with a 5.4% interest in a company.... carry that much weight?
To me, 5.4% is nothing to disregard and nothing you would shrug off. Is there a source or does anyone know who else has a significant interest that exceeds this investor's portfolio percentage?

When you consider the complaints about turnaround from those who use PSA with not much openness from PSA to implement greater technologies, and combine that with the pending lawsuit against PSA, and now a significant investor who is asking for replacement of the Board, things are starting to mount.

[taul166]

Just to continue.....this investor has during the pandemic probably taken a major "hit" with investments with companies where it is going take a long time to recover. They then look at PSA and see continued demand even during the pandemic so they want to maximize their return to offset investments with other companies. So, they are getting impatient with PSA's current progress on innovation, continued backlog, etc.....and they are saying let's get a new Board in there to shake things up.

[swarmee]

FWIW, Anyone planning a value sub at current prices should send as soon as possible because they just hiked the 2017-current value level from $9 to $12/card with absolutely no forewarning.

And they now require that you DO NOT send your cardsavers with any kind of labels on the outside, after asking the exact opposite the last couple of years. People who submit a lot of the same card for bulk submitters are worried that the cards will now get rearranged accidentally and they may lose track of them. It may be done to reduce the ability of graders to see who submitted the cards (based on prior knowledge of label type).

[swarmee]

Anyone recognize this name from the list: Nathaniel S. Turner V. ?