PSA reholder issues - warning to submitters

[Tabe]

Speaking of class action suits and PSA reholdering:

https://www.sportscardradio.com/card...ction-lawsuit/

[perezfan]

Here's a video on the class-action lawsuit. The guy's delivery may be a bit obnoxious for some, but pertinent information is contained within. At issue is the fact that PSA removed the card from its "10" slab prior to handing it over to the FBI. The re-holdering of the Bird/Erving/Magic card was conducted under Joe Orlando's tenure...

https://www.youtube.com/watch?v=4iLQK1zcB3o

[BobC]

Originally Posted by perezfan

Here's a video on the class-action lawsuit. The guy's delivery may be a bit obnoxious for some, but pertinent information is contained within. At issue is the fact that PSA removed the card from its "10" slab prior to handing it over to the FBI. The re-holdering of the Bird/Erving/Magic card was conducted under Joe Orlando's tenure...

https://www.youtube.com/watch?v=4iLQK1zcB3o

This should be interesting, and depending on how many people decide to join in, could actually do something as I was previously suggesting. Will remain to be seen, and won't be surprised if the Defendant's attorneys work like heck to identify participants in the suit, and then try to get them to settle and drop out of such a suit, while also signing an NDA (Non-Disclosure Agreement) so they can't talk about the settlement with anyone else, and so the Defendant can hopefully make the whole thing go away as quickly as possible. Something like this could potentially have a big impact on the hobby, and the Defendant especially, if enough people were to come forward and see this through to trial. We shall see.

And actually like the Sportscard radio guy. he doesn't pull any punches, and seems pretty much right on the money for the various issues and such he talks about.

[BobC]

Originally Posted by Tabe

Speaking of class action suits and PSA reholdering:

https://www.sportscardradio.com/card...ction-lawsuit/

Interesting, and hadn't heard about this before. And since the new regime bought the stock/corporate entity of the old publicly traded company, doesn't matter who the current owner actually is. The lawsuit is against the corporate entity/company, and not the individual owners. And this is exactly why when someone buys the corporate stock of a company they are acquiring, instead of just acquiring the separate company assets, normally the liability for any issues or problems that originated before the transfer/sale goes through and are now normally solely the new owner's problem. This is exactly why people that look to buy other companies are supposed to do adequate and thorough "due diligence" before finally closing such a deal, so they don't become stuck with issues and liabilities like this.

Unless there was a specific clause included in the original purchase/sales agreement that gives the purchasing party a window to somehow go back and still make the true offending party that actually caused the problem to pay for it to the new corporate owners, the new owners may be SOL.