Brent has left PWCC

[glynparson]

He didn’t walk
Away with nothing if fanatics took up any debts pwcc had. I have heard everything Peter posted is true. If he had let it go under he’d have lost more than selling it for a buck and having them assume all debts. It’s not the first time a deal like this has taken place in this hobby. One of the boards favorite conpanies was acquired in a similar fashion. Letting it go under would have cost him more than he could lose from everything I hear from people that know the principles and are familiar with the deal. I don’t know if it’s true for sure but it is absolutely what I have heard.

[bobbyw8469]

Bear in mind I am an idiot, but I would think letting people borrow money against baseball cards might not have been the smartest move that they pulled off.

[Snapolit1]

Sounds just like the kind of dude Id want holding my $350,000 “asset” in his personal vault. Yep.

[parkplace33]

Originally Posted by Snapolit1

Sounds just like the kind of dude Id want holding my $350,000 in his personal vault. Yep.

Funny, very few people have actually admitting using the vault. Odd.

[parkplace33]

Whatever the case, Brent is still sitting pretty. And don't worry, he will pop up elsewhere. They always do.

[Brian Van Horn]

One interesting coincidence for me and this in no way shape or form involves Leon:

The Monday it was announced that PWCC was sold I no longer was prompted to use a sign in screen and enter my password for Net54.

[Brian Van Horn]

Now, on a separate idea. I just hope that Brent Huigens and Bill Mastro never get together on a behind the scenes running of collecting.

[Republicaninmass]

Originally Posted by parkplace33

Whatever the case, Brent is still sitting pretty. And don't worry, he will pop up elsewhere. They always do.

Like Whack-a-mole

[Yoda]

Can only imagine that Fantastics valued PWCc's 'good will' at zero. Wonder why?

[Peter_Spaeth]

Originally Posted by parkplace33

Funny, very few people have actually admitting using the vault. Odd.

I think it's mostly modern guys.

[trambo]

Originally Posted by parkplace33

Funny, very few people have actually admitting using the vault. Odd.

I had some tobacco cards in there for awhile but decided against having anything in there earlier this year. Now if I happen to win anything in their auction, they're not in the vault for very long at all.

I do like the idea of a vault and all of its benefits. You just have to be sure you trust the vaultmaster and in the PWCC case, well.....I emptied my vault..haha!

[JustinD]

Originally Posted by glynparson

He didn’t walk away with nothing if fanatics took up any debts pwcc had. I have heard everything Peter posted is true. If he had let it go under he’d have lost more than selling it for a buck and having them assume all debts. It’s not the first time a deal like this has taken place in this hobby. One of the boards favorite conpanies was acquired in a similar fashion. Letting it go under would have cost him more than he could lose from everything I hear from people that know the principles and are familiar with the deal. I don’t know if it’s true for sure but it is absolutely what I have heard.

You hit it on the head.

If he sold it for dollar but had all liabilities assumed, he honestly made out like a bandit. The outstanding loan catalog can easily be imagined to be in the realm of 8 to 9 figures at the speed they were moving. The original financing approved was for 175 million. Who knows the default percentage both current and future of that idea with current devaluation of collateral. If the devalued assets are the written collateral, it would completely make sense to walk from those debts.

https://sportscollectorsdigest.com/n...it-175-million

If they had moved to any bankruptcy, additional lawsuits to protect personal property outside the business LLC from creditors would have cost a ton to litigate...win or lose. The financing aspect would not include the additional civil possibilities for any other scandal if it should surface either.

Thinking he got a big payday seems illogical. Thinking he received an incredible super-sized life preserver would be logical and one hell of a win.

[ValKehl]

With Brent's quick departure, I don't see the company name PWCC lasting much beyond Labor Day.

[jbsports33]

Time to move on! not surprised by the move, another year with hobby stories about PWCC - maybe Fanatics will change the name

Happy collecting everyone!

Jimmy

[parkplace33]

Originally Posted by ValKehl

With Brent's quick departure, I don't see the company name PWCC lasting much beyond Labor Day.

I would have thought they would have changed the name by today, but we shall see.

[nolemmings]

I wonder if the new ownership and shedding of Brent will allow the company to re-enter the Ebay world.

[bobbyw8469]

Originally Posted by nolemmings

I wonder if the new ownership and shedding of Brent will allow the company to re-enter the Ebay world.

Their excuse for getting rid of them was kinda weak. Do you think Probstein can prevent their consignors from bidding on their own items? How about other sellers?

[Peter_Spaeth]

Originally Posted by bobbyw8469

Their excuse for getting rid of them was kinda weak. Do you think Probstein can prevent their consignors from bidding on their own items? How about other sellers?

The ebay claim was that persons affiliated with PWCC were doing the shill bidding.

[Jay Wolt]

Originally Posted by nolemmings

I wonder if the new ownership and shedding of Brent will allow the company to re-enter the Ebay world.

If they change their name & became a new company, their shouldn't be any problem re-joining ebay