Memory Lane sold cards they didn't have per SCD

[Lorewalker]

Originally Posted by Snowman

Well color me shocked. Shocked I tell you...

Anyone hear anything about this or know more details? SCD claims that Memory Lane ran auctions for $2 million worth of cards that were stolen from the hotel at Strongsville and they just allowed the auctions to run anyhow, in hopes that they might be able to track them down lol.

https://www.sportscollectorsdaily.co...om-ohio-hotel/

This has to be a first, no? How many of those cards were Ryan's and did they ever inform him? Seems a little irresponsible (huge understatement) to have shipped 2 million dollars worth of cards to a Best Western for the hotel to receive on behalf of the card dealer. I mean what could possibly go wrong?

They had 3 weeks to find the cards but they let them run anyway? Hmmm...

This one trumps both the 51 Bowman Mantle being stolen in the line for ice cream and the dude who held the brown paper bag full of $1 bills while the customer took a pile of cards to show his son.

[jacksons]

I think things are going to change after this debacle. I never felt comfortable about AH’s displaying consigned items at card shows thousands of miles away from their headquarters. Especially with today’s prices. It’s too risky. Is insurance going to cover all of this?

[Lorewalker]

Originally Posted by jacksons

Is insurance going to cover all of this?

Good question. I guess it depends on the requirements of the policy. It is possible they would decline coverage since it was not sent to someone who was a party to the transaction. They essentially sent it to a stranger and told them to hang on to it for them for a few days.

[Snowman]

Originally Posted by jacksons

Is insurance going to cover all of this?

Lol, no. Of course not. Not if the details in that article are correct anyhow.

Now I'm worried that they won't be able to pay me for my lawsuit... Ugg

[Casey2296]

Originally Posted by Snowman

Lol, no. Of course not. Not if the details in that article are correct anyhow.

Now I'm worried that they won't be able to pay me for my lawsuit... Ugg

From the article:

"The cards remained in the auction in hopes that police could recover them prior to last weekend’s close but as of Monday night, they were still missing and company officials spent Monday informing buyers of what happened. All were fully insured so consignors will receive their proceeds from Memory Lane."

Are you saying consignors will not be compensated fully for the hammer price of the missing cards?

[Casey2296]

Wow, I really dislike people who steal, especially when it's an inside job which I would bet dollars to donuts this is.

In my best Desi Arnaz voice, "Best Western, you have some splainin' to do".

[sportscardpete]

This doesn’t make sense, why would ML keep an auction running if the items were stolen? Something doesn’t add up.

[Casey2296]

Originally Posted by sportscardpete

This doesn’t make sense, why would ML keep an auction running if the items were stolen? Something doesn’t add up.

In the hopes that the cards would be found, which is unlikely.
What it does do is establish the value of the insurance payout for the consignors.

[sportscardpete]

Originally Posted by Casey2296

In the hopes that the cards would be found, which is unlikely.
What it does do is establish the value of the insurance payout for the consignors.

I really hope that’s not the case.

[Casey2296]

Originally Posted by sportscardpete

I really hope that’s not the case.

I'm not sure how else would you establish insurance value?

[sportscardpete]

Originally Posted by Casey2296

I'm not sure how else would you establish insurance value?

Not sure either, but if I’m a bidder I am bidding with the assumption the card is not stolen. I think that’s a fair thing to assume!

[calvindog]

Originally Posted by Casey2296

I'm not sure how else would you establish insurance value?

Correct

[pureball22]

So if I went after a card they can't deliver over another card I also wanted, I guess I'm just SOL...Or if I sold stock, paid a big capital gains tax to finance a card they can't deliver....now what????

[notfast]

Originally Posted by Casey2296

I'm not sure how else would you establish insurance value?

You’d have to keep the loss of the cards close to the vest then too. If people knew they didn’t have to pay, they might bid things up for unscrupulous reasons.

[Eric72]

Leaving the auction run actually makes more sense than trusting a shipping company with a small box worth millions of dollars.

And leaving the auction run only makes a tiny bit of sense to me.

[Andrew1975]

Maybe kept the auction going so they would have values for insurance claim?

[brob28]

Originally Posted by sportscardpete

This doesn’t make sense, why would ML keep an auction running if the items were stolen? Something doesn’t add up.

My guess is to establish value for insurance purposes.

[Peter_Spaeth]

1000 posts in, and you're responding months later to one on the first page which has been discussed in literally hundreds of subseqauent posts? Sorry, but

[G1911]

Originally Posted by Peter_Spaeth

1000 posts in, and you're responding months later to one on the first page which has been discussed in literally hundreds of subseqauent posts? Sorry, but

We finally agree on this thread . Too funny lol