Memory Lane sold cards they didn't have per SCD

oldjudge · #1 05-07-2024, 03:04 PM

Unless ML contacted the insurance company as soon as the cards went missing and was instructed by the insurance company to proceed with the auction I believe it was wrong to not remove those lots from the bidding. Values, I believe, could have been determined by other means.Hopefully, the cards will be recovered soon and this will become a non-issue for all involved.

Leon · #2 05-07-2024, 03:19 PM

Quote:

Originally Posted by oldjudge

Unless ML contacted the insurance company as soon as the cards went missing and was instructed by the insurance company to proceed with the auction I believe it was wrong to not remove those lots from the bidding. Values, I believe, could have been determined by other means.Hopefully, the cards will be recovered soon and this will become a non-issue for all involved.

I absolutely assume ML contacted authorities and insurance, not necessarily in that order, immediately. Those entities, and ML's counsel, were help making the decisions, would be my guess.
.

Peter_Spaeth · #3 05-07-2024, 03:24 PM

Quote:

Originally Posted by Leon

I absolutely assume ML contacted authorities and insurance, not necessarily in that order, immediately. Those entities, and ML's counsel, were help making the decisions, would be my guess.
.

I don't consign. In the ordinary course, do a consignor and AH agree to the value of significant cards for insurance purposes, or is there a standard provision for determining value in the event of loss?

Lorewalker · #4 05-07-2024, 03:27 PM

Quote:

Originally Posted by Peter_Spaeth

I don't consign. In the ordinary course, do a consignor and AH agree to the value of significant cards for insurance purposes, or is there a standard provision for determining value in the event of loss?

In this case Ryan stated that he and Joe came up with the worst case, expected and best outcome as far as prices per card.

Aquarian Sports Cards · #5 05-07-2024, 03:36 PM

Quote:

Originally Posted by Lorewalker

In this case Ryan stated that he and Joe came up with the worst case, expected and best outcome as far as prices per card.

That may or may not cut any weight with the insurance company though. That was more about managing consignor expectations (and I don't mean that in a negative way)

Lorewalker · #6 05-07-2024, 03:53 PM

Quote:

Originally Posted by Aquarian Sports Cards

That may or may not cut any weight with the insurance company though. That was more about managing consignor expectations (and I don't mean that in a negative way)

Right. I was simply answering the question posed. Ins cos will pay off most likely based off of comp sales which allowing the auction to go on unfettered.

Leon · #7 05-07-2024, 03:35 PM

Quote:

Originally Posted by Peter_Spaeth

I don't consign. In the ordinary course, do a consignor and AH agree to the value of significant cards for insurance purposes, or is there a standard provision for determining value in the event of loss?

In the contracts I have signed, there have been approximate values put on the items, including when I sold my collection (or at least an aggregate amount, but it got there througha an estimated value of each lot.) Others might have different experiences.
.

doug.goodman · #8 05-07-2024, 07:27 PM

Quote:

Originally Posted by Leon

I absolutely assume ML contacted authorities and insurance, not necessarily in that order, immediately. Those entities, and ML's counsel, were help making the decisions, would be my guess.
.

That's a fact, it's not a guess

Carter08 · #9 05-07-2024, 07:35 PM

Quote:

Originally Posted by doug.goodman

That's a fact, it's not a guess

Any of those entities advising to continue a phantom auction seems a bit dubious but perhaps that�s wrong. How do you know the actual fact?

G1911 · #10 05-07-2024, 07:38 PM

Quote:

Originally Posted by Carter08

Any of those entities advising to continue a phantom auction seems a bit dubious but perhaps that�s wrong. How do you know the actual fact?

I find it extremely surprising that so many are so confident that ML has an entirely unique insurance policy nobody else in the world does that requires them to host a fake fraudulent auction to value the items. Also seems odd their lawyers would say to host a fake auction and violate California consumer laws.

Easy way to tell a bad take is to look at how absurd the arguments given to defend it are. These are really bad arguments that make no sense at all.

Peter_Spaeth · #11 05-07-2024, 07:43 PM

Quote:

Originally Posted by G1911

I find it extremely surprising that so many are so confident that ML has an entirely unique insurance policy nobody else in the world does that requires them to host a fake fraudulent auction to value the items. Also seems odd their lawyers would say to host a fake auction and violate California consumer laws.

Easy way to tell a bad take is to look at how absurd the arguments given to defend it are. These are really bad arguments that make no sense at all.

Lawyers give appallingly bad advice every day, I wouldn't place much stock in that.

doug.goodman · #12 05-07-2024, 07:53 PM

Quote:

Originally Posted by Carter08

Any of those entities advising to continue a phantom auction seems a bit dubious ... How do you know the actual fact?

Because the auction continued. That is a fact. They didn't go against the advice of their lawyers and insurance agents. They just didn't. Was I there? No.

Quote:

Originally Posted by Carter08

... but perhaps that�s wrong.

Yes, perhaps you are. Or, perhaps I am wrong.

But the auction continued.

Lorewalker · #13 05-07-2024, 03:23 PM

Quote:

Originally Posted by oldjudge

Unless ML contacted the insurance company as soon as the cards went missing and was instructed by the insurance company to proceed with the auction I believe it was wrong to not remove those lots from the bidding. Values, I believe, could have been determined by other means.Hopefully, the cards will be recovered soon and this will become a non-issue for all involved.

I think as a consignor you might want the auction to run on cards like these and as a bidder you would never want such a thing to happen. And I can see it both ways from an insurance companies point of view but what a length to go to to get FMV. YIKES.

Imagine if insurance companies added that provision to policies? One could never know if the item being offered is actually there to be bought or if it is to ascertain a value for an ins claim.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Memory Lane	calvindog	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	5	08-13-2017 01:01 AM
Memory Lane - Uncut W516 Strip Cards	T206Collector	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	0	12-20-2011 03:20 PM
Memory Lane	YankeeCollector	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	12	08-22-2011 03:28 PM
You would think...(Memory Lane)	mintacular	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	12	03-01-2011 12:15 PM
Memory Lane Selling Mint graded cards??	Archive	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	7	11-08-2007 04:50 PM