Nat Turner and group buy Goldin Auctions

[pewe]

Originally Posted by pspa123

So are you saying SGC has no value to them, such that they should say no if hypothetically Dave offered just to hand it over at no price? And if you aren't saying that, doesn't it become a question of price?

Haha! This is one of these silly PE interview questions… there is a price at which you’d take anything (might be negative!)…

The question is usually time and $$, and what they’d use that time and $$ to do instead. And what they think the current owner expects. If this move is a distraction and they have other hotter ideas, my guess is they don’t bother.


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[NYRE2PECT]

Originally Posted by glen87

CCG, and now Blackstone owns CGC......who from heritage is part of those groups

Blackstone = CGC + Heritage
Nat Turner = PSA + Goldin

Makes me think the SGC thing is all the more real for PSA.

[griffan15]

Now this email I received last Friday makes more sense.

With your company being a certified PSA dealer, we at Goldin Auctions would like to extend a unique business opportunity.
We are offering referral programs to select PSA dealers in an effort to reach more customers on the ground floor of the hobby across the globe. These rates can be upwards of 5% depending on the product.
Acting as a consignment hub and/or referral source is easy. Once a connection is made between myself and the referral - any consignments brought in by that individual will yield you a finder's fee with the same payout period as consignors (20-30 business days following the auction).
Please let me know if you have any questions or would like to discuss this opportunity further.
Take care!

[NYRE2PECT]

Originally Posted by pewe

Well, let’s take them one by one:

— facilities… they already have more demand then they can store… so this doesn’t help… they will need other facilities to come online (unless they think they can make the competitor more efficient, and better utilize their space) - NO

— graders… $/unit time might be the only thing here… if PSA shuts down the other brand, and those graders are more valuable per unit time because PSA gets paid a premium (and maybe runs the graders more efficient?)… BUT integration cost and risk will be HUGE and I’m not convinced it isn’t cheaper to just hire more graders than pay a premium to buy someone else’s graders then have the same learning curve of new hires (and maybe sketchy quality so you need to fire a bunch of folks) - MAYBE?

— grading capacity… not sure how this is different than the above… BUT let me tweak to OpEx… ie the infrastructure and systems and management… maybe you could save some redundant costs in spend and people to manage? Feels small… I’m guessing NO

— brand consolidation… probably reduces the value of PSA… and brand is worth $0 cash flow of you can’t service the additional volume you’d hope to generate… I’m guessing negative value here

— market share / decreased competition… what do you want from this that we haven’t covered above? Is really redundant once you get over MES, useless if you can’t serve the extra volume, and may be harmful for things like brand…

BTW you could say “pricing power”, but they already seem to have that. And market conduct there is more important than consolidation. Everyone raised prices, so you don’t need to take others out to extract more.


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This is an internet forum and we are all entitled to our positions/hypothesis/speculations/opinions. I'll let you have yours and save myself some time. I am obviously outwitted and outmatched here.

[pspa123]

Originally Posted by pewe

Haha! This is one of these silly PE interview questions… there is a price at which you’d take anything (might be negative!)…

The question is usually time and $$, and what they’d use that time and $$ to do instead. And what they think the current owner expects. If this move is a distraction and they have other hotter ideas, my guess is they don’t bother.


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I understand your analysis. But even assuming you're right as a matter of purely rational dollars and cents on the merits of the potential acquisition, I'm not so sure that would prevail here where there would be a relatively small amount involved, just a few individuals are involved, and other externalities may come into play.

[pewe]

Originally Posted by pspa123

I understand your analysis. But even assuming you're right as a matter of purely rational dollars and cents on the merits of the potential acquisition, I'm not so sure that would prevail here where there would be a relatively small amount involved and other externalities may come into play.

You could be right.


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[pewe]

Originally Posted by NYRE2PECT

This is an internet forum and we are all entitled to our positions/hypothesis/speculations/opinions. I'll let you have yours and save myself some time. I am obviously outwitted and outmatched here.

Haha! This stuff I always find fun. Didn’t mean to pound you into submission. I’m just kind of intense


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[3124508 on COMC]

Originally Posted by pspa123

I understand your analysis. But even assuming you're right as a matter of purely rational dollars and cents on the merits of the potential acquisition, I'm not so sure that would prevail here where there would be a relatively small amount involved, just a few individuals are involved, and other externalities may come into play.

Like washing one’s hands of liability.

[KhalDrogo]

Great move for everyone!

[MiamiMarlinsFan]

Originally Posted by glen87

CCG, and now Blackstone owns CGC......who from heritage is part of those groups

I thought I heard that on the Felix Lu Comic Art podcast when he interview Jim Halperin a few years back, but my info could be wrong.

[patchgenie]

[MoreToppsPlease]

Originally Posted by 3124508 on COMC

Like washing one’s hands of liability.

The hobby’s history of incestuous relationships continues.

In the real, business world they’re are rules and regulations. In the card world, not so much. In fact just about none.

[jlzinck]

No opinion other that I hate that the lowlife Goldin gets anything

[ThoseBackPages]

its happening!

[CaptSpaulding]

Apparently, the always genuine Steve Sloan, made calls yesterday ahead of this announcement to principals of the other competing AH's to let them know it was business as usual for them and assured them it would remain a level playing field.

We all know PSA has never operated a single day on favoritism so gosh there is no reason for it to start now.

[pewe]

Originally Posted by KhalDrogo

Great move for everyone!

Who is everyone? And how does it benefit them?


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[xbignick]

Was reading Steve Cohen's bio more thoroughly last night, seems like an honest guy and the conflict shouldn't be a problem at all.

[KhalDrogo]

Originally Posted by pewe

Who is everyone? And how does it benefit them?


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Everyone except the people who choose to remain miserable. Which is most of the people on this board.

[pspa123]

Originally Posted by CaptSpaulding

Apparently, the always genuine Steve Sloan, made calls yesterday ahead of this announcement to principals of the other competing AH's to let them know it was business as usual for them and assured them it would remain a level playing field.

We all know PSA has never operated a single day on favoritism so gosh there is no reason for it to start now.

Your average dealer and collector doesn't seem to have any place with them any more.

[pspa123]

Originally Posted by KhalDrogo

Everyone except the people who choose to remain miserable. Which is most of the people on this board.

So what do you see as the upside here?

[pewe]

Originally Posted by KhalDrogo

Everyone except the people who choose to remain miserable. Which is most of the people on this board.

And how does it benefit everyone but BO members?


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[bloodwings19]

What is wrong having a super team?

[tonedef2oo8]

Originally Posted by pewe

Who is everyone? And how does it benefit them?


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Don’t waste your time he won’t give a straight answer. He’s the type to complain about complaining and not see the Hypocrisy

[CaptSpaulding]

Originally Posted by pspa123

Your average dealer and collector doesn't seem to have any place with them any more.

Oh yeah. PSA was never too warm and fuzzy to start with but the men in charge now could not care less. But ask BO members and they just think Nat is the best. These guys are not thinking about PSA's base.

[NYRE2PECT]

Originally Posted by bloodwings19

What is wrong having a super team?

My biggest issue is the need for transparency...with this, the veil only gets darker, deeper, and more mysterious.

A graded card pipeline into an auction house should be concerning to us. The potential for grade *cough* favoritism for those consigning through GA is ripe for abuse.