Eleven months after a group submitter filed for bankruptcy, leaving thousands of cards in its possession and no payment, PSA says it’s getting closer to cleaning up the mess and getting all of the cards back to the collectors who own them.
The company says it has graded and returned all but about 4,800 of the cards that were submitted by Marx Cards, a California-based company that filed for bankruptcy in February of last year. PSA indicated that it had already processed “90% of the cards” Marx had submitted before running out of money. That would indicate Marx had left PSA with about 48,000 unpaid submissions. At the time Marx had been submitting cards, PSA’s policy was to only charge group submitters when grading had been completed.
Marx said its source of revenue ran dry when PSA shut down most service levels in March of 2021 in an effort to catch up on its backlog of 14 million submissions. Unable to collect those submission fees from collectors and facing other business losses, Marx filed for bankruptcy.
PSA wasn’t the only company that was left holding the bag. One Ohio shop owner flew to PSA’s offices and paid for the submissions he sent to Marx on behalf of customers, even though he’d already paid Marx to handle the job.
PSA says it’s having trouble returning the last 10% of the orders because some of those who had submitted through Marx haven’t contacted the company to provide a list of those cards. Without that information, PSA hasn’t been able to ascertain who those final 4,800 cards belong to.
“We hope that by the end of February all remaining cards will be accounted for and returned to their rightful owners, thus bringing an end to this unfortunate situation,” PSA stated Wednesday.
Beckett Grading announced new pricing on Wednesday.
The company says its “Collectors Special” submissions with 40-60 business day turnaround times are $18 ($16 without subgrades) with a ten card minimum. Base level submissions cost $22 ($18 without subgrades), Standard tier service is $40 ($30 without subgrades) with a 10-20 day turnaround time while Priority costs $140 or $100 with a 2-5 day turnaround.
All three goal pucks from David Perron’s hat trick for the St. Louis Blues against the Columbus Blue Jackets last season are currently up for bids at MeiGrayAuctions.com.
Perron’s trio of scores accounted for three-fourths of the Blues’ output in a 5-4 loss. They were the 261st, 262nd and 263rd goals of his career.
In all, 50 pucks are on the block, with the auction set to run through Feb. 1.