It’s been slabbed, bought, sold and used as collateral even though the owner reportedly didn’t own it. A story in Arkansas Business claims embattled Arkansas businessman John Rogers lost $600,000 on his 2008 purchase of a Honus Wagner card for $1.6 million.
A lawsuit filed by a former business partner claims Rogers had sold the card privately long before he used it as collateral in a purchase of The Daily Oklahoman newspaper archive, a transaction that never happened after Mac Hogan loaned Rogers $2 million.
Hogan is suing Rogers for over $12 million, claiming the newspaper deal was part of a scheme to get him to continue investing money in a series of deals that looked legitimate on paper, but were actually part of a Ponzi-like scheme.
The card itself came back on the market in 2013, where it sold for $2.1 million according to Goldin Auctions.
Arkansas Business says Rogers, who is facing multiple lawsuits over his business dealings, is facing $50 million in claims.