The ante has been upped but at least two of the larger shareholders of Collectors Universe stock still don't believe it’s enough to support acceptance of a buyout deal. Sean Berger, President of Adirondack Retirement Specialists, which owns over 271,000 shares representing an approximate 2.9% equity interest in CU, is telling his clients he believes the parent company of … [Read more...]
New Offer for PSA Parent Company: $853 Million
An investor group looking to purchase the parent company of PSA has upped its offer. The group, led by avid collector and entrepreneur Nat Turner and Cohen Private Ventures, announced Wednesday that they’ve entered into an agreement to purchase all outstanding shares of Collectors Universe for $92 per share. That represents a sizeable increase from the $75.25 … [Read more...]
PSA Parent Company Agrees to $700 Million Buyout Offer
Collectors Universe, parent company of PSA, is being sold to an investor group led by entrepreneur and sports card collector Nat Turner for approximately $700 million. D1 Capital Partners L.P., and Cohen Private Ventures, LLC will acquire all of the Company’s outstanding shares of common stock for $75.25 per share in cash. Cohen Private Ventures is oversees … [Read more...]
Top Shareholder Wants to Flip PSA Parent’s Board of Directors
A Texas-based hedge fund is looking to take control of the future direction of Collectors Universe, the parent company of PSA. Alta Fox Capital recently disclosed it owns a 5.4 percent stake in CU (CLCT) and says it wants to unseat the company’s current board of directors with new members it has nominated ahead of the CU’s annual meeting. Alta Fox thinks that despite … [Read more...]
PSA Parent Company Moves to Dismiss Lawsuit
Collectors Universe, the parent company of PSA, has filed a motion to dismiss a class action lawsuit brought by a Southern California collector earlier this year over altered cards. Eric Savoy had originally filed his suit in state court in February but CU moved it to U.S. District Court. Savoy had also named two major online dealers, alleging a conspiracy existed … [Read more...]
CU, PSA Back Open But With Limited Staff
PSA and PSA/DNA is back open and accepting smaller orders, albeit on a limited basis. Closed since March 20 because of a “shelter in place” order from California Governor Gavin Newsom, the company is again grading and authenticating some items, but with only part of its staff in place to tackle the work. The announcement first came from a press release issued by … [Read more...]
State Orders Shut PSA Offices Again; New Jersey, Too
Just one day after being allowed to re-open, PSA was again forced to shut down grading and authentication Friday, following a new "stay at home" order that has effectively shuttered all non-essential California businesses. The company posted this on its website: Pursuant to Executive Order N-33-20, issued on March 19, 2020 by the Governor of California, Collectors … [Read more...]
PSA Continues Push to Paperless Submissions
The PSA submission process for trading cards and some other items will go completely paperless after this month. The grading and authentication company says it will no longer accept paper carbon copy submission forms for orders involving cards, tickets, packs or dual service authentication and grading requests as of April 1. Instead, collectors will be required to … [Read more...]
Class Action Suit Filed Over Altered Cards
A Southern California collector has filed a class action lawsuit over the ongoing allegations of altered sports and non-sports cards. Eric Savoy of El Cajon, CA filed the civil case in Orange County Superior Court this week, naming PSA and two major card dealers, PWCC Marketplace and Rick Probstein as defendants. A group of unnamed defendants is also listed in the … [Read more...]
PSA Submission Backlog Due Mostly to Pack Rippers
PSA says its ongoing and ever-growing backlog of orders is primarily due to the number of current era trading cards that are being submitted. During its quarterly earnings report teleconference this week, company officials again addressed the issue of why customers are waiting months for the return of orders that used to be delivered in weeks. In short, it’s because … [Read more...]