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...]
PSA Backlog Continues to Exceed 1 Million Cards
PSA is still facing a backlog of over one million trading cards in its system as the grading and authentication firm ramps back up following a temporary closure earlier this spring. The division’s parent company, Collectors Universe, saw revenue and income drop during the third fiscal quarter of 2020, but attributed the decline to the impact of a sudden shutdown due to … [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...]
Jail for Man Who Accused Landscaper of Card Theft; McDavid Auction; PSA Fee Change; ‘Yesterday’ Owner Dies
Baseball cards are not immune to "Florida man" stories. G. Ronald McCauley, f58, of Ft. Myers, is in jail after law enforcement officers say he and some accomplices strapped another man to a chair, hit him with a baseball bat and axe handle and stabbed him after accusing him of stealing "valuable" baseball cards. McCauley if facing kidnapping, aggravated assault and … [Read more...]
Notes: Griffey Autos on Topps’ Kreindler Art; GBSCC Show; Brady Signing; MLB WS Authenticators; PSA & Pokémon
Topps' latest 150th Anniversary of Baseball cards produced from artwork by Graig Kreindler are out--and there's an option for signed Ken Griffey Jr. cards. A few different parallels are being sold with lower numbered colors costing more. Unsigned cards are also available for $7.99, along with 150th Anniversary cards of Willie Stargell and Juan Soto. As of early … [Read more...]