Bill Langs Passed Away

If he had formed a Subchapter S corporation like many small businesses do then his shares would become part of his estate and would pass tax free to his spouse (if he has one). If he didn't own all the shares or if his heirs didn't want to continue it then liquidating the business or selling it would be more complicated but in the end his share of the proceeds of the sale would become part of his estate and pass tax free to his spouse. The corporation may have bylaws on what happens when a principal shareholder dies. More information:

https://smallbusiness.chron.com/hap...s-75587.html

He has a son in the navy, so there was someone at one time, but I don't know the current situation.

I always enjoyed looking at his inventory.

He would often buy rare stuff at auction that maybe was a little bit off-quality and so didn't sell well, but was still desirable to have - although not always at his prices

He was definitely a strong bidding and consigning presence at major auctions. Enough so, to where I wonder if prices may be slightly affected downward in some areas as a result of his passing.

I doubt it will have any real impact.

"I have no doubt that is true, I was just pointing out that it WILL be complicated."

Wasn't trying to criticize you, but rather put an exclamation point on what you wrote.

"He was definitely a strong bidding and consigning presence at major auctions. Enough so, to where I wonder if prices may be slightly affected downward in some areas as a result of his passing."

"I doubt it will have any real impact."

He was a huge factor at auctions AND he had a huge inventory that will eventually come to market. In particular. he liked to operate in areas that had smaller supplies like Errors and Essays where he could try to control the supply and thus the price, and I don't see how his passing could not affect these areas.

He used to bring his son to shows, but I never saw a wife and he never mentioned her, so I suspect she is an ex, although that is just speculation like that done by our non-lawyers who apparently stayed at Holiday Inn las t night.

"He was a huge factor at auctions"

Over the last several years he had been dis-invited from a number of auction houses, so unless someone was willing to bid for him and risk being dis-invited themselves, he was not affecting recent auction prices very much.

They would have only likely been disinvited if they failed to pay on time. I think that his "twin" Gary did sometimes bid for him in the past, but do not know if that continued. I do know hat Billy continued to be a fixture up front at the Harmer-Schau auctions at the APS shows where he most definitely influenced prices.

They would have only likely been disinvited if they failed to pay on time.

That's not what I heard, but you might be right.

I did not always agree with Bill's business decisions but most everyone agrees that he had an incredible work ethic and was a dedicated father. I think it would be best to give his family and friends an opportunity to mourn his passing at this time.
Don

from "Julius Caesar" by William Shakespeare - act 3 scene 2.
Mark Antony's funeral oration. We had to memorize it in freshman English lo, those many decades ago.


"Friends, Romans, countrymen, lend me your ears.
I come to bury Caesar, not to praise him.
The evil that men do lives after them;
The good is oft interrèd with their bones.
So let it be with Caesar. The noble Brutus
Hath told you Caesar was ambitious.
If it were so, it was a grievous fault,
And grievously hath Caesar answered it.
Here, under leave of Brutus and the rest—
For Brutus is an honorable man;
So are they all, all honorable men—
Come I to speak in Caesar's funeral.
He was my friend, faithful and just to me.
But Brutus says he was ambitious,
And Brutus is an honorable man.
He hath brought many captives home to Rome
Whose ransoms did the general coffers fill."

He may have been dis-invited from some, but the latter part of this is pure rubbish. He was not down and out, as he absolutely outbid me this year on multiple items on Cherrystone via SAN. In fact he split up a sheet that went for about $2,000 into 4 sheets each with price tags listed over $3,000 per. He also has an intact sheet that is on eBay for $12,000. This is over 2x priced over the next nearest dealer's advertised price. The retail prices of his inventory were definitely overpriced, but particularly on his error material, you only have only 2 other dealers who might even have a fraction of what he had. He knew the market, and would have no issue telling you to go elsewhere (knowing full well, he had the only supply). When it came to a rare item coming up for auction he knew if he acquired the material, based on his current holdings, it allowed him to set a new price basis. So he would just bid up. I have actual examples of this, within the last 3 months. For example by running up an auction where he had the only other known examples to his price point, allowed him to hawk at those prices, or raise them even further.

This all aside, hope he rests in piece, and send sincere condolences to his family.

I do hope that a named collection auction comes out of this. There is some wild and crazy wares I know he had through the years. I had once seen, a Scott 1502 unique brown omitted block that was just awesome.

I didn't mean to imply that he was down and out, only that several auction houses would not let him bid, so his ability to influence prices was much more limited then it once was. I'm sure that in specific areas he could still bid things up, but if his price is 2X the next closest seller, he is not likely to have sold it any time soon.

A specialist stamp collector built a great collection and exhibit of U.S. Scott # 536 of 1919 perforated 12.5 by the Rosback rotary perforator that was almost complete. Interestingly, the collector needed some item that the dealer had but it doesn't look like they ever came to an agreement on it. The collector needed a specific plate block side position with a specific plate number and the dealer had a full sheet with it in it. The collector had been looking for many years to find this item. Since both have passed away, it doesn't look like this will ever be fully completed.
Here is a link to the exhibit: https://www.rfrajola.com/PDR2018/Mark3/Mark3.htm
Here is a link to the item: https://www.ebay.com/itm/170924340324