Regency Stamp Auctions In St. Louis

HOLMSBU17 ---Welcome to this chat room . We are starting to see not a fail business but a organized effort by the principles of the firm to steal from stamp collectors monies over a longer period of time than the story put out by their attorney that the banks froze their bank account for outstanding bank loans in March 2017 .There is criminal activity here .

floortrader,
That is a very strong statement that you present as fact. Do you have any actual evidence or proof that it is true? Note that no one has been convicted, no one has even been charged, in this situation.
Don

I agree with both Don and floortrader, as contradictory as that may seem.

The demise of Regency has been ongoing now for some time. The complete lack of transparency and the number of consignors who have not been paid lends credence to the IDEA that there is something criminal occurring here.

That being said, what Don brings up is germane. No charges have been leveled and no one has been tried; in our system of justice, everyone is "innocent until proven guilty." It would be a good idea for everyone, regardless of how strongly we believe the culpability of those involved, to keep this in mind and couch what we say in somewhat less inflammatory terms.

I would have greatly preferred that the particulars surrounding this tragic situation had been brought into the light of day, but then that may very well have brought charges of malfeasance to the fore. I fear it will be a long time before the full story emerges. In many ways, this is like an iceberg; we're only seeing the tip of it, while the rest is hidden. From my point of view, it's a pretty crappy iceberg...

At the end of the day, I sincerely hope all consignors receive either their material back in whole, if it was not sold, or receive full compensation from the sale of their beloved collections.

You see many businesses have to use current incoming revenue to pay outstanding debts when they are running a loss.

Those pesky Fifth and Fourteenth Amendments to the United States Constitution... due process seems to have lost some support these days. There seems to be a growing trend to 'convict' people in the press and on social media without presentation of facts at a trial. (Or without even the opportunity to defend oneself.)

Obviously the Regency situation is bad for a number of people, I see few 'winners' here on any side of the discussion. But spreading conspiracy rumors, and that is all they all at this point, serves no productive purpose.

There is value in publically outlining the scope of the pain this has caused but for now I think it best if speculation regarding 'intent' be limited until the facts are in.
Don

My old auditing professor who started his career post 1929 crash in Chicago in the 1930's back in my college days (1972) said it best:

"Figures don't lie; but, liars figure" thus enabling lawyers and accountants make a good living".

Auction proceeds, except for the auctioneer's percentage, are not "incoming revenue." That's the problem and why auction houses should be using trust accounts.

Placing material on consignment is full of problems and these issues have been well documented for decades. Simply Google 'consignment pitfalls'.
I once placed large amounts (tens of thousands of dollars) of material into retail stores and then spent big bucks chasing store owners around trying to either recover the material or payment. In fact, I hired a collection agency to chase some of them down. Bad move on my part, the collection agency collected the owed money but then ran off without ever paying me a dime. Turns out that the state of Florida is one of the few which do not regulate collection agencies. They build up the collections then close down and reopen under a new name every few months.

I learned the hard way, do not place anything with anyone without collateral or unless you can afford to loss it.
Don

I agree with you but that is the reality unless there is a law that says you have to treat it that way. I have never consigned anything so what does the agreement look like that you sign before you provide the material?

That's why insurance companies have segregated funds.

Anything New about Regency?

Some of the material that used to show up regularly is in the current Siegel sale.

revcollector wrote "Some of the material that used to show up regularly is in the current Siegel sale"

Well, I wonder if the bank, who supposedly took ALL the company assets, is the one selling the material, or if this is material that Kols pilfered from the company leaving the consignors who he owes money to, high and dry!

A lot of unsold's got back to the original owners. These items were all in several sales, so I assume that the original owners were selling them.

My two cents worth. I consigned material to R-S for sale in the Spring. Before it became public knowledge that they were hanging up the tweezers I received an email from Penny at R-S asking me where to send the material back. Before I could answer her Rasdales contacted me and asked me if I would like them to take possession of my stamps because they were flying out to Saint Louis the next day. I agreed and within a week I was notified that my material was safe at Rasdales. Shortly thereafter I signed an agreement and the material is now in Rasdales August auction. After reading the comments on here I consider myself fortunate that it seems to have worked out the way that it did. I say "seems" because given the reputation of R-S at this point I cannot help it but to wonder if my material was intact when ownership was transferred given that it consisted of thousands of 102 cards with some very tasty items sprinkled throughout. Dealing with this type of material requires more than a modicum of trust given the difficulty of documenting the contents.