Regency Stamp Auctions In St. Louis

Rogdcam writes:


One of the things I started years ago was a detailed inventory, using Excel to create it. I have columns which provide the unique item number (which includes the Scott number as part of it), the basic type of material (unused, used, FDC, etc.), a description of the item including condition, the date purchased, price paid, who from and the current catalog value. I've been adding to this steadily and have about 60% of the entire collection done now. I also scan the item and keep the images in a series of separate files listed by the unique inventory number.

I realize this is a bit much for many folks, especially since I do it for ALL items regardless of price, but it could easily be modified by anyone with the parameters you want met. Perhaps you only want to list all items in your collection with a value of $20.00 or $50.00 or $100.00 or higher. Start with that. Then, if you have the time and want to add the other material, you could.

This provides four great benefits and as far as I'm concerned has been worth every second I've spent on it.

(1) I had to look at every stamp and item in the collection and make the conscious decision to either retain it or dispose of it.

(2) I have a solid basis for the insurance I have on the collection and doubt I would have any problems with any claim, should that ever prove necessary.

(3) I know what I've paid for the items and will still have that information readily handy when I decide to dispose of it.

(4) My daughter will have a very solid basis for disposing of the collection however she sees fits when I am no longer amongst the living.

Again, something to consider. Having a detailed inventory and images of each item you are sending for consignment would make it rather simple to ensure you know what was included.

I have not scrolled through this entire discussion but has anyone else noticed regency is still listing things on ebay? They currently have a set of SG New Age albums for sale; and at a price somewhat higher than another seller is running. What gives with this? I wouldn't want to buy something on ebay from a seller in bankruptcy.

I continue to wonder if those who had significant items or collections; significant in terms of actual, not perceived, value; consigned to Regency have retained lawyers. The bank and R-S lawyer seem to be trying to keep things as quiet as possible. Few things get a bank's attention more quickly than letters on lawyers' letterhead.

Why not? I would presume such sales were being made with the court's knowledge and would go toward satisfying debt. If it was something I wanted at a fair price I would not hesitate to buy

The company is already bankrupt, what assurance would I have that I'd receive any stamp I bought?

There seems to be a two tier policy with Regency . David had a group of regular consignors to his auctions ,every auction house has them . These are people David and his staff had a personal relation with ,these people could pick up a check a week or two after a auction settlement . They got money or unsold lots transferred to other firms .
Then there are "Joe the farmer" and you and me types . These are the people who lost everything .I am sure the APS got their money and the letter from the lawyers which people here read ,saying the banks got everything but they are going to take a hit and nothing is left to pay anybody .
This is all a plan without a audit and the opening of the records by the courts all of us are like MUSHROOMS {kept in the dark and feed B.S.}.

Bankruptcy courts do not take kindly to paying some creditors and not others. If Regency paid a bunch of creditors and went bankrupt on others, the court may very well go after the first group and spread the money more equitably.

The idea that the regulars got paid off quickly is not correct. I know of a dealer who sent them lots almost every auction for years; he got his unsolds back but he is still owed thousands for lots that did sell.

From what I heard at the show in Richmond, Regency has not yet been forced into legal bankruptcy.

The 8/14 issue of Linn's mentioned a website (stampshowheretoday.com) that offered podcasts and I listened to the most recent one. It mentions Regency and one of the commentators was not very kind about the business -- comments previously post here about not paying consignees, blaming the hobby state for the financial issues, etc.

I did spend a few minutes watching the auction in Richmond. There were about 15 bidders in the area with a few on a phone. While I was watching they were doing what I guess is postal history and there was a lot of money spent on some items.

I truly wonder if David Kols is in fact seriously ill or is it just another ploy in his scam to deflect the fact that he stole, not only from me over $10,000 in auction proceeds, but from anyone else he hasn't paid.

I sympathize with those who lost money, it truly sucks. I once lost over 5 figures when I consigned material with a retailer who just closed up shop and left town. But consigning something of value is the same as just handing it to another person and saying 'pay me when you can'.

There have been a number of posts in this forum where experience hobbyists tell others to consign inherited material to auction firms. I do not recall one where anyone said, 'but understand there is also risk'. Show me where in Linns, the APS website, or anywhere else it was communicated to any hobbyist that there is risk involved with consigning material to auction firms. Of course not, they want a close, good relationships with auction firms. And many never want to say anything negative about the hobby.

Losing money is one thing, but questioning if a dying man is really dying is pretty bad.
Don

Don,

It may be cringworthy, but understandable. If I were out 5 figures with no meaningful recourse, I probably would be verbally lashing out at the perpetrator as well. It's frustrating when you have no alternative. To a certain extent, this is a place where people come to vent when no one else will listen.

In all candor, I probably wouldn't give a rat's patootie about the health of someone who defrauded me out of 5 large. I'd call it karma.

*shrug*

Hi Dan,
I understand. When I was young and stupid, I once held a person at gun point until the police got there. They were screwing me out that kind of money and were loading my material into a truck to leave town in the middle of the night. The police made it clear to me that this was a civil matter, not a criminal one. Luckily for me, the police were understanding and did not haul my butt off to jail. I am older and certainly wiser now.

Money is just money. Our lives and our health is far more important. And I will never forget how people publically flamed Bill Weiss as he was suffering from brain tumors as the guy was trying to sell off some unused stamps on ebay to help with medical costs. Who knows how the tumors were effecting his thinking?
Don

Sadly, we are on a long list of creditors. While I would like for the APS to be made whole, we would prefer our members get paid.