Regency Stamp Auctions In St. Louis

What is interesting about this controversial issue is that such issues tend to draw people online to them whether they are directly affected by it or not just like moths are attracted to light. Even though I did not buy anything from them that resulted in not receiving the bought item from them and even though I did not sell anything through them that resulted in not getting paid anything for the sold item by them, this particular topic on SCF has attracted my attention more than many others have since I am trying to take in what is going on here by reading the many different points of view on it. I have a feeling that I may be attracted to philatelic gossip.

You are participating on a stamp forum.
(gotta face it - you handed me that one )

Some people feel Social Media gives them the right to say what they want in any fashion or form without penalty. People like this, (bullies) have always been around forever, beating the drums of hatred against others with false acquisitions and someone will always believe the lie. Bullies hate it even more when someone shines a light of truth on there falsehoods or tells them to stop.

For individuals who wish to slander, I hope you have deep pockets… you'll need them. Lawyers love big mouths and their conduits and Open Forums, like SCF, are public record.

Lawyers are more likely to be after big mouths with big pockets. There was actually an incident in APS where there comments made about a member by another member that ended up in court. The demise of the SPA was also an episode that one needs to remember. There is risk.

As a data point, a few days ago a wedding photographer won a $1 million verdict against a couple whom the jury found to have defamed her in social media.

https://petapixel.com/2017/08/01/we...suit-couple/

On another issue, private companies do not have to use federal bankruptcy proceedings under Chapter 7 or Chapter 11 in order to close down. An assignment for the benefit of creditors (ABC) proceeding can be used with no court filings. It would be a mistake for creditors to wait and watch for a federal court bankruptcy filing here.

As a creditor due monies from Regency as a result of non-payment of auction proceeds, I have never received any notification from any court or Kols attorney that Regency has in fact gone into bankruptcy. I had also contacted three separate attorneys in the St. Louis area that did not want to take on my case in an attempt to collect the monies due me.

Any reason why none would take your case? On percentage or hours?

It might have to do with the lawyer not thinking that there would be any way to collect anything from them. This is usually the case if there are secured creditors that would get anything owed to them first. Everyone else who is an unsecured creditor would only get paid after the secured creditor has been paid in full which is usually not the case in most bankruptcies. Thus, this leaves secured creditors being paid something but not fully and unsecured creditors being paid nothing. Thus, a lawyer cannot do much for any unsecured creditors.

In my experience a lawyer would typical work for 30%-35% of the amount that is owed. So you would have to be owed a healthy amount to interest some lawyers. They also have to feel that there is a good chance to getting paid. You might have to look for a very young, hungry lawyer. Of course, if you are willing to simply pay them per hour than you can quickly find one.

I was once owed a large sum of money for a retail business (on another consignment) who simply was refusing to pay even through they were still open and doing business. But even after I got a judgement in my favor the court only can do so much in making them pay. They do not throw people in jail for having a debt.

Basically I had to get them to issue an 'attachment' to their bank account; but even this is not free. No surprise but lawyers charge for every time they had to do the attachment paperwork and file with court. If you attach their account and the money isn't there, tough luck you still rack up the legal costs.

After months and months of chasing I finally had the lawyer and court attach their bank account on Christmas Eve, a day I knew a retailer would have money in his account. I felt like Scrooge but I finally got my money minus a lot of legal fees.
Don

"This is usually the case if there are secured creditors that would get anything owed to them first. Everyone else who is an unsecured creditor would only get paid after the secured creditor has been paid in full which is usually not the case in most bankruptcies."

Not a lawyer, nor did I stay in a Holiday Inn last night, but isn't the allegation that the money is not Regency's but the consignors that thus the bank does not have first dibs on (the bank would have first dibs on the material that Regency owned outright).

I read this thread with great interest as I am one of the consignors taking a loss. Some comments are directed to Mr. Kols, but I will not make any accusations concerning fraud. But I think it is important to get the picture of what has happened. I believe my case is a lost case, as I know almost nothing about laws and proceedings in the US. I did not expect that consigning to US auctions was a risky business. I know better now - and so do my fellow philatelists in Norway. I agree that some people are carried away concerning commenting mr. Kols. But I do not agree with the thread participants complaining about discussing Law and consequences. I have read "learn it the hard way, the way I did". To this I say: Yeah, sure! Philatelists usually are not very resourceful in the business of law. So these stamp boards - are extremely important as information sources. I will stay with this thread and hope that new information will be disclosed.

A great deal of material from Regency was just auctioned at Rasdale. I wonder what the process was/is for allocating proceeds from that sale?

Do we know for certain that it was Regency that consigned the material as opposed to Regency's previous consignors? I seem to recall at least one affected consignor posting here about putting material into Rasdale's auction.

I was the consigner that you remember. There were also a great many large lots that consisted of items on R-S auction lot cards. They auctioned off everything from framed wall art to huge space, Third Reich, ephemera, postcard and cover lots many of which had R-S labels on them from being prepared for sale.

If anyone hasn't noticed, their ebay account is still open and active but on the bottom of the description, it says:

REGENCY SUPERIOR HAS CLOSED. ALL PURCHASES WILL BE FORWARDED TO MICHAEL JAFFE STAMPS AND SHIPPED FROM VANCOUVER WASHINGTON.

Not sure if this is for everything, but may be for all supplies. I have not checked all their adds but only came across this one.

http://www.ebay.com/itm/Stanley-Gib...100290.m3507

There are still 402 active listings.