Regency Stamp Auctions In St. Louis

Jaffe took over their supplies more than a couple of months ago

From the October American Philatelist:

Ouch. A lot of R-S material was auctioned off by Rasdale in their last sale. More in November. It would be interesting to know where the proceeds end up. What a mess.

Failure to fulfill a philatelic indebtedness. Interesting.

I feel really badly for the sellers who got fleeced on this deal. It would drive me to pop a vein if I lost material and/or money in this manner, so I don't blame any of you for anger you likely harbor. Kols likely has the means to at least partially make this right but apparently doesn't intend to.

I'm confused how consigned material can default to secured creditors. The auction house never actually owned the material. I've been involved in consigning certain types of products to hospitals and our documentation always made it clear that we gave up no right of ownership.

I presume CJ explained this but I don't recall what he wrote.

What confuses me is that Rasdale took delivery of material from R-S. I talked to them the day before they flew out to get it ready and loaded. Unless a secured creditor had control of the premises at that time. Who knows.

I don't think Rasdale's were stupid to touch or to take material and put it their auctions unless ownership has been established and they confirmed its ownership. Rasdale would of gotten a inventory from the owners before picking up the stamps .

Rasdale would have covered their rear end. The question is who transferred ownership to them? R-S or a creditor?

Did Rasdale pay Regency for the material or just agree to auction it off like a consignment?

Angore - I do not know. Rasdale did pick up my lots from R-S and auctioned them for me. There were other lots in the sale that consisted of material lotted up on R-S cards. They also auctioned off tons of space, third reich and toy stuff. Even framed items that were wall hangings from the R-S office. Who knows what the deal was. They are auctioning off more of the same in November.

Glad to see revenuecollector's post that the APS took action against Kols and expelled him.....not that it probably matters to Kols himself given he's run off with my $10,000+. It is a step in the right direction, though.

"indebtedness to the Society" Is this the main reason for the expulsion?

CANADA150, the notice also states "...and numerous consignors".

It is encouraging to see the APS acting on this issue.

I hope that the discussions here had some influence on their actions, and if so, perhaps they are also paying attention to the discussion on the issue with Don David Price and his donation.

Mike

About five years ago a well placed APS member was caught using a national club's money for his on collecting pleasure. The APS did NOT expel him. As far as I know he is still an active member. WOW, what a change. I guess the "indebtedness to the Society" probably carried more weight than just plain dishonest behavior? Sad.