Regency Stamp Auctions In St. Louis

Not defending the "well placed APS member" but it is my understanding that he made restitution and paid back all the money. Perhaps that carried more weight and explains the different outcomes.

I think SPQR is correct.

For reference:

As a member of the American Philatelic Society

I agree to support and be governed by the Constitution and Bylaws of the APS and such amendments, resolutions, and policies as may be established.

I agree to abide by all federal, state, and local laws relating to philatelic matters.

I agree to conduct myself so as to bring no reproach or discredit to the APS, or to impair the prestige of membership therein, or to philately.

I agree neither to buy nor sell philatelic items of which the ownership is questionable, and to report promptly to the proper law enforcement agencies information on suspected stolen material.

I agree to correct promptly any error I may make in any transaction.

I agree to assist in the prosecution of violations, of which I have knowledge, of laws pertaining
to philatelic matters, and to report promptly to the proper law enforcement agencies any such violations.

I agree not knowingly to sell, trade, produce, or advertise repaired, altered, or otherwise modified philatelic items unless that condition is clearly stated. I further agree not to sell, produce, or advertise counterfeit material in any form, in violation of any law.

I agree to fulfill all contracts made by me, either orally or written, to make prompt payments upon delivery, and to return promptly any item that is not satisfactory.
When exhibiting, I agree to display only material from my own collection or else to state clearly
the contrary intent.

I agree that substitution of stamps or covers, in circuits, approval selections, auction lots, etc. is dishonest and is cause for expulsion.

I agree to bring known examples of irresponsible or unethical tactics to the attention of the societies in which I hold membership and which embrace this code.

I agree to conduct myself in accordance with accepted standards of morality and courtesy in philatelic activities not specifically cited in the code. Requests for extension of time to return purchased material while awaiting expert opinion is not an acceptable reason to hold up payment for same. Prompt refund shall be from the seller should the material submitted for opinion be deemed other than as offered or described by the seller. Unless otherwise previously agreed, the seller shall also bear reasonable costs for obtaining the opinion if material is other than as offered or described. The buyer shall inform the seller immediately after receipt of any expert opinion. Requests for extension of time must be in writing.

I agree to read, understand, and be bound by the "terms of sale" conditions before submitting an auction bid or placing a philatelic order.
If I should be found guilty of unethical or unlawful conduct, the record thereof may be disclosed to other philatelic societies of which I am a member.

I agree that any dispute concerning philatelic transactions in which I am involved may be settled by arbitration mutually agreed upon by the parties involved.

I agree not to knowingly participate in any way in the advertisement, sale or trade of any philatelic material using any deceptive practices including, but not limited to, false or misleading claims of sales scarcity, value, condition or investment potential.

I agree that no dealer or auctioneer knowingly shall represent in any way, including, but not limited to, a prices realized report that a bona fide sale of a philatelic item at a given price has occurred when, in fact, no change of ownership did occur.

Don

OMG Don, that is hilarious!

Responding to SPQR post: "Not defending the "well placed APS member" but it is my understanding that he made restitution and paid back all the money. Perhaps that carried more weight and explains the different outcomes."

I don't believe the person you were alluding to is a "well-placed" APS member, but a member of the official family of another large US society.

Glenn - agreed, hence the quotes in my post. Hoosierboy made the statement that it was a "well placed APS member"

So Mr. Kols has been banned by the APS. This makes sense - I feel he has stolen my property - and there is no way to get anything back. The bulk and pieces from his company or estate has been eaten by the vultures standing close to his table (assets). I have sympathy for those who have lost their collections and money to this man, as I have. I have no good feelings about the auction houses selling consignors material from his estate on behalf of banks etc. There is surely no code of ethics preventing them from doing this - but I have a good memory....

Having a hard time figuring out how the law works here.

So Let me ask a scenario here on the stamps that weren't sold at the time of Regency going bankrupt:

• I consign my stamp to Regency for sales. They haven't sold it at the time of going bankrupt.


• The stamp is now transferred to Rasdale and Rasdale sells it


• Who gets the money here - The owner of the stamp or creditors


• Technically I am still the owner of the stamp and if someone claims the proceeds of the sale, then I can sue them for thievery. Right


• Have all these unsold stamps being accounted for?

The biggest problem with collectors consigning at auctions is they have no security interest registered to protect their position.

How do you identify what is yours, and how to prove it, is the issue.

It will become a real messy situation before it is finished with so many hands trying to get into the cookie jar.

Without going to all the expense to get a lawyer, the majority will lose out, sad to say.

Note: When I consign to auction and receive my contract I describe each item in detail, attach printed scans of each item, create a summary sheet of the contents of the contract package I am reverting and send it back signature required. Large lots are obviously much more problematic. Another issue is that they do not sign until you return the contract which requires faith on your part that the records will be accurate and intact in their possession.

Any unsold stamps should have been returned to the owners. A dealer I know did get his unsolds back, although he is still out many thousands for sold items.

After the auction ended, I did receive a summary from Superior as to what sold and didn't sell. I did receive one item back that Kols said didn't sell, but who really knows what the final outcome of the auction was as to what really sold and in which Regency got paid vs what didn't sell.. Given what transpired, I wouldn't trust his record keeping.

Unfortunately, one big bankruptcy can lead to other smaller bankruptcies especially of some consignors since it can have a negative domino effect.

Actually, as a consignor and subsequent creditor, I have yet to receive any official notification that Regency-Superior has filed for bankruptcy. Other than some early correspondence from Kols and his attorney many months ago after having prodding them for information (see some of my earlier posts), there hasn't been one word from the thief or his attorney.