Regency Stamp Auctions In St. Louis

So he is really getting away with this? Mr, Kols drained the company and left the consignors in agony. Well I have learned that the next time I sell anything thru an auction house - I will make sure that my consignment or realized amount is safe. The best way to do this is to ask for an "advance" equal to a percentage of the net value expected for the consignment. It is not obvious that all the auctions houses will accept this, but if the material is easily sold and has a substantial value - I guess a solid company would agree.

Good luck with that.

EYEONWALL --- BOY, AIN'T THAT THE TRUTH!

Consignment Risks: A Creditor's Perspective
https://www.crfonline.org/orc/pdf/ref10.pdf
Don

Got this in my inbox today. Looks like the Regency customers list has been sold as well:
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Rasdale Stamp Company has been hired to liquidate the Regency Superior space, sports, and Hollywood inventory. Your name and email address was given to us by Regency Superior for this auction only. The lot description originates from the Regency Superior describers. The Suggested Bid (S.B.) matches the lower amount of the Regency Superior estimated value. However the opening bids and reserves have been established by us. If you would like to participate in the pre-auction bidding and/or "Rasdale Live Online Bidding" you will need to register with us by completely filling out the form using the link below. Be sure to mention in the Philatelic References box that you are a past Regency Superior Bidder.

"Rasdale has been hired" By whom? Regency Superior's creditors? Attorneys? Regency themselves?

I thought I recognized the Regency "style" in the Rasdale catalog. Interesting.

I received the same message from Rasdale earlier today. Within 10 minutes of receiving, I sent them the following email........of which I doubt they'll respond.

Hi,

As I'm sure you are aware, Regency-Superior did not pay a substantial number of consignors for sold lots from several of their last Auctions.

May I ask who "hired" Rasdsale Stamp Company to liquidate the inventory? With respect to any proceeds from this auction, specifically to who or what entity are they being paid to directly, ie. Regency-Superior or David Kols or a bank or ?????

Thank you so much for your time.

I look forward to hearing from you.

Kind regards,

Jeff

I'm also going to be sending a follow up (with a cc: to the ASDA and Linns) asking if they are proud of themselves in the stamp community and being on the current board of the SPDA for supporting Kols and being "hired" to sell off inventory to reduce the debt owed to the bank, instead of any of the monies making its way to the collectors and consignors who Kols stiffed.

I suggest others send notes to Rasdale as well. If there was a way to substantially get the world out to boycott this and any upcoming similar auctions, it would be wonderful.

No amount of letter writing will get the bank to give up its claim, you will need to hire an lawyer.

The email shared by Holmsbu17 does not say that the upcoming Rasdale auction contains any stamps from the Regency inventory and a brief perusal of the U. S. singles in the Rasdale auction supports that impression. Most of the single U. S. stamps in the Rasdale auction don't have certs; this is much more the Rasdale pattern than the Regency pattern. The email only referenced Rasdale selling the non-stamp and non-coin inventory of Regency. Did Regency own their non-stamp and non-coin inventories, such as space, sports, ephemera, etc.? Or were many of the items in those categories consigned as well?

Rasdale has no problem in making the same kinds of mistakes that Regency sometimes made with revenues. Lot 1235 is an RF16, catalog value 90 cents not an RF7 cat value $1000. Since they are starting it at $85, I wonder if they know this?

Getting a lawyer is necessarily going to find out anything. The receiving lawyer can size up the situation and if they do not think there is much of a risk they can just ignore the communication as well. It is not like some court summons. There is no legal guarantee of any response.

Kols was not a one man operation and the board of directors had APS members who have been silent.

This has been posted on APS's website regarding the liquidation and consigned assets.

I am glad this was done. Given all the chatter, I just happened to stumble across it looking for something else.

https://stamps.org/userfiles/file/n...k-Letter.pdf

All auction firms should be required to be bonded as a part of their auctioneering license being issued. The insurance/bond issuers maintain strict oversight on financials. If you do not have adequate inventory and cash controls in place you lose your bond and as a consequence your auctioneers license. It works well and actually is a useful tool for a business.