Regency Stamp Auctions In St. Louis

Good point.

Most of the funds owed to the APS are either advertising and an auction sponsorship for StampShow 2016. There were consignments of items, that have also not been paid, but the materials unsold were returned or sold by another auction house.

The stuff it consigns is large lots, not individual items like you find in the APS store.

Never noticed this before. The Regency website list of auctions shows Rasdale August 5 & 6 2017. I did not know that the auction at Rasdales was entirely R-S material. I bid in the auction and won some lots that contained lot cards with Regency's name and inventory/ lot coding. It would appear that much of the inventory was liquidated months ago.

https://www.regencystamps.com/auctionresults.aspx

Everyone should boycott any auctions where Regency's stamps or other material are being auctioned, as any items sold only go to benefit Kols/Regency by reducing their debt to the bank, while the individual consignors still remain high and dry.

Collectors might, but dealers certainly will not.

jmaaron,
Boycotts harm more people than just those who you seek revenge on; for example these other companies may have employees who have nothing to do with business decisions. If they lose their jobs due to your calls for boycott how does that resolve the R-S issue? I don't understand how making more victims fixes or helps anything.
Don

There are simply no winners in this scenario. If you were in Rasdale's shoes (or any other auction house) and either the bank or Regency came to you and asked you to help liquidate, are you supposed to say no? Especially since in all likelihood the decision to take on those lots on consignment either occurred before or during the time when all of Kols' shady activity was coming to light.

Blaming/boycotting Rasdale isn't the solution here. Unfortunately, for most affected parties, there is no apparent solution or remedy.

About the only things you can do are (1) be very wary moving forward about consigning to auction houses and protect yourself as much as you can (read the fine print of the consignment contract, research the fiscal stability of the auction house, negotiate as much of an advance as you can), and (2) not to be accused of schadenfreude, but take solace in the fact that for whatever little time he has left, Kols has to live with the knowledge that much of the organized philatelic community now views him as a complete d-bag (I'll not apply the words "thief" or "criminal" simply because he hasn't been charged with anything).

No need to inflict harm upon Rasdale. They did nothing wrong except to try and help a fellow stamp auctioneer in need. They are caught up in this mess and I am certain that at this point in hindsight they would have chosen to not be involved. How far does it go? I ended up with R-S material through a Rasdale auction. Am I now somehow enabling Mr Kols by having my monies end up in his pockets? Or did the monies end up in the banks pockets? At some point sooner than later this ugly episode must slip away into the misty past. The pain of financial loss will sting for some as time goes on but hopefully lessen. Every industry has these episodes and one should not be shocked that it hit philately. We have made it through bid rigging and certificate scandals and we are strong. Heed the lessons learned though. Heed them well.

This isn't unprecedented in the philatelic arena. It is always ugly.

The recent silence makes me think that there is not so much more to discuss. The consignors will take their losses and the remains of Regency Superior are sold to the benefit of the lucky few - whoever they are. Some of us are wiser - but not richer. As I mentionned in an earlier comment - some auction companies are willing to pay advances - at least here in Norway. (And that is a fact!) If you make a substantial consignment - it is important to secure the assets in one way or another, so look for this possibility.

See

https://canadianstampnews.com/regen...xpelled-aps/

https://www.stamps.org/userfiles/fi...k-Letter.pdf

This story with Regency is a mess . What surprises me the most is how many people here wants to move on and let this story close and move on .
We in the United States like to find the one person at the top and throw the blame on him and call him evil ,so we got our boogey man in David Kols .....then it's time to move on ,end of story .

But to me NO!! it is not the end of the story .....He had Directors and Vice -Presidents . The boogey man didn't talk to customers or listen to compliants .David didn't drive out to Iowa or New York to take someone's family estate collection for auction knowing full well those collections he took for auction months ago never got paid .There are staff who answered the phones daily who brushed off repeated calls of "WHERE'S MY MONEY" these staffers still got their A.P.S. membership cards .....WHY ? because we got our boogey man ,so lets shut the door on this situation .


This is pure B.S. this was a organization that was cheating customers for months and nobody step up on their job and said anything ,until the banks locked out poor sick David . I want to heard the story and the reason why 5 or 6 top employees let this go on .........sounds like Nazis Germany ......I was following orders .

It would take someone to file a complaint against someone. Please note the ASDA also quietly removed Kols and references to him. I had asked elsewhere if the official APS representative of the business is solely responsible for ethics claims of the business and never got a complete answer.

Not to grind on about the future of the hobby, but did anyone else notice that the lawyers are Certified Elder Law Attorneys?

Cheers,

/s/ ikeyPikey