Regency Stamp Auctions In St. Louis

You are being overly dramatic. Do you seriously believe it hasn't caused some people to be nervous about consigning material to any of the remaining auction houses?

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No, I am being overly data-driven.

I am also eschewing a claim to The Moral High Ground as Defender of The Huddled Masses.

Cheers,

/s/ ikeyPikey

I won some lots in their last auction and never got my items. I got my money back through a credit card claim. If there was a consigner, I hope they got their stamps back, but I doubt they did. I wonder who got them in the end. I know Rasdale picked up the remainder of their material. And they picked it up quickly. I am very curious about the details about that transaction. I think the stamps disappeared from their last auction. . .buyers paid and didn't get them and the consignors didn't get them. Someone stole both the stamps and the money paid for them. I suspect that money was stolen to pay off other debts.

Let's not catastrophize.

All of the buyers who paid with credit cards - the vast majority of the buyers - had exactly the same rights & recourse as yourself, and likely suffered the same net loss as yourself ... that is, zero.

Read a few SEC filings: banks record & report their credit card processing losses, from fraud & otherwise, which they then deduct from their income, thereby lowering their income taxes.

They also compute a variety of performance metrics with regards to those losses, which they then use to project future income ... and to help sell short-term commercial paper, long-term bonds, and preferred stock.

Justice for the consignors & other creditors will prove more elusive, but I would not be quick to claim to know who, if anyone, came out ahead.

Cheers,

/s/ ikeyPikey

I had material with R-S at that time and recieved emails from Penny and Rasdale at about the same time regarding Rasdale taking my material which they did after I signed a release. I dodged a bullet for some reason. The whole thing left a very bad taste in my mouth. I only buy from the very top auction houses now and I use top dealers that send stamps first no matter how valuable. I get the stamps, look them over and send a check. The R-S debacle has had a lasting affect but only for those aware of what took place and only as long as the story is known. It is already fading away.

I bid at times in the Regency auctions, but got tired of them playing games with my bids. Somehow I was almost always awarded a lot at my highest bid level with a very few sprinkled in at less than my max, I guess just to try to keep me happy. So I did not participate in the last few auctions and therefore did not get tangled up in the final mess. Thank you, Regency, for scaring me off in time.

I guess that brings up a question in my mind, not being a lawyer. Would the bank(s) or the consignors who provided the material that I won but who did not get paid for it come after me to return the material? Or was any liability or obligation that I had discharged when I paid Regency?