Regency Stamp Auctions In St. Louis

Revenuecollector - ultimately it is the consignor who pays the buyers fee because the buyer figures out the max they want to pay out the door and then reduce their bid by calculating what their bid would need to be be that results in a bid+commission that equals the max they want to pay.

You would have to have a HUGE consignment to get them to turn over their financial info to you.

Figures don't lie but liars figure. Don't put too much faith in financial statements anymore. Sadly, once again, greed and ego over powered integrity.

The philatelic market is due for a substantial correction (crash?) caused by the lack of younger generations interest in our treasures compounded by excessive prices needed to acquire quality material over the last half century.

TEST

Ehh? There's no nuch thing as "the philatelic market" with respect to correction/crash/doom. Certain sectors languish and others are quite vibrant, where there's no sign of slowing or "correction" in sight.

People have been lamenting and predicting the demise and/or crash of philately since I was a child... and likely long before that.

The hobby has changed and decentralized, that's all. Formal groups and memberships are on the wane and have been for a long time. Stamp collecting itself, however, is alive and well. It just can't be tracked or predicted through traditional old-school methods any longer.

Sorry for the off-topic response.

Regency is still actively selling on ebay, part of the liquidation effort? Unfortunately the stamp supplies are all at retail!

What name do they use on ebay?

Careful, that may not be the same company. For example, the dealer "Regency Superior Stamps" was at COMPEX, and I don't believe it is currently related to the auction house. I believe it may have been tied at one point as some of the dealer pages have the same logo as the auction company, but I'm pretty sure it's a separate entity now.

It may be that entity that is listing on ebay.

revenuecollector: Your website at http://revenue-collector.com is amazing.

Thank you so very much, and I'm glad you like it, but let's keep the thread on topic.

ok I am officially confused. I don't have one of their most recent auction catalogs, but I have on from mid 2015 and then they were still calling themselves Regency Superior. Did someone just purchase their name? Did the booth actually say "Regency Superior or did you just see that one some of the sales pages? Did someone just purchase their name? I don't see how someone could legally use that name if they did not buy it from them.

It's not a new venture. I recall buying from the guy 5-7 years ago even then as Regency stamps at either Indypex or St. Louis Stamp expo. It's the same guy behind the booth as then, and I have NEVER seen him at the Regency Auctions booth at Chicagopex or other auctions.

I wish I still had the sales sheet (once I enter an acquisition into the database and add it to the collection, the original packaging goes in the circular file). I might have another floating about, but I'd have to search through many cartons of revenue material.

I am a consignor who is still owed money from Regency Superior Ltd. for stamps that were sold in the November 2016 Chicagoplex auction. I have seen the prior posts about Regency and thought I would share the information I have gathered and ask this forum for additional information that would be helpful in my efforts.

For background, I am not a stamp collector. Upon my father's passing, I inherited the stamp collection of my late Grandfather. I entrusted the collection to Dave Kols and Regency for auction. The stamps were sold at Chicagoplex for over $20,000, but I have yet to receive the proceeds from the sale. I have been in regular contact with Regency and its bank, Central Bank of St. Louis, since early 2017 to collect what is owed to me. There is no dispute on the amount owed - I have the detailed statement from Regency showing the lot number, final bid, commission and consignor amounts. Regency blames the Bank and says the Bank controls all consignor payments as they control the company's bank account. The Bank blames Regency and claims they have not seized any consignor proceeds. Here is the more detailed explanation followed by my questions for this forum:

Under the consignor agreement Regency had fixed period of time following the auction (45 days I believe) to make payment. It appears that the Bank seized the Regency bank account in December during that intervening period following the auction but before payment. Regency explained, (through its counsel): "As of December 21, 2016 the bank has been in complete control of all assets of Regency Superior ("RS") and RS has had absolutely no ability to pay any consigners, or anyone else, without the bank's prior approval. This approval has been selectively granted, but mostly denied, upon grounds which remain a mystery to me." 4/19/17 email Dave Dave, Counsel for Regency.

The Bank concedes that they have no rights to the proceeds from the sale of consigned property. Counsel for the Bank stated: "The bank asserts rights only in its own collateral which does not include consigned goods or any proceeds generated from the sale thereof." 4/4/17 email from Counsel for Central Bank. Instead, the Bank claims that Regency was required to segregate consignor proceeds in a separate account: "On January 2, 2017, the bank was in a position to exercise its rights to its collateral and, accordingly, required Regency-Superior, Ltd., to segregate all consignment proceeds from the proceeds arising from the bank's collateral. Such segregated consignment proceeds have not been paid to the bank. As to the disposition of consignment proceeds prior to that time, inquiries should be directed to Regency as to the disposition of those funds." 4/4/17 email.

The Bank went on to suggest that Regency may have comingled the consignment sale proceeds with other sale proceeds and used consignor proceeds to pay Regency's merchant service creditors: "It appears prior to that time [1/2/17] however, Regency commingled proceeds of sales from all sources. . . . Additionally, the Bank is aware that at least two of Regency's merchant service creditors have set off significant amounts of proceeds this year before such proceeds were deposited into Regency's account, and we believe those amounts included both inventory and consignment proceeds. It is Regency who knows whose sale proceeds were seized in those setoffs." 4/19/17 Letter from Counsel for Central Bank.

Counsel for Regency disputes the Bank's position that a segregated account for consigned inventory proceeds was required. Counsel says he is drafting a response to the April 19 letter from the Bank: "I am in the process of preparing another letter to the bank's attorney disputing her account of the arrangement between the bank and Regency Superior for paying consigners." 5/9/2017 email from Counsel for Regency. I have not yet received that letter.

At the end of the day, it's not clear which party is telling the truth and I have a number of unanswered questions that this group may be able to address:

1. Is anyone aware of any Regency consignors receiving their consignment proceeds from the November 2016 Chicagoplex auction? (If so, any details would be appreciated including when the payments were made and how much)?

2. Have other Regency consignors received any consignment payments after December 21, 2016? (If so, when was the payment and how much)?

3. What is a "merchant service creditor" and does anyone know the names of Regency's merchant service creditors (and specifically, the ones used for November 2016 Chicagoplex auction)?

4. Prior posts have referenced the legal process as a means to resolve this issue. Is anyone aware of any current legal actions against Regency, Kols or the Bank? I have not filed a lawsuit but have been in contact with the lawyers for Regency and the Bank as noted above.

Thank you

Welcome RWPOMMER to this chat room . There is plenty of experience and help that you can get here .
First there are others who have claims against David and Regency Stamps . This is going to take legal action to get resolved .
It is going to take experience to put this all together and explain a numbers of issues to everybody involued .
Don't let anyone fool you into thinking that this is about a sick man and the banks trying to recover their bank loans . There are many other players in this mess .
Things have changed and new laws have been written about problems like this ever since Bernie Madoff pulled off his Con .
My expertise is not law but it is SEGREGATED FUNDS and the rules both Federal and State ,in this case we need to look at the State of Missouri .
There is a lot of questions that need to be addressed but it will take someone who can move fast and nock down a few roadblocks to get this in front of a judge and a place at the settlement table .

Merchant services providers are often companies like VISA/Mastercard/Paypal, etc. If you do not pay them you will not be able to accept payments so you probably want them to be happy to not cut off a payment and revenue stream.