Stamp Community Family of Web Sites
Stamp Community Forum
Username:
Password:
Save Password
Forgot your Password?

Welcome Guest! Need help? Got a question? Inherit some stamps?
Our stamp forum is completely free! Register Now!

Regency Stamp Auctions in St. Louis  
 

Previous Page | Next Page    
 
To participate in the forum you must log in or register.
Author Previous Topic Topic Next Topic
Page: of 23
Pillar Of The Community
Learn More...
United States
1157 Posts
Posted 10/12/2017   11:16 am  Show Profile Bookmark this reply Add angore to your friends list  Get a Link to this Reply
Maybe the attorney is not getting paid...
Send note to Staff  Go to Top of Page
Al
Valued Member
Norway
7 Posts
Posted 10/12/2017   5:42 pm  Show Profile Bookmark this reply Add Holmsbu17 to your friends list  Get a Link to this Reply
A wild guess is that there is nothing left for consignors. But as long as no one has filed for bankruptcy we lack information concerning the financial status. I just toss a ball to you: Any chance for action here? Or is this just another far fetched idea? Living in Norway I do hope for some local help to get to the bottom of this obscure case.
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
722 Posts
Posted 10/12/2017   7:38 pm  Show Profile Bookmark this reply Add Hal to your friends list  Get a Link to this Reply
Anyone think of contacting Wayne Youngblood, past manager of Regency-Superior thru Linn's to find what state Regency-Superior is Incorporated? Bankruptcy filing is normally done in the state of incorporation which may be Los Angeles or New York. Also, the name "Regency-Superior" name be a vertical operation to a holding corporation, which has filed the actual bankruptcy.
Send note to Staff  Go to Top of Page
Valued Member
United States
263 Posts
Posted 10/12/2017   7:46 pm  Show Profile Bookmark this reply Add SPQR to your friends list  Get a Link to this Reply
https://bsd.sos.mo.gov/BusinessEnti...SearchType=0

Regency Superior is a Missouri Corporation and according to the Missouri Secretary of State they are in "Good Standing" as of 10/12/17 - which basically just means they paid the filing fee.
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
957 Posts
Posted 10/12/2017   11:24 pm  Show Profile Bookmark this reply Add cjpalermo1964 to your friends list  Get a Link to this Reply
A distressed company has no obligation to use federal bankruptcy for dissolution or reorganization. It's usually done as a defense to actual or threatened litigation or inescapable obligations such as a bank calling in a loan. If their bank has been fully satisfied by seizing RS funds on deposit at the bank, and no private suits are filed by consignors, they may well use a private assignment for benefit of creditors or other private dissolution with no court filings.
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
722 Posts
Posted 10/12/2017   11:29 pm  Show Profile Bookmark this reply Add Hal to your friends list  Get a Link to this Reply
SPQR, that's very interesting.
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
722 Posts
Posted 10/12/2017   11:51 pm  Show Profile Bookmark this reply Add Hal to your friends list  Get a Link to this Reply
If I remember Federal Bankruptcy Law correctly, three (3) creditors (of any size) can file a petition in Federal Bankruptcy Court (in the district the Corporation resides) against a company and force a company into Involuntary Bankruptcy, to find, seize and liquidate their assets, without a company's permission or filing. It also means IF the Creditor transferred Assets to another Company (sold/transferred Assets to another Stamp Company) then the Receiving Company becomes liable for those Assets to the original Creditors.
Send note to Staff  Go to Top of Page
Edited by Hal - 10/13/2017 12:17 am
Pillar Of The Community
United States
957 Posts
Posted 10/13/2017   10:22 am  Show Profile Bookmark this reply Add cjpalermo1964 to your friends list  Get a Link to this Reply
Involuntary cases apparently only can be filed against individuals, excluding farmers, and a very limited class of non-"moneyed, business or commercial" corporations. 11 U.S.C. § 303.

This may be an instance in which every consignor-creditor's claim is so small that it is outweighed by the cost of litigation. There may be no attorney willing to represent 50 or 60 consignors each with a claim of $500 to $25,000. It can't be done on contingency because there may be no collectible assets, and the fees generated by the litigation would drain the claims, each of which has different facts and proof required.

The "good standing" status only means that an annual report listing contact persons was filed as required by about July 31, 2017. The next one is due in July 2018 and a state tax return should be due in April 2018. I see this going away quietly by the summer of 2018. The only thing that would change that would be a deep-pocketed consignor who sues "on principal" without concern for his/her legal fees exceeding his claim or recovery.
Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
United States
766 Posts
Posted 10/13/2017   10:28 am  Show Profile Bookmark this reply Add rustyc to your friends list  Get a Link to this Reply
What cjpalermo said. In addition to the legal obstacles he mentioned, as a practical matter there's almost no way an involuntary bankruptcy could happen.
Send note to Staff  Go to Top of Page
Valued Member
349 Posts
Posted 10/13/2017   10:29 am  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
Is MO small claims court a viable option? The limit is $5,000.
Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
United States
766 Posts
Posted 10/13/2017   10:35 am  Show Profile Bookmark this reply Add rustyc to your friends list  Get a Link to this Reply

Quote:
Is MO small claims court a viable option?


I'm sure creditors could probably get a small claims court judgment, maybe even by default. But a judgment is really just a piece of paper. Locating assets and collecting on the judgment is another matter and might be impossible or prohibitively expensive.
Send note to Staff  Go to Top of Page
Edited by rustyc - 10/13/2017 10:35 am
Pillar Of The Community
United States
722 Posts
Posted 10/14/2017   9:28 pm  Show Profile Bookmark this reply Add Hal to your friends list  Get a Link to this Reply
cjpalermo1964 Thank you for the clarification.
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
1418 Posts
Posted 10/14/2017   10:37 pm  Show Profile Check eyeonwall's eBay Listings Bookmark this reply Add eyeonwall to your friends list  Get a Link to this Reply

Quote:
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


and there won't be - they will continue to ignore you since you are not a lawyer
Send note to Staff  Go to Top of Page
Pillar Of The Community
2361 Posts
Posted 10/15/2017   07:24 am  Show Profile Bookmark this reply Add jogil to your friends list  Get a Link to this Reply
So does that mean that any company can renege on their financial obligations to their consignors whenever they feel like it and not have to declare bankruptcy?
Send note to Staff  Go to Top of Page
Valued Member
United States
437 Posts
Posted 10/15/2017   08:35 am  Show Profile Check joe1225us's eBay Listings Bookmark this reply Add joe1225us to your friends list  Get a Link to this Reply

Quote:
So does that mean that any company can renege on their financial obligations to their consignors whenever they feel like it and not have to declare bankruptcy?


Well if they have assets, creditors are going to attempt to seize those assets. But if they don't, then they can be insolvent and not file for bankruptcy. If fact, they can be so close to insolvency (or have assets that are hard to attach) that it isn't work chasing them. And stay in businesses like that FOR years.
Send note to Staff  Go to Top of Page
Page: of 23 Previous Topic Topic Next Topic  
Previous Page | Next Page
 
To participate in the forum you must log in or register.
United States Postal Service, Now on eBay!United States Postal Service, Now on eBay!
New Forum TopicsRecently Active Forum Topics
  Did USPS cut stamps to "show off selvage"?
  Columbian Page with #230-238
  Creatively redefining the term "Major Vignette Shift."
  Do you think that this movie prop cover is real?
  Wish I had this much optimistic wishful thinking
  I found a Scott #544 on a postcard!
  1941 Sun-Yat-Sen triple error misprints from Hong Kong
  Found Stamp in old Japanese Book. Please help to identify
  1870's three cent green....mark and color ?
  1870's Fifteen cent ... secret mark?
  237: double impression, kiss print, or just really crappy printing?
  U349a? It looks OK but does anyone have any ideas?
  Identifying manila paper and color question
  Thoughts on these 2 French stamps?
  A small rant about demanding eBay buyers...
  Ebay's "See Full Item Description" - Check your listings.
  Italy - an interesting stamp collateral from 1956
  Quick question for someone familiar with Siegel Auctions
  Unusual 3 cent 1932 Washington Verticle Pair - value?
  A tax paid fragment item
  Help with Isle of Pabay Stamps
  Twentieth Century Mr. Zip help?
  early Greek Hermes stamps
  Cancelled Sheets of stamps from Poland
  This lot is guaranteed to make your jaw drop

  Finding the Right Society to Join
  Columbian Page with #230-238
  Stamp Collecting, The News Of It's Death Are Greatly Exaggerated.
  France 1966 Coat of arms Saint-Lô
  Do you think that this movie prop cover is real?
  A small rant about demanding eBay buyers...
  Identifying manila paper and color question
  1941 Sun-Yat-Sen triple error misprints from Hong Kong
  1870's Fifteen cent ... secret mark?
  I found a Scott #544 on a postcard!
  Did USPS cut stamps to "show off selvage"?
  237: double impression, kiss print, or just really crappy printing?
  Unusual 3 cent 1932 Washington Verticle Pair - value?
  Cover Calendar for month and day -PICS
  Wish I had this much optimistic wishful thinking
  Metropex 2017: October 20-21 Roseville, Minnesota
  eBay Dealers - murmur...murmur...MURMUR!
  Plate Proof needed of NFLD Queen Alexandra
  Creatively redefining the term "Major Vignette Shift."
  The Stamps of Turkey : On Steiner Pages.
  Ebay's "See Full Item Description" - Check your listings.
  What Did You Do Philatelically: Today or Recently?
  Scott - Michel Conversion Charts
  Christmas Around the World 2017
  Quick question for someone familiar with Siegel Auctions

Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Stamp Community assumes no liability for errors. Copyright 2005 - 2017 Stamp Community Family - All rights reserved worldwide. Use of any images or content on this website without prior written permission of Stamp Community or the original lender is strictly prohibited.
Privacy Policy / Terms of Use    Advertise Here
Stamp Community Forum © 2005 - 2017 Coin Community Forums
It took 0.81 seconds to lick this stamp. Powered By: Snitz Forums 2000 Version 3.4.05