Breaking news at PCGS

Time, or someone that knows him, will tell.

 

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Exactly right the large majority of the stock drop was when the dividend was cut and the big money like the hedge funds sold their holdings.

If I remember right they were bleeding cash to cover the dividend, but after the cut they can cover it and be cash positive again.

 

Finite supply of coins to grade??? Moderns? Silver eagles? Plus the new Hong Kong office? I'd say they'll be just fine in the long term so long as they don't change grading standards or suffer a major publicity nightmare (like a rogue grader/dealer).

 

Maybe it had something to so with all the coins in PCGS slabs with those "lable errors"

 

Not the one we need to worry about...

I do as well, and short my first two years was raised almost entirely by women, but there's great danger in believing someone based not upon evidence or the validity of their claims, but solely upon their sex. In the stated example it may be women, but the same most certainly holds true when men are given the benefit of the doubt simply because they're men.

 

My earlier comment was to express frustration with the fact that many businesses feel as if they're being discrete when they fire a person without stating a cause when in fact all they're doing is fueling the rumor mill.

A public statement that says nothing does more damage than good.

Did he embezzle 4 billion dollars? I guess the stock holders will never know.
Did he sell grades to preferred dealers? I guess the collectors will never know.

It is very possible that his reason for being fired will have a material impact on dealers/collectors/stock holders and yet I guess the heavily invested people who work there get access to that information while the rest of us twist in the wind.

Are people in the know dumping stock right now?
Are people in the know dumping slabs right now?
Are some dealers burning invoices and destroying evidence?

If you're a public figure you don't get to be discrete in that way.

So yeah, I hinted at something horrible because terse termination notices for a person in his position aren't acceptable. They pretend to be discrete because of privacy issues when in reality it is just stalling for more butt-covering.

 

When it comes to public companies, individual privacy rights take a back seat to full public disclosure to shareholders, or at least should. The company, for some reason, used the verb “terminate” instead of the often-used “has left the company to pursue other opportunities.” That can’t do anything but make people wonder what’s up.

 

I wonder if he will continue to collect PCGS slabs.
I don't actually wonder that.

 

I don't personally believe this had anything to do with his termination, but for all you conspiracy theorists out there here is an interesting note from their most recent 10-K form. (2018 fiscal year ended June 30)

During fiscal years 2018, 2017, and 2016, David Hall paid approximately $150, $1,600, and $6,600, respectively, in authentication and grading fees to us for personally owned trading cards submitted to us for grading. Also, an adult member of Mr. Hall’s immediate family paid $1,938,000, $2,191,000, and $2,038,000 in coin authentication and grading fees to us during fiscal years 2018, 2017, and 2016 and owed the Company approximately $127,000 and $268,000 at June 30, 2018 and 2017, respectively, for services provided during those years.

 

It calms my fears to know that Mr. Hall didn't personally pay $6 million in grading fees to PCGS and that it was an immediate family member instead.

It is that level of discretion that helps keep everything above board.

 

Well, reading into their Aug. 30, 2018 4th Quarter & fiscal year 2018 yr end report, here is an excerpt from Joseph J. Orlando (CEO):

...Orlando continued, “During the winter months, Collectors Universe instituted an Action Plan, which included a restructuring of the organization. This plan will produce nearly $2 million in annualized savings. As part of that plan, we have been working hard to improve our efficiency by blending our operation into a more cohesive unit during the past two quarters. I am happy to report that we have made great progress on this project. This means we can now move the operational capacity to where the need is, which gives us better flexibility to cope with changes in the markets we serve.”

So, reading into it, this may have been a long developing issue, & it doesn't really matter if a person has long standing in an organization - if there is a material difference of opinion, someone is going to be on the outside looking in.

..not to mention the possible conflict of the separate coin business he has with Vin Simmons...I agree, we may never know the true inner workings of this development, but from what I know, David is a reputable individual & I wish him well. I think he will be alright.

 

I like this quite a bit.
It is easy to forget that a man has just lost his job.
I hope he find happiness and prosperity as well.

 

Well, he (Orlando) certainly talks/writes like a CEO. MBA-mumbo-jumbo-business-speak nonsense. Ever want to hear someone use the most words possible to say absolutely nothing? Then call in for a shareholder meeting I guess.

 

I guess these (terminated!) are the same kind of "people skills" they seem to have for their customer service.

 

LOL! So true!

 

He did ok for someone forced to respond in such a position

 

It may be easy for a coin hobby pro to start and run a TPG but running a publicly traded company is a whole different game that has nothing to do with being a coin hobby pro.

 

So David Hall and family helped keep the company afloat then ??
So with that revenue stream now gone ....

 

PCGS slabs will soon be collectible.