Am I the only one that would be furious if my submission had been held for weeks without being returned when the licensing expired?
Sounds like trouble among the ranks, it will take a long time for Him to achieve the same success that he had with PCGS !
You could actually say months, and yes, many collectors are upset as per their posts on threads at different forums. Some actually look forward to getting their notes back in the new Legacy holder. Very controversial. http://www.papermoneyforum.com/post/waiting-waiting-waiting-9960321?&trail=25 ....and here http://www.papermoneyforum.com/post/a-message-from-jason-w-bradford-10043674?trail=25
Do you have the skinny on what happened ? i find this to be very odd and Something doesnt seem to be right, sounds like a power struggle inside PCGS to me, but its all about reputation, PCGS and PMG ( Yes ) but legacy ? I see allot of issues in the way
No power struggle withing PCGS who is actually under Collectors Universe anyway. The PCGS paper note grading had been licensed out 10 years ago and the agreement expired without being renewed. Anytime you operate under a name license this can happen.
With the departure of one of the principles to another entity and the abrupt change of name (with what appears to be little pre-planning), any number of scenarios are possible. I imagine most tea leaves align with these changes perhaps making for a better financial bottom line long term, without the license payment and without a top partner to continue to underwrite. I hope they succeed, any market dominated by one party isn't really a market...
Both PCGS and PMG are making money Hand over fist, if you figure out the grading Fees along with the amount of time they Spend on each note which is actually seconds On common notes, so from a financial stand Point it doesn’t make since to me to break Up the party ! I do allot of grading at shows and have had Many discussions with Jason Bradford and Laura Kessler so I know them on a personal Level, but this is just bad for TPG,S for So many reasons.
Having read through those it's making more sense why CU wasn't jumping at the chance to get the license renewed
