HORRENDOUS! Regency Superior Auction January 20

[FrenchVolunteer]

Hi,

http://www.stampcommunity.org/topic.asp?TOPIC_ID=53427

and i found the next article, at first i thought they were inducted in the hall of shame (and not fame).

See You

Vince

[BrianK]

Regency Superior assets

I went to a stamp show today and another dealer told me consigners will be paid if there is any money left, and all the left over lots will be sold at a no reserve auction.

[mac-apple]

I went to a stamp show today and another dealer told me consigners will be paid if there is any money left, and all the left over lots will be sold at a no reserve auction.

How can these bastards sell unsold lots at no reserve , if the consignor has a reserve? Sorry to hear the guy is ill, but that gives them no right to take your money and run..

[FrenchVolunteer]

Hi,

the net is full of similar stories of auction houses which closed without any notice, and 99% of the time it ends always in the same way : creditors don't get anything at all.
Another ugly story is the "death" of Velvet Collectable Auctions Sydney in March 2016 :
http://www.stampboards.com/viewtopic.php?f=13&t=68129

Worse than your worse dreams...

See You

Vince

[mac-apple]

Hi,

the net is full of similar stories of auction houses which closed without any notice, and 99% of the time it ends always in the same way : creditors don't get anything at all.
Another ugly story is the "death" of Velvet Collectable Auctions Sydney in March 2016 :
http://www.stampboards.com/viewtopic.php?f=13&t=68129

Worse than your worse dreams...

See You

Vince

WoW!!! quite shocking Vince!!! Ive only dealt with Alexander auto , Andreas and Bill have always done right by me, so I continue to send them pieces..

[FrenchVolunteer]

Hi,

the Velvet story is very ugly indeed.
I hope that it will not happen to the auction houses we know...
Regency, Manion's...

See You

Vince

[BrianK]

I still don't understand why it takes 3 months for some of these auctions to pay off consignors. Unless they run some sort of a Ponzi scheme. In other words, using income from current auctions to pay off past auctions.

[FrenchVolunteer]

Hi,

i took a deep breath, and i rode many topics related to "dying auction houses", and it seemed that you are right, some are down of hundred of thousand of usd for various reasons, and the gap between debts and benefits is a endless spiral.
Each new sale is used to pay old creditor.

Velvet auction was a school case, the owners had a "bankruptcy meeting" one day (!) before the last auction took place. Some duying old people in rest homes were fooled of dozen of thousand of dollars, consignators were unable to get their unsold lots because the landlord of the Velvet building was not paid for months...
All in all, all was "planned" months if not years before.
The fact that auction houses sometimes find way to "hide" their balance sheet legally is a bit dangerous for consignators and buyers.

See You

Vince

[BrianK]

Perhaps someone from an auction house would like to comment on payout procedures.

[Ger]

David Kols, owner of St. Louis’ Regency-Superior Auctions, was expelled from the American Philatelic Society (APS) on Aug. 31 for conduct unbecoming of an APS member after failing to fulfill contracts and settle philatelic indebtedness to the APS as well as numerous other consignors.
According to a letter sent to APS Executive Director Scott English by the society’s counsel Kathleen Yurchak earlier this week, Kols’ conduct was a direct violation of the APS Code of Ethics.
“I recently contacted the attorney for Regency – Dave Dare – to find out how to get this material back to members,” wrote Yurchak, who added Dare represents both Regency and Kols and can be reached at 314-965-3373 or ddare@hdsstl.com.
“As the members likely already know, Dare verified that Regency has ceased doing business and has no intention of resuming operations. … Dare also shared that Kols has serious health issues.”
$4 MILLION OWED

[mac-apple]

David Kols, owner of St. Louis’ Regency-Superior Auctions, was expelled from the American Philatelic Society (APS) on Aug. 31 for conduct unbecoming of an APS member after failing to fulfill contracts and settle philatelic indebtedness to the APS as well as numerous other consignors.
According to a letter sent to APS Executive Director Scott English by the society’s counsel Kathleen Yurchak earlier this week, Kols’ conduct was a direct violation of the APS Code of Ethics.
“I recently contacted the attorney for Regency – Dave Dare – to find out how to get this material back to members,” wrote Yurchak, who added Dare represents both Regency and Kols and can be reached at 314-965-3373 or ddare@hdsstl.com.
“As the members likely already know, D
are verified that Regency has ceased doing business and has no intention of resuming operations. … Dare also shared that Kols has serious health issues.”
$4 MILLION OWED

They won't get a wooden nickel from this guy!!! This lawsuit is a waste of time!!

[FrenchVolunteer]

Hi,

as far i saw for previous similar stories, Mike is right, this is hopeless to do anything and try to get anything from a lawsuit... Any money that may be save is always eaten by lawyers...

See You

Vince

[BrianK]

That is not the way it should be. Title to the property should not pass to anyone if the consignor doesn't get paid. The items should be returned to the original owner.