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 Replies: 25 / Views: 3,610 |
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Pillar of the Community
Canada
1505 Posts |
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Pillar of the Community
United States
3323 Posts |
I hope this isn't a portent of bad tidings. Sometimes, these "holding" companies simply wring capital out of a business and then unload the carcass for dimes on the dollar. The fact that they hold only a portion of the business is a good thing - even if it is a majority stake. Since NGC remains a viable business, perhaps this is only an investment.
"Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
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Pillar of the Community
 United States
8938 Posts |
They weren't sold to an investment firm, they were sold to Blackstone. That's really, uhh, not great. Blackstone is extremely shady.
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Bedrock of the Community
United States
19147 Posts |
Wonderful, simply wonderful.
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Bedrock of the Community
United States
36738 Posts |
Not looking good for NGC. Always big changes with any buy out.
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Pillar of the Community
 Canada
5394 Posts |
Salzberg and Eichenbaum ..
Laughing allllllll the wayyyyy to a very large bank !
Why does the collectibles boom all of a sudden start
to remind one of the dot.com bubble of the Early 2000s!?!?
Edited by Pacificoin
07/02/2021 11:19 am
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Pillar of the Community
United States
5667 Posts |
Quote:
Blackstone is extremely shady. Blackstone is a large, publicly traded investment company. I'm not aware of anything controversial about them. |
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Pillar of the Community
United States
4691 Posts |
I wonder if David Hall will re-emerge after his mystery (fired?) disappearance from PCGS without explanation.
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Pillar of the Community
Canada
1505 Posts |
This doesn't usually bode well for the customer, these funds usually load up on debt, sell off assets, cut costs and lower standards to generate increased cashflow.
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Pillar of the Community
United States
4691 Posts |
It gives ANACS an opportunity to re-invent themselves and re-emerge in the marketplace if they are aggressive and smart enough to seize the moment, but I wouldn't hold my breath.
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Pillar of the Community
Canada
5394 Posts |
@jimbucks somewhat agree .
This is a huge opportunity for ANACS if they can seize
The moment .
Lately ( past year plus ) ANACS grading consistent
with reasonable pricing , awesome specials and
decent turn around .
An added plus , you can actually talk to the CEO at
ANACS !
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Bedrock of the Community
United States
19147 Posts |
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Pillar of the Community
United States
1316 Posts |
One of the things I liked about NGC was they were privately held as it gave us customers a fighting chance as priorities were balanced. The customer is about to experience a downgrade. Blackstone's list of priorities (balance sheet and portfolio management) will slide the customer far down the list. In stating in the article that accelerating CCG growth is their goal, I take that to mean their focus isn't on improving things that matter to a lot of us, like consistency and accuracy of grading. Their recourses will be aimed elsewhere to make the balance sheet prettier.
C'mon ANACS. You guys haven't had an opportunity this golden in a looooooong time.
That being said, if I was Salzberg and Eichenbaum and just woke up with a 9-10 digit bump in my bank account, I wouldn't really care too much about the whining of others. They just got paid! I have to appreciate the capitalism in action on their end too. Well done, guys.
Edited by Collects82
07/02/2021 1:10 pm
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Pillar of the Community
United States
4691 Posts |
In order for ANACS to really come on, they would need to change holder design and most importantly get CAC to begin stickering the new holders. But the latter is probably political and could be personality dependent.
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Bedrock of the Community
United States
94367 Posts |
Uh-oh.  |
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Pillar of the Community
Canada
999 Posts |
PCGS parent was sold to private equity or "investors group" as well. These things could be good or bad. Hopefully they are smart enough to make improvements without wrecking the business.
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Replies: 25 / Views: 3,610 |
Posted 07/02/2021 10:51 am
