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Wow!

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A post from across the street included this tidbit:

 

I ran into some very friendly dealers as usual. One of them told us that Rick Montgomery was leaving PCGS for NGC! (still don't know if that's true or just a rumor or he was just messing with us).

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gmarguli,

 

I don't believe that Montgomery was one of the founders of PCGS. I also don't think he has a large position in CU stock, in fact, he may not have any, check the CU report.

 

Dragon

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Some of the 7(?) founders of PCGS that I remember are:

 

David Hall

Sal DiGenova

John Albanese

John Dannreuther

and 3 others

 

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A while back I remember seeing his name next to the insiders list. I want to say he owned about 600,000 shares, but I might be thinking of someone else.

 

There was a blurb somewhere on the PCGS site that said Rick had finalized over X coins. At the time I read this the X number was very close to the total graded by them, so I just assumed that he was there from the beginning.

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Anaconda is now reporting the rumor, also. It must be true - after all, Adrian is NEVER wrong! wink.gif

 

What would the ramifications be to CLCT? Is it the beginning of the end or just a bump in the road?

 

[On the Yahoo! chatroom a while back several posters were speculating others, high up in the company, might leave also]

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If true, this is good and it also sucks. It sucks since he was the only one I could go to high in the company and get an answer. It's good since NGC can always use someone of Rick's abilities.

 

I wonder if he is leaving because he wants to grade real coins and he has to grade one too many state quarters over there? tongue.gif

 

Let's just hope he doesn't instill the PCGS attitude in NGC. If so I'll have to be using ACG from now on. shocked.gif

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Perhaps my speculation about CU being a hostile takeover candidate isn't fantasy after all which would explain higher ups at PCGS wanting to jump ship.

 

Also, if they end up doing a reverse stock split to remain listed on Nasdaq, which appears to be their only option, I believe the stock will absolutely tank and the that is not an encouraging sign to senior management at CU IMO. Typically, senior management shakeouts occur during times such as CU is about to experience in the near future IMO.

 

PS: gmarguli, I would sooner put my coins in PVC flips and leave them out in the hot sun than send them to ACG!!

 

Dragon

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I would sooner put my coins in PVC flips and leave them out in the hot sun than send them to ACG!!

 

Thanks Dragon. Now I've got another $50 credit from ACG coming. I'll be abe to slab all my coins for free if this keeps up. wink.gif

 

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I just looked at the CLCT proxy dated 10/11/02, and Mr. Montgomery is not listed as a principal shareholder, so if he owns any shares it is well below the reporting requirement.

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PS-

 

He may have options, but at the current price they are likely under water. That stock has been a sell since it went public. Never buy a stock where the principal players make more money on their side businesses, and use the public company (CLCT/PCGS) to support those side businesses. They likely never have the shareholder interests at heart. Just my opinion.

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I do know from the sources in the know something IS happening at PCGS. There will be a roster change. I have been asked not to disclose exactly who.

 

The sad part is, there will be more to leave CLCT, not just a few of the folks at PCGS! I think the next one will be a blockbuster late next year.

 

D.Hall really better put his ego in check and and realize what he has done before things irrevokably implode. They need a quality leader who doesn't answer to Hall. The stock is already on the verge of being delisted. Public opinion of them is slipping. What more can he want?

 

 

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