Remember the collection of 36 T206 backs from Leland's?

NickM

Well, it's the newest item being offered in shares by CardTarget.

Here's the text of their email (it had links in it, but they disappear in the copy and paste):

CardTarget - 1909-11 T206 Collection of 36 Backs
Available at 2 PM! The first multi-card offering!

An astonishing accumulation of (36) different T206 backs, the largest assemblement ever offered in the hobby. Comprising 90% of all known backs, this array is a spectacular feat to accomplish in any condition. Ranging from the markedly rare to relatively common, this world-class back grouping incorporates it all. Respectably graded by Sportscard Guaranty LLC. (SGC), these pieces are encapsulated with the reverses showing, as the most important side of these cards is the back. This lot contains a super rare Broadleaf 460 and Drum back among other very rare cards. View all of the card images and details here (Page may load slowly).

This offering is limited to 8 shares per user per day to ensure that everyone gets a chance to own a couple shares. "The Day" ends at midnight EST and you will be able to purchase more shares then if we have not yet sold out.



Read more about how CardTarget works

View the 1909-11 T206 Collection of 36 Backs


Copyright 2006, CardTarget.com - All Rights Reserved


So, how long til they get sued as a promoter of unregistered securities, and what happens to the cards afterward?

Nick

ArnyVee

What is CardTarget?

NickM

CardTarget (www.cardtarget.com) started out as an eTopps trading venue, but has moved over into selling high-end sports cards in shares. There have been other threads about it here and on Net54 - basically, their business model is a violation of the securities laws.

Nick

netjr2

Why would you say that? You have no evidence to suggest there is any violation of any law in selling a shared interest in a trading card. You make inflamatory statements like that which you can not back up. What is your agenda?

NickM

So, netjr2, are you the same person as netjr, who was an eTopps booster on this board a couple years ago?

As to your claim that I have no evidence to back up my "inflamatory[sic] statements", have you ever dealt with the securities laws?

The definition of "security" under the Securities Exchange Act of 1934 is:

"Any note, stock, treasury stock, bond, debenture, certificate of interest or participation in any profit-sharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit, for a security, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any instrument commonly known as a 'security'; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing; but shall not include currency or any note, draft, bill of exchange, or banker's acceptance which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited."

CardTarget's shares are securities. They therefore either have to register with the SEC (and comply with all other applicable SEC regulations) or fall within an exception. I find no SEC registration, and none of the exceptions apply here - they are mass-marketing these in interstate commerce, including to unsophisticated investors.

Game. Set. Match.

What is your agenda?

Nick

netjr2

My agenda is that I enjoy owning partial shares of
incredibly expensive cards I can not afford to buy out right;

As to listing the definition of "securities" it might be interesting
to note the SEC was asked if "shares" in ownership of a trading
card are securities and they stated they are not. Trading cards
do not constitute anything in your definition of securities so listing
it for all to see is nothing more then propaganda.

No one forces you to enjoy partial shares of expensive cards and
I for the life of me can't see why you need to make outrageous
claims against a program others enjoy.

My agenda: Its Fun
Yours?

Griffins

I don't understand owning a share of a card- do you ever get to hold it? To look at it other than as a scan?
Who decides when to sell it, to upgrade it? If you own 51% do they send it to you? And how do you know they actually have it? Is this one of those business that you wake up one day and find out they have filed for bankruptcy, leaving you with a large part of nothing?


I"d rather own all of something than part of essentially nothing.

MooseDog

While I don't necessarily agree with the concept, selling shares in a trading card doesn't seem to be any different than say a partnership in a race horse where 50 people put up $200 each to buy a $100,000 race horse, share the expenses and profits if any. Those partnerships are not securities and I don't think shares in a card are either.

But, I'm not a lawyer or accountant, and I've never stayed at a Holiday Inn Express.

carew4me

There's a _______ born every minute!

Allen

You know what they say

A fool and his money.....

mikeschmidt

<< <i>
I"d rather own all of something than part of essentially nothing. >>



Hell - if I can't ever own a T-206 Wagner, Plank or Goudey Lajoie, I could buy myself a nice reprint. I could even make it look old, aged and that it came from my grandfather's desk sitting in the attic. I don't understand the concept of owning shares of a specific baseball card. I mean, it sort of just sounds like a Ponzi scheme - how ever can you get your money out of this concept unless you find another sucker to buy your place?

~ms

Stingray

<< <i>There's a _______ born every minute! >>



I admit I do not agree with Carew4me often, but this is so true. Owning a share of a baseball card?? Do you get to keep it every 4th weekend?? Remember the Simpsons episode were Bart, Milhouse and Martin put there money together and bought the #1 issue of Radio Active Man. Did not turn out good!!

NickM

Ok tout (aka netjr2), did you realize you have crossed into being a promoter of these unregistered securities? I suggest you contact a white-collar criminal defense lawyer before you next post.

Asking the SEC if "shares" in ownership of a trading card constitute securities is a sick joke, because that does not accurately describe the business CardTarget conducts. Asking an incomplete and misleading question to get the answer you want is a common practice by Ponzi scheme promoters to sucker in new investors, and I have a sinking feeling that you're not just a CardTarget user, you're also part of its ownership/control group.

CardTarget is running profit participation agreements backed by collectible personalty. They're securities, no matter how much you try to obfuscate it.

My agenda is fair dealing. Yours looks a lot like fraud for your own profit.

Nick

<<My agenda is that I enjoy owning partial shares of
incredibly expensive cards I can not afford to buy out right;

As to listing the definition of "securities" it might be interesting
to note the SEC was asked if "shares" in ownership of a trading
card are securities and they stated they are not. Trading cards
do not constitute anything in your definition of securities so listing
it for all to see is nothing more then propaganda.

No one forces you to enjoy partial shares of expensive cards and
I for the life of me can't see why you need to make outrageous
claims against a program others enjoy.

My agenda: Its Fun
Yours? >>

grote15

I agree with Griffins. Why in the world would anyone be foolish enough to buy a "share" of something like a baseball card that he or she will never possess or ever hold in hand? The analogy of investing in a racehorse is much different; in that case, all interested parties are investing in the potential return of a stakes horse, they have no desire to "own" or "board" the horse in question, as they are are simply trusting the trainer, jocket et al, to guarantee a rate of return much like you'd do when you invest in a mutual fund and essentially hire a fund manager to invest for you. Sportscards just don't fit that category, and only a total fool would plunk down good money to "own" this fictitious "stake" of a rare card.

bigjed

This is nothing short of a way for a select few people to own rare cards while having other people pay for them. Plain and simple.

ArchStanton

Remember the Simpsons episode were Bart, Milhouse and Martin put there money together and bought the #1 issue of Radio Active Man. Did not turn out good!!


The best part is that Milhouse went to the comic book store with the intention of buying a 1973 Carl Yastrzemski. Someone later in the show called the card the Muttonchops Yaz.