The ANACS story, by grader Mike Ellis
EagleEye
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Mike Ellis, asked me to submit this synopsis and explanation of the turnover at ANACS.
While many questions on what transpired and what the new, new ANACS intends to do remain, I now provide you with the facts as I know them. I am Mike Ellis, former authenticator, attributor and grader at ANACS. The bulk of my time was spent authenticating, attributing and grading early U. S. type coinage, not modern errors and varieties as many seem to think.
I thought I was on vacation. I returned home from visiting my brother for Christmas in the wee morning hours on the 26th. Shortly after waking I received a call from Tim Hargis, former Senior Numismatist and an exceptional numismatist at that. He informed me that many "developments" had taken place at work and it would be best if I came in and was told face-to-face of the changes.
I arrived at what used to be ANACS Austin at around 11:30 a.m. As soon as I walked in I knew something was terribly wrong. Everyone was packing, including a crew for hire with a Mayflower truck! Tim Hargis was already gone. Several ex-employees told me what was up and then I got my chance to meet with James Taylor who had been a good friend of mine for years. This is what he told me: "I have formed a new corporation, Driving Force, LLC. I have purchased ANACS and we have to be in a suburb of Denver, ready to do business by January 2nd. ANACS will fall under the umbrella of Driving Force and we will continue to do business as ANACS. (He then told me some of their plans and the direction they were heading but that is inconsequential and you will see much more of those plans come to light in the coming months.) I tried to purchase ICG. The deal fell through. I have left ICG and so have most most of the people at ICG at greatly reduced salaries until we get up and running. When the deal to buy ICG fell through I called Mary Counts to inquire if Anderson Press would be interested in selling ANACS. Mary said that they had not thought about it but would run it by the board. Well, our buy/sell figures were workable and I told my lawyers to get the deal done in four weeks. (This all started in early November.) They told me it could not be done and they were right. It took six weeks. We want you but you have to do what you have to do because until we know if our plans work out we can't hire you."
That was that. I can say that I see the new, new ANACS as more closely akin to what ICG was doing than what ANACS has always done. I was very proud of ANACS because I know it was the grading service providing the most unbiased opinions on coins and the experienced graders were true, interested numismatists - pure and simple.
Anderson Press issued a press release at about 4:30 on Thursday the 27th stating they had sold 100% of ANACS to James Taylor of Driving Force, LLC as of December 21st.
So that's how things went down and where it all stands now. I hope I was able to shed some useful light on the situation.
Respectfully submitted,
Mike Ellis
Edited at Mike's request to remove employee status info.
While many questions on what transpired and what the new, new ANACS intends to do remain, I now provide you with the facts as I know them. I am Mike Ellis, former authenticator, attributor and grader at ANACS. The bulk of my time was spent authenticating, attributing and grading early U. S. type coinage, not modern errors and varieties as many seem to think.
I thought I was on vacation. I returned home from visiting my brother for Christmas in the wee morning hours on the 26th. Shortly after waking I received a call from Tim Hargis, former Senior Numismatist and an exceptional numismatist at that. He informed me that many "developments" had taken place at work and it would be best if I came in and was told face-to-face of the changes.
I arrived at what used to be ANACS Austin at around 11:30 a.m. As soon as I walked in I knew something was terribly wrong. Everyone was packing, including a crew for hire with a Mayflower truck! Tim Hargis was already gone. Several ex-employees told me what was up and then I got my chance to meet with James Taylor who had been a good friend of mine for years. This is what he told me: "I have formed a new corporation, Driving Force, LLC. I have purchased ANACS and we have to be in a suburb of Denver, ready to do business by January 2nd. ANACS will fall under the umbrella of Driving Force and we will continue to do business as ANACS. (He then told me some of their plans and the direction they were heading but that is inconsequential and you will see much more of those plans come to light in the coming months.) I tried to purchase ICG. The deal fell through. I have left ICG and so have most most of the people at ICG at greatly reduced salaries until we get up and running. When the deal to buy ICG fell through I called Mary Counts to inquire if Anderson Press would be interested in selling ANACS. Mary said that they had not thought about it but would run it by the board. Well, our buy/sell figures were workable and I told my lawyers to get the deal done in four weeks. (This all started in early November.) They told me it could not be done and they were right. It took six weeks. We want you but you have to do what you have to do because until we know if our plans work out we can't hire you."
That was that. I can say that I see the new, new ANACS as more closely akin to what ICG was doing than what ANACS has always done. I was very proud of ANACS because I know it was the grading service providing the most unbiased opinions on coins and the experienced graders were true, interested numismatists - pure and simple.
Anderson Press issued a press release at about 4:30 on Thursday the 27th stating they had sold 100% of ANACS to James Taylor of Driving Force, LLC as of December 21st.
So that's how things went down and where it all stands now. I hope I was able to shed some useful light on the situation.
Respectfully submitted,
Mike Ellis
Edited at Mike's request to remove employee status info.
Rick Snow, Eagle Eye Rare Coins, Inc.Check out my new web site:
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Comments
John
I embrace and understand business and capitalism and all that, but stories like this are a reminder that they are not without significant human casualties from time to time even as they do build overall wealth along the way.
I thought it particularly telling, if Mr. Ellis' accounts are accurate, that they keep the most junior (read: lowest salary) numismatists while letting the senior staff go. That reminds me of what Circuit City did a few months ago and it speaks volumes about motive.
Anyone want to bet he winds up killing both ICG and ANACS in the proess?
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>Anyone want to bet he winds up killing both ICG and ANACS in the proess? >>
This is my fear, too. I have a feeling between eBay policies and James Taylor, there will be only two TPGs before long.
An employee should only be as loyal as his wallet tells him to be.
<< <i>As I have said in previous posts...never trust management.
An employee should only be as loyal as his wallet tells him to be. >>
I think that is good advice to the worker-bees of the world.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>So if I'm reading this right, JT tried to take over ICG, and when that failed he bought the ANACS brand name, and will now staff it primarily with people he is spiriting away from ICG.
Anyone want to bet he winds up killing both ICG and ANACS in the proess?
Sean Reynolds >>
That's exactly what occurred to me.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
Mr Keifer are you loading up your truck and moving to Beverly Hills Colorado?
<< <i>So if I'm reading this right, JT tried to take over ICG, and when that failed he bought the ANACS brand name, and will now staff it primarily with people he is spiriting away from ICG.
Anyone want to bet he winds up killing both ICG and ANACS in the proess?
Sean Reynolds >>
Who really cares??
<< <i>Who really cares?? >>
Anyone who doesn't think monopolies or near-monopolies are good for consumers of their services.
When there's almost no one left standing and the remaining players start jacking up fees, you might care.
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
~Wayne
Where's Cammie going to be working?
Ray
Thanks for the posting Rick . . .
I just can't see myself spending money with another TPG that will head down the tubes (all due respect to JT). I surely respected those old small holders and the numismatic cache they represented.
Drunner
<< <i>
<< <i>Who really cares?? >>
Anyone who doesn't think monopolies or near-monopolies are good for consumers of their services.
When there's almost no one left standing and the remaining players start jacking up fees, you might care. >>
My comment was made from the standpoint that I won't be using either service. Most folks who want their coins in certain plastic will put em there even if there are 100 4th tier slabbers.
Who will be the lead numismatists at ANACS if not Ellis, Hargis, etc. ?
If some ICG employees move to ANACS, maybe ICG would hire Ellis and Hargis ?
I recently visited the ICG offices on December 19. I was there to pick up some coins that ICG had been storing (and periodically slabbing) for me. I was told that carpeting was being replaced and that they would not be able to store my large tub of coins any more. So I went there to pick them up. By the way, I found they had 100 of my 2006 Denver Mint Centennial medals that I had forgotten about ! I also had a couple coins (one very expensive) to drop of for grading.
While there, I asked if I could talk to James Taylor (who I've known for some time and consider a friend). I was told that "would be difficult - he is not in". But I did enjoy my visit there with Cameron Kiefer, JP Martin, and Paul DeFelice.
On Monday the 24th in the mail I received (in record time) the two coins I had submitted in person at ICG on December 19 (both correctly graded, in my opinion).
<< <i>My comment was made from the standpoint that I won't be using either service. Most folks who want their coins in certain plastic will put em there even if there are 100 4th tier slabbers. >>
You may never use them, but if the lack of competition means you pay $40 instead of $25, it's still a reason to be concerned even if you have no personal interest in their services. That's all I'm getting at.
Fewer competitors in a space = fewer competitive pricing pressures, and that makes it easier to jack up fees when consumers have nowhere else to turn. Just look at eBay and PayPal for obvious examples of this.
<< <i>Perhaps the senior folks from (the old) ANACS can explore acquisition of PCI? >>
You talkin' 'bout me?
LOL
TD, Senior Authenticator ANACS, 1980-1984 (B.C.)
<< <i>Anyone want to bet he winds up killing both ICG and ANACS in the proess? >>
I think you're right. To me, taking ANACS in the direction of ICG is a killer right there.
James Taylor really is the Walking Man.
<< <i><< Perhaps the senior folks from (the old) ANACS can explore acquisition of PCI? >>
You talkin' 'bout me?
LOL
TD, Senior Authenticator ANACS, 1980-1984 (B.C.) >>
Shouldn't that be B.S (Before Slabs)
I just do not understand why the company HAD to move from Austin, Texas to Colorado and why those folks had to lose their jobs?
Oh wait, yes I do, a certain someone's "family" is in Colorado! What better motivation than to be with ones own family? It doesn't really matter that the motivation tramples on the jobs of others and their "families", only that one can now have their very own "grading service" and be with "their" family!
Gimme a break! This appears to be a crappy, selfish act, especially at the Holiday time! The manner in which this was carried out speaks volume's for the character of the individual or individuals (big business or not) that orchestrated it.
To put it into perspective, it was once related to me that losing one's job has the same affect on the psyche as death. This is a life changing event for the one's that will not benefit from it.
Best of luck JT! I'm thinking you're really going to need it!
The light at the end of the tunnel is that PCGS is stepping into the variety attribution arena.
Once they get going full bore, ANACS will have to start doing some very magical and wonderful things.......................
just to stay in business.
The name is LEE!
<< <i>
<< <i><< Perhaps the senior folks from (the old) ANACS can explore acquisition of PCI? >>
You talkin' 'bout me?
LOL
TD, Senior Authenticator ANACS, 1980-1984 (B.C.) >>
Shouldn't that be B.S (Before Slabs) >>
Before Chicago.
Getting fired this time of year is a major bummer, but I wonder how much of a shock it was to Mike and the other employees. It's hard to hide big losses from employees. Did everyone really think that business was good? There must have been signs that something needed to change.
There's always work for professionals like Mike. Where one door closes, another opens. Working at an unprofitable company isn't fun, so I bet the transition for the terminated employees won't be as bad as everyone thinks. We'll see where everyone lands and how it works out.
Of the many troublesome parts of this scenerio is the "in your face" attitude shown by Mr. Taylor.
Once ICG declined to sell to him, was it necessary to buy another company just to move it to the same town and down the street from ICG? I know he's from the area, but come on......
Joe
He's qualified to do the deal because he has the money and the stones. Simple as that.
As for the alleged mistreatment of employees, I can see why the deal needed to be kept confidential until it was a "done deal", and I'm confident that the terms of their employment and/or consulting contracts will be honored.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
<< <i>I feel badly about the people who lost their jobs, and perhaps the personnel issues could have been handled better. However, we live in a society with employment at will for the most part, and the new owner of ANACS is taking the company in a different direction. I know of several people who have unfortunately lost their jobs around this year's holiday season, and it is a difficult time. However, no one should assume that "The Company" will take care of them forever. >>
Well stated Longacre.
Another sad day for an American Business. We had all been witness to the highest level executives salaries ballooning with golden parachutes and ridiculous stock option packages and they cast out the employees and their families like stinky garbage. Some will say it’s progress or the “new” American way of doing business. IT’S NOT. It’s just ageless, timeless greed at it’s ugliest. True American Business Empires are not built on the backs of employees but BY employees. And yada yada yada. Same old story-new name.
<< <i>I may be in the minority, but I feel that the ANACS franchise was nearly dead already and the loss of jobs inevitable. >>
That doesn't make it right or ethical. Had the employees had an actual hand in the company, perhaps you would be correct but from some of whats been posted here, that does not seem to be the case as many were as surprised to find that they no longer had jobs as this forum was to hear of it!
I simply do not see this as a "good" thing regardless of how it is rationalized.
The name is LEE!
The company I work for laid off hundreds of employees within the last 2 weeks, with hundreds still to feel the axe in the next 2 weeks (the legal dept. screwed up some of the paperwork). A good percentage of these folks have 20+ years with the company. This has happened here every year since the late 90's.
Collecting:
Conder tokens
19th & 20th Century coins from Great Britain and the Realm
Flashback to October 2007...
"Ladies and gentlemen, I've convened this meeting of ANACS employees to let you know that we're considering selling the company, and that it could happen before yearend. If the sale takes place, it's possible that the new owner might let some of you go. It's also possible that he would move the company to a land far, far away. What I'm asking you to do about this is...nothing. Please don't start looking for a new job. Please don't quit. Please don't mention this to anyone. In fact, I want you to behave as if we never had this discussion. Just keep on working and be happy. Just don't be surprised if you have a problem right around Christmas. Thanks for your time, and have a nice day. Dismissed."
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
<< <i>I have left ICG and so have most most of the people at ICG at greatly reduced salaries until we get up and running. >>
Fascinating.
Russ, NCNE
<< <i>I wish some of you moaners and groaners could sit in the employer's chair for once and see what it's like. Generally, businesses that are doing well do not just pull up stakes with no notice and move across the country. I'm sure there were some very difficult issues and decisions present that the employees were not burdened with, while the owners/senior management had many a sleepless night. >>
So, then the best move would be to screw your employees. Quit making excuses for a miserable decision. The man is said to be very moral. I can clearly see his morals.
<< <i>So, looks worse for ICG. >>
It depends - have the key people left ICG ?
As of December 19, when I visited the ICG offices, Cameron Kiefer, JP Martin, and Paul DeFelice were still working there.
And, as of today, the ICG web page still lists them, along with Michael Fahey, Walt Armitage, Larry Wilson, and Sue Berg as ICG graders.
So who will be the graders at ANACS ?
<< <i>I hope this fails miserably and that Mr. Taylor loses his ass financially.
It sounds like you are hoping that all the ICG and (remaining) ANACS employees lose their jobs as well ??
JJ
<< <i>I wish some of you moaners and groaners could sit in the employer's chair for once and see what it's like. Generally, businesses that are doing well do not just pull up stakes with no notice and move across the country. I'm sure there were some very difficult issues and decisions present that the employees were not burdened with, while the owners/senior management had many a sleepless night. >>
In the business world there are executives who are so consumed with the bottom line that no amount of human carnage is too high a price to pay for even one more cent per share in the next quarterly earnings report.
There are also executives who are so empathic with their employees that they refuse to make needed "tough" business decisions because of the impact it has on their workers...even to the point of allowing the business to fail (and thus causing *all* workers to ultimately lose their jobs). These may be good people but not good business leaders.
The best executives can find a happy medium, IMO -- first and foremost guiding the business and making tough decisions when they have to, but also recognizing that up to some point, not screwing your workers and earning their trust *is* good business. The best executives also recognize that it's not worth engineering a good quarter by screwing the company's longer-term future.
What does that have to do with JT and the ANACS debacle? Maybe not much and maybe a lot. Just consider these to be general brain-droppings. It's easy for the peasants to grab pitchforks and quote Marx, and it's also easy to justify any and all heartless business moves that are perceived as good for the bottom line. It's sometimes harder to see both sides.
<< <i>
<< <i>I hope this fails miserably and that Mr. Taylor loses his ass financially.
It sounds like you are hoping that all the ICG and (remaining) ANACS employees lose their jobs as well ?? >>
Not what I said. Maybe it's you that wishes the employees bad, but they should see the bad that will be coming just because of the facts surrounding this fiasco. Why would someone want to go to work for a scumbag that already has a reputation for screwing over employees??
Russ, NCNE
Each and every one of us must do our best to excel at what we do workwise. If this is not the case, then we must improve our existing skills or find an area at which we excel. If you are merely just part of a company's overhead, either your skill set is not being properly valued, or your performance is just so-so. I learned a long time ago that no one owes me anything in this world, other than to be candid with me.
It's not just worker-bees who get canned. You might ask Stan O'Neal, who used to be El Jefe at Merrill Lynch about this, or look at recent articles re Citibank. A number of high profile Fortune 500 types have been given the ax for underperforming this year.
"Seu cabra da peste,
"Sou Mangueira......."