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Michael Haynes x CU CEO has a new job

OPAOPA Posts: 17,143 ✭✭✭✭✭
in Precious Metals
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Good luck, Michael. I believe in 10% off coupons for PM board members

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"Bongo drive 1984 Lincoln that looks like old coin dug from ground."

Comments

  • dbcoindbcoin Posts: 2,200 ✭✭
    He literally burned through about $20M in funds buying the failed diamond and gem businesses. I've never bought from Apmex, and I don't intend to either.
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    There was some red tape that needed to be cut and figured over 20 years ago when I went to Heritage for a job. Michael Haynes was the fellow assigned to cutting that tape which in fact happened and I showed up for work shortly afterwards. Mikes a good man. All the best in the new position Michael! image

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    At least free shippingimageimage
    Avid collector of GSA's.
  • OPAOPA Posts: 17,143 ✭✭✭✭✭


    << <i>He literally burned through about $20M in funds buying the failed diamond and gem businesses. I've never bought from Apmex, and I don't intend to either. >>



    I'm sure the BOD had some input in that decision...You learn by your mistakes.image
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • dbcoindbcoin Posts: 2,200 ✭✭
    I called CU Investor Relations 1X and spoke with him for about 1 hour. He assured me they had plenty of cash, business was good, the dividend was safe....2 months later they eliminated the dividend.

    I offered some suggestions in the core coin business such as what is now called Genuine Service. He didn't seem too interested. I wanted to know why the Gemprint diamond fingerprint technology couldn't be adapted to coins (what we now call Secure Plus)

    I've talked to a few CEOs in my day. I don't think much of him. Don Willis/Mike McConnel (who was a BOD member, now CEO) have turned around PCGS more in their short tenure than Haynes did in years. Don't be so sure it wasn't him that almost brought the company down.
  • OPAOPA Posts: 17,143 ✭✭✭✭✭


    << <i>Don Willis/Mike McConnel (who was a BOD member, now CEO) have turned around PCGS more in their short tenure than Haynes did in years. Don't be so sure it wasn't him that almost brought the company down. >>



    As a stock holder, I fully agree with the above assessment, but it did not take a rocket scientist to realize that the venture into diamonds was a disaster from the beginning. Although Michael was the CEO at the time, the BOD needs to take part of the blame and subsequent credit. In addition, CU's venture into the Currency certification was also a looser.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • WingsruleWingsrule Posts: 3,052 ✭✭✭✭
    Interesting that no mention of this shows up on the CLCT web page.
  • dbcoindbcoin Posts: 2,200 ✭✭
    Interesting that no mention of this shows up on the CLCT web page.

    What should they say? Terrible ex-CEO now working for 2nd rate metals company?

    I think the final straw with Haynes was when he got the margin call on his CLCT stock, was forced to sell it all, and Hall had to come to the rescue and buy a big chunk at something like $3. I think CLCT also bought a chunk with their stock buyback money.
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