remember collectables fractional ownership group? what a dumpster fire.
craig44
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I often listen to sportscards live on my morning walks and am a couple of weeks behind. i just heard (the news is a few weeks old now) that Heritage has agreed to auction off the assets of collectables fractional ownership group.
the company went belly up a few years ago and a guy named Phil Neuman purchased it. the rub is, he only owns about 5% of the cards themselves. hundreds or thousands of other people own the vast majority of the assets.
sportscards live was talking about it with darren rovell and it seems that there is about $20MM worth of items. Neuman has the right to sell, but himself only owns the 5%. there seems to be no plan to distrubute funds to shareholders.
Golden originally gave neuman a $10mm advance until he found out where the cards were from, then he cancelled. Heritage agreed to sell and gave a $5MM advance.
I do not know where it stands at the moment. they were talking about lawyers getting involved. I would like to know why Heritage would get involved with such a slimy guy. seems a really bad look for them.
anyone have any more current information?
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Comments
No info just a head shake and a shrug. Ventures such as what you’ve described usually tend to go bad because of inherent greed. There will always be people involved in this business strictly for the purpose of TAKING money. Not transacting. Taking.
Ive no info either, but no surprise about Halperin being involved in a scheme. He's been doing so since he was a teenager and that folks is public record
It's the singer not the song - Peter Townshend (1972)
Not even a minute do I buy the whole buh buh buh I'm a man-child japery - Me (2025)
I think there is also a Canadian company called Rally which allows people to invest in part of all sorts of things from exotic automobiles to art and major collectibles (alot of high dollar comics and cards),. I think i still have an account with like $50 invested in a High Grade Batman comic.
I read a few articles about this today. Seems like a savvy move because he gets the 5% he bought in the asset purchase and he can dip into the fees which heritage is surely sharing. He’s probably getting 105+.
And they can’t fight the fees because that would make an estate argument which would put the securities into the estate. So they wouldn’t put 95% at risk for 8-12%. Anyways. Looks like a good move for $1.6M. If he handles it by the book he should make over $3M. I couldn’t find the original agreement and I didn’t read the original SEC filing so I’m assuming standard securities practices.