Greg Manning acquires B&M, Kingswood, Superior

coinchallenged · February 19, 2004 9:53AM

http://biz.yahoo.com/bw/040219/195829_1.html

coinguy1 · February 19, 2004 9:59AM

In an effort to help avoid any confusion, it was Superior Sports Auctions that was acquired, NOT (edited) Superior Galleries/Superior Coin Auctions.

Link to announcement: Link

coinchallenged · February 19, 2004 10:02AM

thanks for the help with the link Mark. Been trying to fix it.

kranky · February 19, 2004 10:06AM

So GMAI now owns Teletrade, B&M, Kingswood and Spectrum. Now that's a behemoth in this business.

[edited to fix erroneous reference to Superior]

Tonekiller · February 19, 2004 10:06AM

Anybody know what has or will happen to Paul Montgomery?

TBT

wayneherndon · February 19, 2004 10:06AM

I had always assumed Superior Sports Auctions was CU owned and not related to Superior Galleries the coin auction company. There is a link to Superior Sports Auctions at the top of this page. Steve Deeds was president of Superior Galleries. Now I see him associated with Superior Sports Auctions. Did he change firms or are these two Superiors some how related? I am so confused. Someone please clarify.

Thanks,

WH

DHeath · February 19, 2004 10:08AM

Fascinating. Consigning a coin to Greg should be interesting.

tradedollarnut · February 19, 2004 10:14AM

Congratulations to Steve Deeds - one of the truly fine gentlemen in numismatics.

coinguy1 · February 19, 2004 10:21AM

Wayne - Superior Galleries (where Steve Deeds worked previously) is not affiliated with Superior Sports Auctions, as far as I know - two completely separate outfits with two completely separate owners.

Edited to add: Mr. Deeds changed firms.

wayneherndon · February 19, 2004 10:30AM

Thanks Mark, that's what I understood as well. Also two different sets of initials (TAGZ and GMAI).

WH

MrEureka · February 19, 2004 10:34AM

Steve Deeds was president of Superior Galleries. Now I see him associated with Superior Sports Auctions. Did he change firms or are these two Superiors some how related? I am so confused. Someone please clarify.

The press release says that Steve Deeds will head B&M, not Superior Sports Auctions.

mdwoods · February 19, 2004 10:41AM

<< So GMAI now owns Teletrade, B&M, Kingswood and Spectrum. Now that's a behemoth in this business.

[edited to fix erroneous reference to Superior] >>

I think GMAI sold Teletrade just a little while ago.

kranky · February 19, 2004 11:12AM

<< 

<< So GMAI now owns Teletrade, B&M, Kingswood and Spectrum. Now that's a behemoth in this business.

[edited to fix erroneous reference to Superior] >>

I think GMAI sold Teletrade just a little while ago. >>

Nope, still says "a division of GMAI" on the Teletrade home page.

Coinosaurus · February 19, 2004 11:44AM

This is more tangled up than a family tree in a small town.

The Bowers name being traded around reminds me of that Simpson's episode where Bart sells his soul and can't get it back.

Barry · February 19, 2004 12:00PM

The logic behind the B&M purchase baffles me. B&M is a company that employs neither B nor M. Most of the B&M people are now at ANR. Does anyone consigning coins to an auction house not know this? What makes B&M worth anything close to what was paid?

MrEureka · February 19, 2004 12:11PM

What makes B&M worth anything close to what was paid?

First, you don't know what was paid for the name. There were multiple companies purchased, and those companies must have had some real assets. For all we know, the B&M name didn't cost GMAI a penny.

Second, here's why the company has more value to GMAI than to CU:

1. They probably had a deal with Steve Deeds before they bought B&M. Steve adds value.

2. Spectrum has a very big inventory that can be marketed through B&M. Why pay commissions when you can collect them instead?

3. Spectrum can cut overhead by moving the company to its offices in California, and Steve Deeds happens to live in CA.

mdwoods · February 19, 2004 12:18PM

<< 

<< 

<< So GMAI now owns Teletrade, B&M, Kingswood and Spectrum. Now that's a behemoth in this business.

[edited to fix erroneous reference to Superior] >>

I think GMAI sold Teletrade just a little while ago. >>

Nope, still says "a division of GMAI" on the Teletrade home page. >>

You are right, they moved to the west coast. That must have been what I was thinking of.

mrearlygold · February 19, 2004 12:36PM

Best regards to Steve Deeds. One of the finest people in the business.

Still, are they actually going to try to salvage the name B&M with Dave in NH?

TP

BigMoose · February 19, 2004 12:37PM

With Steve Deeds now president of B&M, what does this mean for Superior Galleries? It can't be good! Steve is an awesome guy and was responsible for lots of consignments to superior.

MrEureka · February 19, 2004 12:40PM

are they actually going to try to salvage the name B&M

Salvage? The B&M name is hardly a liability.

mrearlygold · February 19, 2004 12:45PM

<< The logic behind the B&M purchase baffles me. B&M is a company that employs neither B nor M. Most of the B&M people are now at ANR. Does anyone consigning coins to an auction house not know this? What makes B&M worth anything close to what was paid? >>

The customer list which is more or less a real interesting scenario with Dave's picture all over the papers. Surely a non compete would prevent Dave from contacting his ( er B&M's) customers, however what customer of Daves would consign to B&M when the real thing is in NH? Just call him and consign. Done.

TP

mrearlygold · February 19, 2004 12:46PM

<< are they actually going to try to salvage the name B&M

Salvage? The B&M name is hardly a liability. >>

Cmon Andy, you know what I mean.

Rgrds

TP

MrEureka · February 19, 2004 12:48PM

Cmon Andy, you know what I mean.

If you mean "Are they going to keep the name?", I'd answer YES.

mrearlygold · February 19, 2004 12:53PM

No I meant how beneficial would it be to hold on to the name when Dave is in business in NH. Then again, it's out of my league so I'm just thinking out loud.

TP

coinchallenged · February 19, 2004 9:29PM

Maybe B&M's mailing list was worth 2.5 by itself. Afterall, CU paid 16 mil in cash and stock for B&M all by its lonesome.

MrEureka · February 19, 2004 10:29PM

No I meant how beneficial would it be to hold on to the name

It's not hugely beneficial, but it's better to keep the name than get rid of it.

mrearlygold · February 19, 2004 11:31PM

<< Maybe B&M's mailing list was worth 2.5 by itself. Afterall, CU paid 16 mil in cash and stock for B&M all by its lonesome. >>

2.5? You think that's all? Then that's quite the deal. I have to say that list which generated hundreds of millions of dollars in revenues is worth a lot more than that. The part of the equation is of course who is going to be in the best position to capitalize on sales/consignments/ etc etc etc and I would agree that at this point in time, the real Bowers is in no position to do a heck of a lot more then utilize the list for it's auction company. And it doesn't seem to be in Daves profile to really capitalize on the outbound sales end of the list which is probably one of the reasons for the move to "looosiana" where the phone sales crew is located ( although that certainly wouldn't have been my choice of real estate)

But considering the sheer volume of outbound sales potential, especially if put in the hands of professionals, it would represent a lot more than 2.5 in the first few months. The list is the money, not the name although the name certainly helps in the credibility department.

TP

oreville · February 19, 2004 11:38PM

I thought I read that CLCT kept all of the Accounts Receivables and Inventory of the companies being sold totalling an estimated $8 million, so in effect, these comanies were really sold for $10.5 million.

Not anywhere near what it first appears.

Greg Manning acquires B&M, Kingswood, Superior

Comments

Leave a Comment

Greg Manning acquires B&amp;M, Kingswood, Superior

Comments

Leave a Comment

Greg Manning acquires B&M, Kingswood, Superior