Collectors Universe CEO forced to sell stock

[Arizona Coin Collector]

Hello

It is unfortunate that he has to sell off the coins.

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FROM:
http://ocbiz.freedomblogging.com/2008/10/10/collectors-universe-ceo-forced-to-sell-stock/3820/

Collectors Universe CEO forced to sell stock

October 10th, 2008, 12:47 pm
posted by Mary Ann Milbourn

The market upheaval has hit Michael Haynes, chief executive of
Collectors Universe Inc. in Newport Beach, who had to sell
company stock Wednesday to meet obligations under some of his
personal loans, said the company.

Haynes sold 120,000 shares at $4.033, according to a Securities
and Exchange Commission filing today. The stock closed
Wednesday at $4.31 and has traded as low as $4 this week.

"The recent turmoil in the financial markets - combined with
an inability of Collectors Universe's Chief Executive Officer,
Michael Haynes to quickly access assets - triggered the need
to sell Collectors Universe stock related to collateralized
loans of Mr. Haynes," said the company in a statement released
late Thursday. A collateralized loan is one secured by stock
or property. If the collateral goes down beyond a certain
value, it often prompts a margin call requiring the borrower
to put up additional money.

In the press release, Haynes said the sale was involuntary
and related to his "personal planning objectives"and the
current market situation.

"This event is in no way a reflection of my perception of
the company," Haynes said.

Collectors Universe authenticates and grades high-value
collectibles like coins and sports memorabilia. Over the
last year, the stock has ranged in price from $4 to $15.40.
Based on Yahoo financial data, the sale represented 1.4%
of the company's 8.36 million outstanding shares. Haynes
continues to own 29,334 shares.

..

[Frank Provasek]

Ron Guth is out as president, the CEO is forced to sell stock, the
website was down about 24 hours this past weekend, and anyone asking
what happened on the PCGS message boards has their messages deleted
and is threatened with permanent bans. Looks like they are in full
lock-down defensive mode. That attitude offends some of their
customers, and scares the hell out
of others.

-------------------------
Frank Provasek Rare Coins
http://www.frankcoins.com Ebay FRANKCOINS
Member ANA, Texas Numismatic Assoc, Texas Coin Dealers Assoc,
PCGS dealer, Full Time Dealer since 1991, Texas Auctioneer Lic 11259