CGC Addresses Concerns Over Purchase Of Classics Incorporated

A week or so ago, CGC announced they had bought Classics Incorporated and were moving them in house. Some collectors expressed concerns, without response. Then on Thanksgiving, Bleeding Cool ran an article on the purchase echoing a few of those concerns. And suddenly, by the end of that day, a response was issued;

Thank you all for your feedback on our latest acquisition. While it is difficult to get into an ongoing dialogue with the many CGC users, we would like, at a minimum, to respond to some of the questions that have been raised.

We have every intention to continue to operate transparently and welcome both criticism and thoughts on how we can best serve the hobby.

While many of you are very critical about some of our business decisions and other operating issues, I will address the following:

Turnaround times
No one is more frustrated than all of us at CGC with how far behind we have fallen and we are doing everything in our power to get caught up. Grading is not a business that can be rushed for obvious reasons. Being a CGC grader is not as easy as some of you may think and hiring qualified people that want to grade all day versus working in the marketplace is not an easy hire. We are constantly looking for qualified graders and if any of you would like to apply, we will be happy to evaluate your skills.

Conflict of Interest
At the end of the day our credibility is the most integral component of CGC. We have worked for over a decade to build this company into what it has become today. We have no interest in assigning the wrong grade to any book and I can assure you, from the top down at CGC, we all feel the same way. We are not in this for any short-term gain and would like to remain your grading service of choice forever. We take our responsibility to the hobby very seriously and will never abuse your trust.

As all of this relates to the purchase of Classics Incorporated, I am happy to consult with an advisory group of your peers to make sure that we do this properly. We are here to make money but we are also here to be transparent and do what is best for the hobby. While it is hard to please everyone, we will certainly go out of our way to address as many of the legitimate concerns that you have. The following is a list of the most frequently asked questions and responses:

Can Matt still sell comics?
No, Matt cannot engage in selling comics just like the rest of the employees employed by the Certified Collectibles Group.

Is Matt still pressing right now?
Yes, Matt is still taking submissions as normal until the changeover on 2/1/13.

When is the cutoff for submitting to Classics before merging?
Any books not finished in Dallas right before 2/1/13 will be transferred to the new office, completed and submitted as usual. This transfer will occur seamlessly.

How will the submission process for pressing change?
Customers will still submit through the Classics site as usual. We will most likely streamline the submission form making it even easier.

Resto removal?
Classics will still offer this service. However, Classics can now work with CGC to ensure all removal is achieved before grading which will eliminate wasted CGC fees.

Will Classics still offer a screening service?
Yes, but only a prescreen service. The traditional proscreen service where Matt assigns a potential grade will end as of 2/1/13.

Will graders undergrade to help pressing business?
Absolutely not. CGC grading will not change from what it has always been.

If a book is pressed by Classics, will it get an automatic upgrade?
No, the grade of the book is the grade of the book. Not all books are upgraded because they have been pressed. All books from Classics will still be objectively graded, just like every other submission. This is not an upgrade service in any way and there is no assurance that the book will upgrade.

As an independent member of the Certified Collectibles Group (CCG) of companies, Classics will operate as a stand alone business separate from CGC.

Will CGC still accept books pressed by other companies/people?
Absolutely. The purpose of this acquisition is to offer a high end, streamlined service that our clients deserve. It is not to put anyone out of business.

Will Classics’s pressing fees change?
Pricing structure and new turnaround times will be announced shortly.

If there are any other questions regarding the merger, please email them to either Harshen Patel at hpatel@cgccomics.com or Matt Nelson at comics@classicsincorporated.com . We’ll release another email answering your additional questions. I want to thank all of you for your input and passion about the hobby and our business. We will continue to keep all of you in the loop as we make final decisions regarding logistics for the Classics integration.

Regards,
Steve Eichenbaum
CEO
Certified Collectibles Group

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