LC UK

Hi All,

Another update for you today (as opposed to yesterday) due to we wanted to ensure we got a few more things completed.

- We have now shipped the all EU cards to Flash-Cards to help redistribute cards (that were too low in grade predictions to be sent to PSA). We expect that from Friday onwards they will have the items.

- The new President of PSA has provided us with an email for any customer affected to contact them on:

[email protected]

NOTE: Collectors are the parent company of PSA - for anyone questioning this.

- For graded items - PSA are not shipping directly back to the customer. They are using a 3rd party in the UK and that 3rd party will send the cards back to the submitter. The President did not state who that party is/will be but we will help ensure the best outcome regardless.

- We are in talks with a company in the UK to help redistribute cards (that were too low in grade predictions to be sent to PSA). As soon as this is agreed, we will ship it to them and announce the party.

- We are going upload a one page website under the original URL with an FAQ section to help answer anyones questions.

If I've missed anything in this announcement - please don't worry. We're getting everything done to ensure a smooth process.

Thanks

Hey All!

Wanted to provide another update before the weekend:

- As stated PSA have ALL order numbers with your name attached. You do NOT need your order number when filling out the PSA form - that PSA require you to fill out.

Please see previous post for the form PSA require you to be filled out.

- We have returned 97% of orders in the office that were awaiting to be sent to PSA for grading. If you have not received your cards back then it means your cards ARE at PSA.

- We have partnered with Flash-Cards in Belgium help return orders that were not sent to PSA (due to low predicted grades). We also have two customer PSA returns that they will be shipping back as well. Cards are being shipped out on Monday. NOTE: those two customers with returns have already been notified.

- We are yet to find a UK partner to do the same but we are confident that this will be completed by Monday.

- Therefore as of Monday ALL cards that we had in the building will be back with their owners or with partners for distribution.

THIS MEANS ALL OTHER CARDS ARE AT PSA.

- I've spoken with the new PSA President and asked for a direct support line for Ludkins customers. Pending a response.

- We are doing everything we can to ensure a smooth, easy hand over to PSA and affiliates.

We will make another update on Monday.

Thanks

- Team LC

Hi All,

Just to let you know:

- We have now passed over all order information to PSA. Please now get in touch with them and pass all information across any additional information that they may require.

EDIT: PSA have asked that customers get in touch with them. Not Ludkins. They’ve asked our customers to complete this form: https://tinyurl.com/yckvus9v

Ludkins has however, sent over all the order numbers with your names attached - so you will not need to provide an order number. We worked around the clock to ensure this was completed the fastest way possible for you.

- We have sorted the cards (they were too low grade to be sent to PSA) in to EU and UK. Will are still yet to announce the trusted companies that will get those back to you. This will be completed by this week though.

- PO BOX orders appear to have been returned.

We'll make another update soon.

Thanks

- Team LC

Here is another announcement as promised:

- We have personally handed Nat the 2020 through to Feb 2021 order list. We had hoped to send over months past this date by this point (we had to make sure it was triple checked) but we are continuing to work around the clock to ensure more information will be handed to PSA early next week.

We felt it best to send over what we have so far - with the older orders being first to ensure PSA can get to work getting your cards home to you.

- We had an email confirmation to say our PO BOX has now been closed. Early next week we will verify this at the depot and update you accordingly as to when they will be returning cards to sender.

- We have contacted 80% of customers that were awaiting dispatch to PSA today. Those that confirmed their address prior the Post Office cut off were dispatched back to their owners today. Any others will be our primary focus on Monday.

- Those that have cards that were not sent to PSA (due to low predicted grades) will be sorted over the weekend into UK and EU orders. We will make an announcement early next week with regard to the trusted companies that will get these home to you.

We're still here and doing all we can to ensure all cards will be returned to their owners.

We will make another announcement on Monday.

- Team LC

Hi all,

Apologies we've not made an announcement in a couple of days. There has been a lot of working going on behind the scenes and we are still confident about getting everything wrapped up by tomorrow.

- We've changed our cover photo and logo back to Ludkins. So people can easily find us.

- We are still awaiting for our name to be changed back to Ludkins (I think we should be able to change that on Sunday).

- After a few complications we have now submitted the form to close our PO BOX. Once this is closed the cards will be returned.

Adding to that, before it's closed down we will work with the Post Office to ensure there are return addresses on each package. Those that do not, we will get in touch with customers to ensure they are returned to the correct address.

- We have been in talks with PSA to get all of your order information to them. By us passing this on direct allows PSA to synchronise the order information with the information you have already provided them. This was the fastest way of doing this.

- Any items that were awaiting dispatch to PSA, will be returned tomorrow.

We know people are worried about their items. But please remember PSA are honouring orders and we are working with them to ensure your cards are being returned as fast as possible. While we are also working to return any cards we have with us.

Again, thank you for those that have kept sharing kind words with us throughout this time.

We're almost there!

We will share another update tomorrow.

- Team LC

Hey everyone,

We have a quick update:

- Your online documents were reinstated around 12pm UK time today. You should have access now. If some of you do not, please do a hard refresh and any problems we will utilise our team to fix these issues for you throughout the week.

- We met with several clients today to hand back their cards.

- We are closing our PO BOX which means once done any orders will be returned to sender once completed.

- Over the next few days we will be returning any UK orders that were not dispatched to PSA.

- We are utilising trusted companies in the community to return cards that were not wanted to be sent to PSA.

We will announce those partners prior to dispatch so you will know they are in safe hands.

- We will change our name on socials back to Ludkins Collectables when able so collectors can easily find us. We had to make a quick decision at the time of the announcement. We will also include our logo and the Ludkins banner to ensure collectors know it's us to reach out for support.

Thank you to those that have been kind and understanding throughout these times. Please remember, if we didn't care we would not be here still.

- Team LC

It is with great disappointment, PSA has decided to cease its relationship with Ludkins Collectables. We have prided ourselves on being able facilitate complex and cumbersome international grading for customers around the world. When Ludkins Collectables was first started, it was a path for collectors abroad to navigate the complicated waters of grading, insurance and import fees. Collecting and grading internationally has never been easier and we’re proud of the strides forward the hobby has taken to include the international community.

Ludkins Collectables has been transparent with PSA since the inception of the PSA and Ludkins Collectables relationship. The two entities worked together to achieve equitable and low-cost access to grading to customers around the globe. Through this partnership, we have taken direction and trusted PSA throughout the ever-changing collecting environment. To highlight a few:

* UK underwent Brexit which removed the UK from the European Union. Ludkins Collectables opened an office in France to allow for uninterrupted operations at our own expense.

* COVID-19 spread across the world causing a global pandemic. This forced a temporary shutdown and work stoppage at PSA and our offices. After several weeks, operations resumed at limited capacity essentially bottlenecking past production throughout the entire operation.

* Hobby enthusiasts around the world rekindled their passions with this newly discovered time at home with families. Nostalgia was revitalized worldwide, and collectors’ markets surged. The hobby had never been more alive. Demand was unprecedented. Ludkins Collectables expanded offices and hired more staff to meet the unparalleled passion. It was amazing to see how far collectors had come.

* PSA shifted from a public to a private entity. Throughout the diligence period, PSA continued to take new orders although it would have been impossible to maintain current service levels at existing capacity. PSA prioritized a successful transfer of ownership over the needs of the collector. Ludkins was one of few companies that maintained estimated turnaround times may not be accurate albeit PSA confirming time and time again that our contractual turnaround times would be met. PSA did not adhere to these obligations.

* Following the privatization, PSA, unannounced, decided to upcharge all customers based on market value at the time of grading. This was a bias and dishonest approach to increase revenue on cards that had been with the company long before the 2020 surge in demand. Ludkins Collectables fought the upcharges every step of the way. In many cases, the upcharges were reduced in favor of the customers.

Ludkins Collectables has tirelessly fought for our customers when PSA experienced immense change. PSA has had strong line of sight into the business throughout our relationship. When PSA decided to stop taking in new orders, PSA told Ludkins, in writing, new submissions would resume shortly. This grew to several months and then to over a year before Ludkins made the difficult decision to shrink operations. PSA was aware the current model was not sustainable. Time and time again, PSA communicated they had our back and the customers best interest at heart. PSA strung us along and decisions were made based on private, direct communication from PSA.

Eventually, PSA and Ludkins Collectables formed the partnership you’ve come to know as PSA UK. This was the amicable solution to moving forward, navigating the rough waters together and growing toward a new future. PSA provided ample intent for Ludkins Collectables to continue operations under the safeguard of a brighter future. It was a path for PSA and Ludkins to mutually provide the highest level of service possible to our customers.

PSA acknowledged our distressed financial situation and agreed to the lowest private dealer rate worldwide at $16/card in July 2022 after three months of waiting and negotiations. This was an interim path to allowing for continued operations at necessary capacities. Six days later PSA offered an $18/card special globally for all cards. This was a punch to gut after tirelessly working on a mutually agreed upon path forward. This suffocated our ability to operate and forced the creation of PSA UK.

The sole outlying issue was the cards were yet to be graded. PSA UK continued to operate and take in new submissions while under the branding of PSA UK. As time went on, PSA UK continued to hemorrhage money to maintain minimal levels of staff. All while operating under the impression PSA UK’s full book of business was being transitioned to PSA’s full ownership.

During this period, I sold off personal assets including my collection to keep the company afloat. Mind you, the deal with PSA UK did not include any cash payout for Ludkins Collectables. The entire company was offered to PSA in exchange for a full-time leadership role with PSA UK. I sacrificed everything Ludkins had achieved in hopes to continue providing trusted collectable services to those of us overseas. PSA waited until there was no other option to force this outcome.

The contractual grading turnaround times were not met and PSA has had full visibility into our financial health since the beginning of the pandemic. We agreed on a solution and PSA has decided to remove Ludkins Collectables from its plan after significant good faith discussions on our behalf. Prior to PSA’s announcement today, the full customer list was offered with line item details, so PSA may ship directly to each customer. This offer went unanswered.

I come to you, the community, as Barney Ludkins with my side of the story. I’ve given everything for this company and the collectables community as a whole. PSA strung me and many other dealers along until we had nothing and it was too late. My final request to PSA requested assistance with completing the return of outstanding customer cards. PSA declined.

Your fellow collector,

Barney Ludkins

To whom it may concern,

- We are still here
- Your data is secure - not deleted
- PSA and us have been in discussions for a while
- All cards will be coming back, once agreed
- New orders at our PO BOX will be returned to sender
- Our company is Anthos One LTD t/a PSA UK (formally t/a as LC)
- Don’t believe everything you hear

We will update you when we know more. Thank you

- Team LC