The facts as we’ve been told:
- Prior to the missing package GradedGem (GG) spent 4-6 weeks communicating with a broker with the purpose of taking out an insurance policy to coincide with the increased use of their services.
- Parcel went missing Feb ‘21 from within a FedEx distribution centre (unknown if this is when FedEx knew, or when it was reported to GG).
- GG went through a claim process which included emails and phone conversations. These included negotiations where GG attempted to maximise their payout (pre-grades not considered and were tantamount to opinion).
- GG claimed for 100k (£?)
- GG were offered and accepted 50k by the insurance company.
- GG added an additional 60k towards payout fund, indicating 10k of this was provided to help compensate the loss by providing an additional 10% gratuity per payout.
- Process took 3-4 Months before settlement reached with insurance company.
- Insurance cover was not for covering potential value as cards were never graded.
- Price estimates were calculated for raw card values. Price fluctuations made calculations difficult.
- GG is providing full raw value + gratuity.
- GG contacted all affected submitters directly by phone to explain. Those unreachable by phone were contacted via email.
- ~80% have accepted claim values provided so far.
Connor has already delivered his explanation of why communication of the news took so long. He said he didn’t want to drag submitters through the claims process.
He understands in hindsight why people disagree and would have preferred there was better communication.
But GG themselves didn’t know how it would pan out and were dealing with the unfortunate fallout of the incident. They didn’t know at that point how much they would be able to payout. They didn’t know how long it would be before payout, but they certainly knew how heartbreaking it would be for their customers. But upon learning these things, is when I personally think communication should have occurred.
Something I want to mention is that Connor makes the point they don’t make money until submissions are processed. All submission costs are kept essentially in trust (held on behalf of the submitter by GG until PSA finalises grades, at which point funds are then appropriated). It’s speculation on my part, but they may have had cash flow concerns and were waiting for returns.
I personally think communication is important and the whole thing could have been handled better. But that’s hindsight for you. GG had good intentions and the loss of this package is unfortunate. But FedEx is a reputable courier and the package was lost by them. GG tried their best by obtaining insurance they thought was adequate. Perhaps middlemen in the future will do a better job and offer insurance for pre-grade value or submission level, who knows. But these were all raw cards. Again, it’s unfortunate but I don’t think it’s fair in this scenario to paint GG as villains. They certainly didn’t gain anything from this scenario.
Rattle’s videos are unnecessary and baiting for drama at the expense of others. The very thing he accused Frosted Carribou of doing when he attacked her in response to her views of Gary. Which ultimately lead to her being abused by Gary and him publicly apologising later in a pokenomics interview.
So it’s no surprise Gary comes in here siding with Rattle, stating “They [GG] deserve what they get.” The guy who made sure to start a “Rattle Appreciation thread”. So i’m sure he’s quite objective in his views and isn’t trying to protect his friend.
