David Kols, owner of St. Louis’ Regency-Superior Auctions, was expelled from the American Philatelic Society (APS) on Aug. 31 for conduct unbecoming of an APS member after failing to fulfill contracts and settle philatelic indebtedness to the APS as well as numerous other consignors.
According to a letter sent to APS Executive Director Scott English by the society’s counsel Kathleen Yurchak earlier this week, Kols’ conduct was a direct violation of the APS Code of Ethics.
“I recently contacted the attorney for Regency – Dave Dare – to find out how to get this material back to members,” wrote Yurchak, who added Dare represents both Regency and Kols and can be reached at 314-965-3373 or email@example.com.
“As the members likely already know, Dare verified that Regency has ceased doing business and has no intention of resuming operations. … Dare also shared that Kols has serious health issues.”
$4 MILLION OWED
As of this August, Regency owed the Central Bank of St. Louis $4 million USD, which is secured by “company owned assets.”
Yurchak said the bank “claims no security interest or other interest in consigned goods or proceeds from the sale of consigned goods,” adding the bank’s lawyer was unaware of a time when the bank ever exercised control over consigned goods.
Despite the effort to return the consigned goods or proceeds from the sale of consigned goods, Yurchak said the identification of what items remain or what proceeds of the sale remain are not readily available.
“Apparently Central Bank has been asking for this information from Regency for some time,” she said. “Frankly, based upon Regency’s failure to provide a timely inventory to Central Bank, I have concerns that a proper accounting will ever be completed.”
APS members who have items on consignment with Regency or have not yet received proceeds from the sale of consigned items are encouraged to contact Dare with a copy to Yurchak at firstname.lastname@example.org.
To read the entire letter on the APS website, click here.