Coin Collecting News » Spectrum Group International

Chris Napolitano Named President of Bowers and Merena Auctions

Spectrum Group International — Tue, 07 Dec 2010 21:55:41 +0000

Bowers and Merena Auctions, one of the world’s preeminent auctioneers for rare coins and currency and a subsidiary of Spectrum Group International, Inc. (SPGZ.PK), announced today that noted numismatic professional Chris Napolitano has joined the 27-year-old auction house as president. At the same time, Spectrum Group International (SGI) reported that its Collectibles Division achieved a record $45 million in worldwide aggregate auction sales for the three months ended December 31, 2010, its second fiscal 2011 quarter.

Mr. Greg Roberts, CEO of Spectrum Group International: “His numismatic knowledge is virtually unsurpassed, and I have tremendous confidence in his business and leadership abilities. Along with the addition of Chris, who will be relocating to Orange County, Bowers and Merena has also acquired certain assets of Summit Rare Coins, furthering our goals of expansion and growth.”

A collector since childhood, Mr. Napolitano decided to make numismatics his life’s career in 1989 with the founding of Summit Rare Coins, Inc., serving as president and CEO since its inception. Under Mr. Napolitano’s leadership spanning more than two decades, the company has handled in excess of $250 million in rare coins, including many classic American rarities, and has attended every major show and auction during that period. In 2001, Mr. Napolitano co-founded American Rare Coins and Collectibles with locations in St. Paul and Minneapolis, which he helped to grow into a $20 million business. Mr. Napolitano belongs to many important numismatic organizations and is a Lifetime Member of the American Numismatic Association.

Mr. Napolitano has personally handled approximately 80 of the coins featured in the popular numismatic reference book by Jeff Garrett, “100 Greatest U.S. Coins,” along with many notable pedigrees. He counts the L. Rogers 1794 FH $1 in PCGS 66 among his favorites, and other career highlights that include:

* 1794 50c PCGS 64
* 1793 Chain 1c PCGS Specimen 67 BN
* 1793 Wreath 1c PCGS Specimen 68 RED
* 1870-S Seated $1 PCGS AU 58 EX-NORWEB
* 1893-S $1 PCGS 67 EX-NORWEB/JACK LEE
* 1870-CC 25c NGC 64 EX-ELIASBERG
* 1856-O $20 PCGS 58 EX-AMON CARTER

“My mission in business has always been to provide great service and the right product — at the right price — to both the wholesale and retail community,” Mr. Napolitano said. “I have known Bowers and Merena throughout my career in this industry, and I am excited to join such a highly regarded business that shares my goals.”

“We are very happy to welcome Chris to our team,” said Greg Roberts, president and CEO of SGI. “His numismatic knowledge is virtually unsurpassed, and I have tremendous confidence in his business and leadership abilities. Along with the addition of Chris, who will be relocating to Orange County, Bowers and Merena has also acquired certain assets of Summit Rare Coins, furthering our goals of expansion and growth.”

Continued Mr. Roberts, “Chris could not have joined us at a more opportune time. We have just concluded a quarter which saw a record-setting level of aggregate sales for our Collectibles Division, which includes Bowers and Merena Auctions and its world and ancient coinage division, Ponterio & Associates, Teletrade Certified Coin and Currency Auctions, H.R. Harmer, Spectrum Wine Auctions, Corinphila Auktionen of Switzerland, Corinphila Veilingen of The Netherlands, Heinrich Köhler in Germany, and John Bull Stamp Auctions in Hong Kong. Many of our auctions came in at multiples above their pre-sale estimates, which I believe is a testament to the buying strength of our customers worldwide.”

In November, Bowers and Merena delivered the largest ever Official Baltimore Auction, offering more than 6,800 U.S. and world lots to realize over $13 million in total sales. Also that month, Teletrade’s Official Santa Clara Auction was one of the largest ever in its 24-year history, realizing $1.0 million. The quarter culminated with three outstanding auctions that took place in December, highlighted by the Ponterio & Associates auction of the historic Wa She Wong Collection of Chinese and Asian Coins in Hong Kong, which realized $10.5 million, far exceeding the company’s expectations and breaking a number of records. Spectrum Wine’s Hong Kong auction was the largest wine auction held by that company since its formation one year ago, and Corinphila’s Switzerland auction also achieved notable results.

Dieter Michelson, head of the SGI’s worldwide philatelic division, commented, “Our three stamp auctions in the second fiscal quarter were conducted live on three continents, generated in excess of $14 million in aggregate sales and delivered many record-setting prices. We take these results as evidence of the success of our new global philatelic network, which draws on the strengths of each of our international stamp auction houses.”

Mr. Roberts added, “We are already preparing for our next season of auctions in spring 2011, where we hope to continue our run of auction successes.”

Spectrum Group International Joins Fortune 500 and Extends Greg Roberts Contract

Spectrum Group International — Mon, 24 May 2010 12:26:52 +0000

Spectrum Group International, Inc. (SPGZ.PK) announced today that it has entered into a new employment agreement with SGI President and Chief Executive Officer Greg Roberts. Mr. Roberts will also continue to serve as a member of the SGI Board.

In addition the Company announced that it has joined the Fortune 500 group of America’s largest companies. SGI is ranked at number 480, with $4.3 billion in annual revenue for 2009 and earnings per share of 23 cents on net income of $7.1 million.

In making the announcement, the SGI Board cited Mr. Roberts’ strong operational and financial leadership. “Greg is a great leader who has demonstrated an extraordinary and consistent ability to deliver results over his ten years with the Company, first as head of our West Coast operations for eight years and then as President and CEO of SGI as a whole,” said SGI Executive Chairman Antonio Arenas. “Greg has strengthened SGI’s brands, instituted operational initiatives, forged important long-term relationships with customers and other partners, and driven several significant acquisitions. Most important, he has revived our creative spirit. With nearly 30 years of industry experience and a unique connection to SGI, Greg has the perspective and the vision to lead SGI to new levels of success for many years to come.”

A significant portion of Mr. Roberts’ compensation is in the form of a performance-based bonus, which is subject to the achievement of certain financial targets. Compensation Committee Chairman Jay Moorhead commented, “Our primary goal in reaching a new agreement with Greg was to align his interests with those of the SGI’s shareholders. With this agreement, I think we have achieved this goal.”

Mr. Roberts said, “I have had the privilege of leading an incredible team in a job that I truly love and a business that I am passionate about. I look forward to guiding the Company into the bright future we see ahead.”

Mr. Roberts continued, “We are obviously very pleased to join the Fortune 500. After several very challenging years for our company and the economy as a whole, we feel especially proud that we were able to excel during these difficult times and come out strong. The Spectrum Group International family of companies has grown tremendously in the past 18 months, in both our collectibles divisions and especially our metals trading company, A-Mark Precious Metals. This is a true milestone for us.”

“I am also pleased to report that three of our collectibles subsidiaries have obtained a $7.5 million line of credit from Brown Brothers Harriman & Co.,” Mr. Roberts added. “This line, which is secured by certain assets and guaranteed by SGI, will be used for working capital purposes, including customer advances at our Spectrum Numismatics, Bowers and Merena, and Teletrade units. The line will give us the flexibility to take strategic steps to support the growth of our collectibles operations. Brown Brothers has provided credit to A-Mark since 1997, and we are very pleased at the expansion of this long standing relationship.”

Mr. Roberts was named President and CEO of SGI in March 2008. The new contract extends the term of his employment by three years, through June 30, 2013. His previous agreement was set to expire in June 2010. Terms of the employment agreement are available in filings with the Securities and Exchange Commission. In addition to his role as President and Chief Executive Officer of SGI, Mr. Roberts has served on the Company’s Board of Directors since 2000, and has worked for SGI and its subsidiaries since 1991.

ABOUT SPECTRUM GROUP INTERNATIONAL, INC.

Spectrum Group International is a consolidated global collectibles network. The Company is a leading auctioneer of stamps, coins, rare and fine vintage wine, and arms, armor and militaria, targeting both collectors and dealers. Spectrum is also a merchant/dealer of certain collectibles and trader of precious metals. The Company’s collectibles offerings span the modest to ultra high-end price spectrum. Spectrum Group conducts its operations in two business segments: collectibles and trading.

Spectrum Group’s collectibles companies focused on philately are auction houses H.R. Harmer, Corinphila Auktionen of Zurich, Switzerland, Heinrich Kohler Auktionshaus of Wiesbaden, Germany, Corinphila Veilingen B.V., Netherlands, and John Bull Stamp Auctions, Ltd of Hong Kong. Spectrum Group’s collectibles companies in the numismatics field include Bowers and Merena Auctions (rare coin and currency auction house), Ponterio & Associates (world and ancient coins and currency auction house), Teletrade (online coin auctions) and Spectrum Numismatics International (wholesale rare coin dealer), all based in Irvine, California. Spectrum Wine Auctions is engaged in the sale by auction of rare and fine vintage wine. Spectrum Group also owns Greg Martin Auctions, which conducts auction sales of antique arms, armor and militaria.

The trading activities of Spectrum Group are conducted through A-Mark Precious Metals, one of the largest private sellers of bullion coins and bullion gold, silver and platinum to the wholesale marketplace. A-Mark’s subsidiary Collateral Finance Corporation, which is the Official Numismatic Lender of the American Numismatic Association, provides financing on a wide array of bullion and numismatic products

Teletrade Now Official Santa Clara Expo Auctioneer

Spectrum Group International — Thu, 17 Sep 2009 18:52:04 +0000

Teletrade, the largest fully-automated telephone and Internet auction company for certified coins, paper money and sportscards, has been named the official auctioneer of the twice-a-year Santa Clara Coin, Stamp & Collectibles Expo beginning with the next show, November 19 – 22, 2009, in the Santa Clara, California Convention Center. The deadline for consignments for the Santa Clara auction is November 2.

[Photo Caption: Ron Gillio, Santa Clara Expo General Chairman, and Irma Kane, Customer Service Manager of Teletrade which is now the official auctioneer of the Santa Clara Coin, Stamp & Collectibles Expo ]

“The timing of the regularly-scheduled Teletrade auctions in conjunction with the Santa Clara Expo will be excellent for buyers and sellers across the country as well as those who come to the show in person,” said Ronald J. Gillio, Expo General Chairman.

“Each Santa Clara Expo is held Thursday to Sunday. Teletrade will close its scheduled Sunday auctions those two weeks each year on the last day of a Santa Clara show. In addition to the usual online lot viewing, bidders will be able to inspect Santa Clara auction coins in person at the show prior to the close of bidding.”

Teletrade conducts three coins auctions every week on Sundays, Mondays and Wednesdays.

“All items offered in Teletrade auctions are certified by Professional Coin Grading Service (PCGS), Numismatic Guaranty Corporation (NGC), ANACS or Independent Coin Grading (ICG). We have over 175,000 registered bidders, and we are the largest and most active marketplace in numismatics,” said Ian J. Russell, President of Teletrade.

For additional information about consigning or bidding, contact Teletrade at (800) 949-2646 or visit online at www.Teletrade.com.

For additional information about the Santa Clara Coin, Stamp & Collectibles Expo, call (805) 962-9939 or visit online at www.SantaClaraExpo.com. The Santa Clara Expo is a division of Collectors Universe, Inc. (NASDAQ: CLCT)

Collateral Finance Corporation Renewed as “Official Numismatic Lender” of American Numismatic Association

Spectrum Group International — Wed, 01 Jul 2009 16:32:45 +0000

Spectrum Group International, Inc. announced that the American Numismatic Association (ANA) has renewed Spectrum’s Collateral Finance Corporation (CFC) contract as the exclusive official numismatic lender of the ANA until 2011.

The ANA is a Congressionally-chartered, 32,000-member nonprofit association, and is the world’s largest organization dedicated to educating and encouraging people to study and collect money and related items.

CFC, a wholly-owned subsidiary of A-Mark Precious Metals, Inc., which conducts Spectrum Group International’s trading operations, provides loans to dealers, collectors and traders in the rare coin and bullion market. These loans, which are offered on monthly, six-month or one-year terms with an origination fee, are secured by the coin and bullion assets of the borrower, whether part of the investor’s collection or in the dealer’s inventory. CFC also provides loans against coins that are in the process of being independently certified for authenticity and grade by Numismatic Guaranty Corporation (NGC) or Professional Coin Grading Service (PCGS). CFC offers final loan amounts – ranging from $25,000 to over $5 million – of up to 70 percent of the collateral value of coin assets, and 90 percent of the collateral value of bullion assets, based on its in-house expert valuations of the collateral.

Greg Roberts, President and CEO of Spectrum Group International, Inc., commented, “The price volatility of precious metals continues to fuel greater interest in rare-coin collecting and bullion trading. With our experience in collateral lending, we formed CFC to meet the growing demand for capital to fund the investment in rare coins and bullion.”

Mr. Roberts continued, “Currently, CFC offers competitive lending rates to dealers and traders, and we have expanded these lending services to individual collectors through our dealer relationships and our renewed relationship with the ANA.”

Thor Gjerdrum, Chief Financial Officer of Spectrum Group International, added, “We are very pleased to exercise our option to continue our agreement as the official numismatic lender of the ANA. To maximize on-hand merchandise that attracts the broadest market of rare coin collectors, dealers need access to capital to fund opportunistic purchases that round out their inventories. In response to an increasing number of inquiries in the market for this type of finance product, A-Mark established CFC to meet the borrowing needs of coin dealers, collectors, and bullion traders. CFC offers a financing alternative that can quickly and easily help them improve liquidity, expand inventory, and generate greater profit.”

ABOUT SPECTRUM GROUP INTERNATIONAL, INC.

Spectrum Group is a consolidated global collectibles network. The Company is a leading auctioneer of stamps, coins, arms, armor and militaria, and other memorabilia, targeting both collectors and dealers. Spectrum is also a merchant/dealer of certain collectibles and trader of precious metals. The Company’s collectibles offerings span the modest to ultra high-end price spectrum. Spectrum conducts its operations in two business segments: collectibles and trading. Spectrum Group’s collectibles companies focused on philately are auction houses H.R. Harmer of Irvine, California, Corinphila Auktionen of Zurich, Switzerland, Heinrich Köhler Auktionshaus of Wiesbaden, Germany, and John Bull Stamp Auctions, Ltd of Hong Kong.

Spectrum Group’s collectibles companies in the numismatics field include Bowers and Merena Auctions (rare coin and currency auction house), Ponterio & Associates (world and ancient coins and currency auction house), Teletrade (online certified coin and currency auctions) and Spectrum Numismatics International (wholesale rare coin dealer), all based in Irvine, California. Spectrum Group also owns Greg Martin Auctions, which is engaged in the sale by auction of arms, armor and militaria. Spectrum Group will also be expanding into wine auctions in the near future.

ABOUT A-MARK PRECIOUS METALS, INC.

Headquartered in Santa Monica, Calif. And established in 1965, A-Mark Precious Metals, Inc., (APM) is a full service precious metals merchant offering a wide array of precious metals products and services on a global basis. APM maintains a network of strategic relationships with a variety of Sovereign Mints, First Tier Financial Counterparties and Precious Metals Dealers which APM utilizes to meet the complete precious metals needs of its client base.

ABOUT COLLATERAL FINANCE CORPORATION

Collateral Finance Corporation is a wholly owned subsidiary of A-Mark Precious Metals, Inc. It offers collateral-based loans on numismatic, semi-numismatic and bullion products. CFC is a licensed California Finance Lender.

SAFE HARBOR STATEMENT

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Future events, risks and uncertainties, individually or in the aggregate, could cause actual results to differ materially from those expressed or implied in these statements. Factors that may cause such differences include changes in market conditions, changes in economic environment, competitive factors and the other factors discussed in the “forward-looking information” or “risk factors” sections included in Spectrum Group’s filings with the Securities and Exchange Commission, including Spectrum Group’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, prospectuses and other documents that Spectrum Group has filed with the Commission. In particular, any statement related to Spectrum Group’s expected revenues or earnings or Spectrum Group’s being well positioned for future profitability and growth are forward-looking statements.

The words “should,” “believe,” “estimate,” “expect,” “intend,” “anticipate,” “foresee,” “plan” and similar expressions and variations thereof identify certain of such forward- looking statements, which speak only as of the dates on which they were made. Additionally, any statements related to future improved performance and estimates of revenues and earnings per share are forward-looking statements. Spectrum Group undertakes no obligation to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.

Escala Group, Inc. Announces Name Change

Spectrum Group International — Fri, 22 May 2009 16:26:35 +0000

Escala Group, Inc. (ESCL.PK) today announced that the Company has changed its corporate name to Spectrum Group International, Inc., effective immediately.

Spectrum Group also announced that Irving Kagan, age 73 and a member of the Board of Directors since July 2006, has retired from the Board of Directors and has been named as a special consultant to the Company, in each case effective May 19, 2009. Mr. Kagan, a former senior executive and general counsel of two major international companies, is an expert on corporate governance issues and the author of several treatises on the subject.

The Company also announced that Jeffrey D. Benjamin has joined its Board of Directors, effective May 19, 2009. Mr. Benjamin, age 47, is currently a Senior Advisor to Cyrus Capital Partners, L.P. Mr. Benjamin is a member of the Board of Directors of Harrah’s Entertainment, Inc., Exco Resources, Inc. and Virgin Media Inc., and is a trustee of the American Numismatic Society. He holds an MBA from the Sloan School of Management at M.I.T. and a BA from Tufts University.

Executive Chairman Antonio Arenas stated, “The Board of Directors greatly appreciates Irv’s dedicated service and invaluable assistance to the Company. It is a privilege to have worked with him as a colleague and an advisor, and we are confident that we will continue to call on his expertise going forward.”

“Spectrum Group is fortunate to have someone of Jeff’s caliber join our Board of Directors at this important point in the Company’s development,” said Greg Roberts, President and CEO. “With his financial experience and deep understanding of our business through his personal interest in collecting, he will be a valuable addition to our Board.”

Mr. Roberts continued, “The Company has undergone significant changes in the past few years, and our new name reflects those developments. Spectrum Group offers nearly 20 years of brand recognition as the name of our key rare coin wholesale subsidiary, and also conveys the breadth and scope of our collectibles and trading businesses, which now encompass precious metals, wine, rare U.S. and foreign coins, U.S. and foreign currency, U.S. and foreign stamps, and arms and armor.”

In connection with its name change, the Company’s trading symbol will also be changed, which is expected to occur within two to four weeks. The Company does not currently know what its new trading symbol will be.

Spectrum Group also announced that it is moving its stamp operations from Bethel, Connecticut to its expanded headquarters in Orange County, California. Mr. Roberts said, “With this move, all of our U.S. collectibles operations will be centralized in one location under a management team led by Ian Russell, who was recently appointed as Chief Operating Officer of our U.S. and Asian Collectibles Division. We believe that this consolidation, which is expected to be completed by July of this year, will create synergies among all of our divisions, provide for greater collaboration and innovation, and ultimately enable us to improve our level of service to our customers across all areas of their collecting interest.”

About Spectrum Group International, Inc.

Spectrum Group’s collectibles companies focused on philately are auction houses H.R. Harmer of Irvine, California, Corinphila Auktionen of Zurich, Switzerland, Heinrich Köhler Auktionshaus of Wiesbaden, Germany, and John Bull Stamp Auctions, Ltd of Hong Kong. Spectrum Group’s collectibles companies in the numismatics field include Bowers and Merena Auctions (rare coin and currency auction house), Ponterio & Associates (world and ancient coins and currency auction house), Teletrade (online coin auctions) and Spectrum Numismatics International (wholesale rare coin dealer), all based in Irvine, California. Spectrum Group also owns Greg Martin Auctions, which is engaged in the sale by auction of arms, armor and militaria, and will shortly be expanding into wine auctions.