New Coin Deal

[haltkup]

This looks to be a colossal failure of a deal. As of today it seems that every ticket will result in losses of up to $200. Don't have any numbers but if we assume around 500 commitments of 10 tickets each, that could easily reach $1M in losses.
I will be very impressed If they make everyone whole without paying commission, and it would most likely lead me to want to do more business with in the future.

[hide4]

This looks to be a colossal failure of a deal. As of today it seems that every ticket will result in losses of up to $200. Don't have any numbers but if we assume around 500 commitments of 10 tickets each, that could easily reach $1M in losses.
I will be very impressed If they make everyone whole without paying commission, and it would most likely lead me to want to do more business with in the future.

Lots of tickets were just about $200 total. Why are you assuming a near total loss?

[sddd]

Lots of tickets were just about $200 total. Why are you assuming a near total loss?

I am trying to sell these tix on 6 different platforms at 80% off. No bites. Seems like wayy to much supply

[sruly]

I am trying to sell these tix on 6 different platforms at 80% off. No bites. Seems like wayy to much supply

How far out are the dates? Will they sell when you get closer?

[hide4]

I am trying to sell these tix on 6 different platforms at 80% off. No bites. Seems like wayy to much supply

PFS said themselves they expect most will sell the week of.

[sddd]

PFS said themselves they expect most will sell the week of.

My personal belief is that while that is correct possibly, it will be at tremendously lower prices than the current rate. - most tickets decrease substantially as the week of approaches - there have been studies done.

[Agoldsc1]

This looks to be a colossal failure of a deal. As of today it seems that every ticket will result in losses of up to $200. Don't have any numbers but if we assume around 500 commitments of 10 tickets each, that could easily reach $1M in losses.
I will be very impressed If they make everyone whole without paying commission, and it would most likely lead me to want to do more business with in the future.

I disagree. This fiasco shows that they cannot be relied upon to honor their commitments fully, and that they, directly or indirectly, expect their customers to share in some of the risk, without additional upside. If the deal is that they will refund your cost and an additional $X by a certain date, and then they force you to take a different return, that doesn't inspire condifence in me. Of course, it's better than backing out, and I do give PFS credit for trying to make this work as much as possible. Maybe this is an innexpensive first-hand lesson about the inherent risks of buying groups, regardless of the reputation.   

[S209]

I disagree. This fiasco shows that they cannot be relied upon to honor their commitments fully, and that they, directly or indirectly, expect their customers to share in some of the risk, without additional upside. If the deal is that they will refund your cost and an additional $X by a certain date, and then they force you to take a different return, that doesn't inspire condifence in me. Of course, it's better than backing out, and I do give PFS credit for trying to make this work as much as possible. Maybe this is an innexpensive first-hand lesson about the inherent risks of buying groups, regardless of the reputation.   

Exactly. See below, where I turned down an offer to sell the tickets because I already committed them. It shouldn’t be one sided, and I know they wouldn’t have paid more if it turned out to be more profitable than expected..

Still, I’m just hoping I actually end up getting paid altogether, emails mean nothing.

[lakewood34]

I am trying to sell these tix on 6 different platforms at 80% off. No bites. Seems like wayy to much supply

you have to know at what venues and where the seats are.It could be some of the venues will have higher prices then others and some seats within the same venue may be sold at a premium while others go for a loss.
Your ticket experience while a data point may not be indicative of the overall market.

[sddd]

you have to know at what venues and where the seats are.It could be some of the venues will have higher prices then others and some seats within the same venue may be sold at a premium while others go for a loss.
Your ticket experience while a data point may not be indicative of the overall market.

I have enough venues to know these tickets are doing quite poorly.
And I've reached out to ticket brokers.
And also have been monitoring the various sites and the asking price vs face.
So yeah, they are performing horribly.
Knew this well ahead of the PFS emails that have gone out.

[lindnuck]

I hadn't yesterday but received it today.

Same

[lindnuck]

same here I also don't like that they changed what they had committed to less than 2 weeks ago

Isn't Option A what they committed to?

[lindnuck]

Just received the option to cash out per Option B. Signed an agreement to remit any refund I might get from TM if a show is canceled, and then was able to request a check as usual.

[S209]

Just received the option to cash out per Option B. Signed an agreement to remit any refund I might get from TM if a show is canceled, and then was able to request a check as usual.

+1.. fingers crossed

[S209]

Isn't Option A what they committed to?

Nope, they originally were supposed to pay out everything immediately, then it became everything minus commission immediately and commission later, now it’s everything minus commission immediately or everything plus commission later.

[Tex]

I followed their instructions to the letter. I transferred my tickets the same day I bought them. They flagged my account for some reason, but don't say why.

I am glad they are trying to pay out something. Some scammers would just go silent and not take the loss. However:

- They made a horrible business decision with this deal.
- They are blaming the people that did what they asked
- They changed the terms and basically are trying to get out of paying the commission
- To get reimbursed for transferring the tickets to them, they require signing a lengthy legal document
- Where was the legal document on the front end when they set up the deal? When there is risk to the customer - no legal protection. When there is risk to them, all of the sudden there is a contract.

"Also, I think it would be helpful for you to know that we are expecting – as it currently stands – to take over a million-dollar loss on this deal.
 
While a good portion of that is because of it being a bad deal on our end – not the fault of our members, there is a large portion of the expected losses due to bad purchasing by our members. There were also members that “joined” our deal late once realizing that the deal wasn’t going to work out.
 
Again, it’s impossible for us to parse each person and each ticket to decipher who’s at fault and who should be paid at all vs who should get principle back without commission vs who did everything right and should get both.
 
Also, please keep in mind that we’re laying out millions of dollars for these few months since most people want/need to get paid now, not when their ticket sells. With interest rates where they’re at, this is a very large, unexpected cost.
 
With all that said, if it's still imperative for you to know what caused the flagging, please respond to this email, and we'll do our best to respond in a timely manner.
 
If not, please go back to the email we sent and click the option you prefer so we have it stored in the system and we can move your orders along.
 
Thanks!"

[lakewood34]

"Also, I think it would be helpful for you to know that we are expecting – as it currently stands – to take over a million-dollar loss on this deal.
 
While a good portion of that is because of it being a bad deal on our end – not the fault of our members, there is a large portion of the expected losses due to bad purchasing by our members. There were also members that “joined” our deal late once realizing that the deal wasn’t going to work out.
 
Again, it’s impossible for us to parse each person and each ticket to decipher who’s at fault and who should be paid at all vs who should get principle back without commission vs who did everything right and should get both.
 



They said that you can buy any tickets. Many of their members have no clue what are good seats or not .Yes there were bad purchasing decisions but that was probably because they never laid out any criteria for what tickets to buy.
As a example a friend bought 2 sets of 4 tickets each .I checked on stubhub and 1 group the asking price for tickets in that section is over face value. The second group the asking price for seats in that section is currently 75 percent below face. Clearly 1 group is a better purchase then the other ,however someone with no knowledge of the concert industry can have a very difficult time knowing the difference between a good and bad seat.
The fact that he will quite likely take a million dollar loss and still will cover all the members costs to me says alot. I know some people are complaining about losing the commission but from my perspective if people get their money back they should at the very least acknowledge  that he took a large loss to make that happen.

[JMHO]

We're not talking about a small Makolet... this is a very successful business that has earned it's owners millions of dollars. Just go back through this thread and see some of the 'success deals'.

Sure, I feel bad for another Yid to lose a lot money that's part of every business life.

We must not let them spin the blame on to the innocent pawn in this game.

They screwed up and now it's time to own up!

[Euclid]

We're not talking about a small Makolet... this is a very successful business that has earned it's owners millions of dollars. Just go back through this thread and see some of the 'success deals'.

Sure, I feel bad for another Yid to lose a lot money that's part of every business life.

We must not let them spin the blame on to the innocent pawn in this game.

They screwed up and now it's time to own up!

Pretty obvious that, while it's big loss, for them it's just the cost of doing business. If it was really catastrophic, they'd declare bankruptcy.

[Elishagotts]

People complaining about not getting their commission on this deal really need to take a hard look in the mirror at what kind of people they are, yes they obviously screwed up, yes some if it was out of their control, but the company will be taking major losses just to pay back everyone's cost here (and potentially months in advance of when the tickets get sold) when honestly they owe you nothing,  they just asked you to buy the tickets, they haven't taken it yet in most cases, I bought 40 tickets, I would of made 1k in commissions, if I'm destined to make that money gd will get it to me another way, im happy to forgo my commissions and not cause more pain to another jews business a day before rosh hashana