With no money in the bank, millions of dollars owed to creditors, and thousands of cards stuck at PSA, Marx Cards filed for bankruptcy on February 7, 2022.
Court documents reveal staggering business failures.
Marx Cards mostly blames the PSA shutdown of economy orders on their downfall.
Court documents claim Michael Minjares owns 80% of the business.
It appears the entire PSA group submission operation was being run through Instagram. At their peak, the company submitted 30,000 cards to PSA in March 2021. That number dwindled to around 100 in the last few months of business.
Marx Cards was located at 4045 Via Pescador, in Camarillo, CA.
Gross revenues for the company were:
2020: $953,924 (3 months)
2022: $22,652 (25 days)
Hundreds of people are owed cards through Marx Cards group submission deal with PSA. Many are listed in court documents, including hobby stores Card Collector 2 and Jaspy's Sports Cards.
Grading fees for those who had cards submitted through Marx Cards will be paid by PSA. Individual accounts will have to be set up for each impacted customer and that could take some time. Any up-charges would need to be paid by the customer and not by PSA.
Marx Cards tried to explain himself in this statement of financial affairs.