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Buyout Offer: 1986 Fleer Basketball Set

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Buyout Offer: 1986 Fleer Basketball Set
December 16, 2021
Claire Zhang

The Cards

The 1986 Fleer Basketball Card set is one of the most significant sports card sets of all time. Its significance is largely attributed to the fact that the set includes rookie cards from players between 1982 and 1986, as Topps took a break from producing cards following the 1981 set. These rookie cards are from some of the most iconic Hall of Famers such as Michael Jordan, Charles Barkley, Karl Malone, Hakeem Olajuwon, and Patrick Ewing.

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The Offer

$650,000, or $28.26/share — which represents a 182.6% gain against the Drop Value of $230,000 and a 46.8% premium to the market cap of $442,750, as of trading close on Thursday, December 16th, 2021.

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The Data

A near-complete PSA 10 1986 Fleer Set sold for $270,000 at Robert Edward Auctions on December 5th, 2021. There were two cards that were not PSA 10: a PSA 9 Michael Jordan and a PSA 9 Johnny Moore.

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According to Card Ladder, the current value of a PSA 9 Michael Jordan is $22.96k and the current value of a PSA 9 Johnny Moore is close to $100.

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Subtracting these values from the $270k sale, and adding back the value of Michael Jordan and Johnny Moore in a PSA 10 ($311.17k and ~$30k, respectively) brings the FMV of a complete PSA 10 set to around $588k.

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A similar analysis by alternative assets blog With Vincent, which used the values of PSA 9 Michael Jordan cards that sold in the same auction, concluded a valuation of around $550k.

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Submit Counteroffer: Open the asset in the app to submit your offer.

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Join the Conversation: Chat with other Otis members about this offer on Discord.
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Trading has been placed on hold pending investor feedback related to the offer. We asked shareholders to provide feedback by  Monday, December 20th at 5pm ET.

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The Otis team will approve or reject the offer based on a number of factors, including shareholder vote, recent sales, and trading price on Otis. If the buyout is approved, investors will be eligible to receive a payout into their Otis cash account once the transaction is finalized.

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RESULT (12/20/21, 5pm ET):

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The offer was accepted. The results of investor feedback were 76.9% approve and 23.1% reject, weighted by shares.

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The final buyout price was $685,000 after one counter offer.

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The final net payout of $29.78 / share represents a return of 197.8% vs. the drop value of $10.00 / share (IPO on 12/1/20) and a 54.7% gain vs. the last traded price of $19.25 / share (at market close 12/17/21).

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