Greg Manning owns one of the world’s most important auction houses for stamps, Greg Manning Auctions, Inc. (GMAI), is also a major auctioneer of coins, sports cards, movie posters, comic books, and other specialty collectibles. Greg Manning does business across the price spectrum but focuses on high-end specialty markets where its expertise and customer service can serve to differentiate the company from the competition. The company has a strong presence in Europe and Asia through joint ventures in Spain and China.
Mr. Manning sued Merrill Lynch, which is the wealth management division of Bank of America, and other stock brokerage houses, for allegedly naked short selling of the common stock of a public company of which Manning owned two million shares. Manning and other former shareholders of the public company filed suit in New Jersey state court, alleging that Merrill Lynch’s actions violated New Jersey law. Merrill Lynch made a motion to have the case moved to federal court, where Merrill Lynch and the other petitioners believed they would receive better treatment than in state court.