Hi @GM8, although I can't speak on specifics of their business, the general ownership structure is the same. Each asset is its own LLC, which is split into shares, securitized, and shares sold in an IPO. Although the shares are generally non-voting, sentiment is taken for the disposition of the assets when private offers are received. In addition to AF15, other comics we're preparing for IPO (but not yet listed) include Fantastic Four #1, All-Star Comics #8, Journey into Mystery #83, and more.
Some of our investors are drawn to the investment opportunity and return potential, while others are excited about owning a stake in that rare, out of reach thing. Ultimately, supply and demand of the shares will determine the value of the unique asset being traded amongst many investors, and not necessarily the value of the book to a single person. This is the major paradigm shift of our platforms. However, it's a shift that most people aren't yet accustomed to and, as low-cap companies with relatively low liquidity today, trading periods are spaced out to batch volume.
Each of our companies may pursue different long term business models, but the primary source of our revenue will not be in the short-term turnover of the assets, fees baked into the initial offerings, or trading. We work with registered broker-dealers partners to enable our services, and cannot legally collect commissions on trading without registered reps. Although it may change in the future, investors' expectations are that trading remain commission-free, which we work hard (and at great expense) to offer.
As previously mentioned, the shares are non-voting for a few key reasons, one of which is to prevent hostile takeovers by major shareholders. Each asset is its own company and capable of generating revenue through a variety of methods including sponsorship, exhibits, etc.
As with art and artifacts, the value of comic books, collectible cards, etc can be attributed to their intrinsic social and cultural value, and by those who want or care about them. They've been attributed value by collectors/investors, as well as by the fans (old and new). Superhero films have been an amazing boon to comic collectors, creating enormous cultural awareness around these stories. Platforms like Mythic Markets give people access to this market that they previously lacked the awareness or financial capacity for. For others, it's an opportunity to diversify and unlock liquidity.
In essence, you do own a share of the comic (or other asset). I'll break it down. You can't easily part out a comic book between multiple people where 10 people take a single page home, and you couldn't part out a company like Apple where somebody owns a part of the iPhone tooling and another owns a faucet in the micro-kitchen, etc. We needed to create a structure that could be split into representative shares and sold. That's where the LLC structure comes in. That company exists solely to own and hold that comic book in title, is parted out and securitized, and sold. Investors are buying a piece of that company in basically the same way as investors buy a piece of Apple when purchasing its stock. The LLCs are financially supported by the Manager (INC parent company) until such time as they become self-supporting. In the case you're describing, the LLC would simply liquidate the asset at market value, and distribute the proceeds to shareholders of the LLC, based upon their pro rata ownership. The LLC structure is specifically designed to shield the asset and its company's shareholders from any liabilities of the Manager or other assets.