"I may be wrong but I believe the h&c inventory had some 3,000,000 chips."

The inventory at the PS plant in LV had no where near that many chips and did not have the President chips in it. I went through the inventory and took 2 or 3 of each. Some time later Mike Spinetti bought it.

My guess is the ebay seller bought the rack from the people that had it made and never got a license or went broke before they could use it.

IMO, PS would not have run that many chips for a non gaming licensee without getting the $ upfront.