From who?
It's very well established that while it's not all, a serious majority of players prefer eliminating the list.
All of the major dealers prefer a world without the reserved list because reserved cards are actually a bad investment due to high pricepoint and low liquidity.
I don't see any evidence that there's a sizeable group who are seriously negatively impacted by this decision and would complain in a way that would register above the universal complaining that follows every WotC decision.
I mean, do you have numerical evidence for this? I know plenty of players that have scrounged across years acquiring their favorite reserved list cards to play legacy / EDH. They've also got the best versions and the shiniest things. All of those players would immediately have value snuffed from their existences, unless it were handled very carefully. Keep in mind too, many magic players attach their identities to their cards. Not a great look if suddenly the identities they built up are ripped from below them.
Just to clarify what you are saying here -- are you saying that reprinting old cards is a zero sum game for Wizards / Hasbro? And if you are saying that, what is your evidence for this? I feel like the infinite future value of underground sea reprints on a profitability level could certainly exceed the value of all lawsuits waged against Wizards, but I have no way to prove this. Also, the problem with any philosophy surrounding this is that when it comes to Finance, which really is what I feel this legal fight would be about, Wizards is up against a pretty vicious wall IMO (see my view of this situation below).
Why? It's not like cards that they're allowed to reprint never get expensive. Even at their super-high prices the actual high-value reserved cards make up a minuscule portion of the whole actual secondary market.
I am curious as to your evidence of this. Not saying you are wrong, I just haven't seen enough data to conclude one way or the other about how many underground seas are sitting out there waiting to lose value, for example.
My Feelings On The Reserve List
I think the reserve list is terrible for magic the gathering as a product / game. I would love a reasonable avenue for the reprinting of old cards, but given WOTC's missteps even in standard, I fail to see how the company will come up with the proper solution. I also wouldn't know what that would mean for the game's various formats, though for new players it would be great. Regardless, I think Wizards has backed themselves into a legal corner that, if mishandled, could torpedo the company and set its legal fees skyrocketing well above absorb-able levels for a decade or more.
I'm a finance guy, and I've seen the wall street sharks come at certain issues like this before. I am not a lawyer, so that part I would have to leave to counsel. However, the intrinsic value of reserve list cards does not only extend to the prices you currently see on the market. As evidenced by the past 25 years of magic card price movement, the value in reserve list cards is also tied to the future.
It is also a value clearly established by the company in charge of the cards reprint cycles. I.e., they said they will never reprint them. In a public manner. In finance terminology, they not only established the future values of an asset but may have made their own market. One could even argue that that market needs regulation, and if a market needs regulation that means the owners of assets in that market have certain rights that can't be taken away. In some ways, you're talking about property that has almost been made equivalent to real estate in terms of future expectation. I know this sounds absurd, but those who are investors in these cards could easily make the argument that a company just came and took their "land" away. Would it fly legally as a class action promissory estoppel suit? I have no idea. But as a finance guy I can tell you the net present value of an Underground Sea with some degree of very clear mathematical certainty. And if another party were to step in and completely destroy that value, you better believe a savvy investor would consider recourse against that party. And this isn't what I would necessarily choose to do personally, although as a full disclosure I have quite a few reserve list cards. But I think this is where the argument would end up in court, from a finance perspective. WOTC just took my real estate and trashed it, after promising never to do so in a public manner and establishing their own market for assets. This market needs regulation, and the court needs to step in and force them to compensate investors in their market for their losses because they violated their contract with said investors.
And if investors attached the value of their collections to net present value instead of present prices and won, WOTC could be very f'ed financially.
Like I said, I think it could be a decade worth of legal battles, one battle of which could be an injunction against printing the cards themselves. It is an absolute potential nightmare. It is still my opinion that they have ways out of this, but just randomly printing the reserve list cards out of nowhere with no warning or discussion is a very very bad choice in my opinion (not only potentially from a finance perspective, but from a player perspective and those that have played the game since the beginning, such as myself).