uBid.com (Enable Holdings) Loses CEO (Update)
By Ina Steiner
Updated 12/30/09:SEC documents filed today confirm that Jeffrey D. Hoffman resigned as the Chief Executive Officer of Enable Holdings, Inc. on December 22, 2009. According to the 8K filing, Mr. Hoffman entered into a Separation Agreement and Release dated December 22, 2009, in which he agreed to a lump sum payment of $50,000 and cancellation of 600,000 currently exercisable stock option issued to him in September 21, 2007 and an aggregate of 403,125 warrants held by him.
Enable Holdings, which operates liquidation services and websites including uBid.com, is rumored to have lost its CEO. Jeffrey D. Hoffman was listed as Chief Executive Officer and Director of Enable Holdings until recently, but his name no longer appears on the corporate website management page.
Mr. Hoffman had joined uBid.com in September of 2007 after establishing a track record in the fields of online auction and retail, software, and entertainment, including as founder and CEO of Priceline.com.
In the fall, some third-party merchants who sell on uBid.com reported problems with late payments, and the company's SEC filings revealed serious financing issues. Just prior to Christmas, sellers reported hearing that Mr. Hoffman had left the company, but calls and emails to the company have not been returned.
It appears no records have been filed with the Securities and Exchange Commission informing the agency of a change in management.
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Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to email@example.com.
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