uBid.com Sends Email to 3P Merchants after Restructuring

Online auction site uBid sent an email to third-party merchants on Friday informing them of the UCC auction of the assets of Enable Holdings that took place earlier in the day. AuctionBytes reported on the pending sale of Enable Holdings assets by secured creditors in Friday's newsletter.

According to the letter sent to merchants, Sunrise Bidders won the auction and is operating as uBid Inc., and it said the company was now in better financial condition than it had been for 10 years.

The company said it would "refresh" the uBid and RedTag websites and would roll out a new structure that would enable sellers to make more money through successful selling. The letter was signed, Scott Koerner, President and CEO of uBid, Inc. The email follows below, please comment on the AuctionBytes Blog.

Dear uBid Certified Merchants,
As you may know, an auction was held today, October 8th , to sell the assets of Enable Holdings. Sunrise Bidders, Inc., the senior secured lenders, won the bid and have taken ownership of substantially all the assets of Enable Holdings. As of October 9th, the new company, Sunrise Bidders, Inc., dba uBid, Inc., will go forward as a well-capitalized going concern, which is great news for all of us.

We sincerely appreciate you as vendors, sellers and partners, and are grateful for you sticking with us through the toughest times over the last number of months and years. We are now in a very exciting time: we are in a better financial condition than we have been for almost 10 years and can now devote all of our energy to growing the business - profitably.

As you may have questions regarding the payment process for UCM sales under the new ownership, we will be adhering to the following structure:

1. The proceeds, less commissions, for all transactions that are associated with a UCM's product sale on ubid.com or redtag.com will be deposited into a segregated account and will be specifically earmarked for payment to that UCM.
2. For all tracking numbers that are entered into the system, the cutoff for payments will be each Wednesday at 5PM CDT/CST and will cover the prior seven days' sales.
3. Payments to all UCM's will be made each Friday by either check or ACH. We would prefer to make as many payments as possible by ACH, so if you are currently paid by check and would like to switch to ACH payments, please contact Seller Support; they'd be happy to set you up. For those who elect to be paid by ACH, depending on your bank, funds will be available to you the next business day.

Over the next few weeks we will be rolling out a refresh of both the uBid and RedTag sites that will include a number of very exciting changes, we will notify you of the specific changes in advance of the rollout. Additionally, next week we will be working on a structure to reward you for sticking with us through some very challenging times; the objective of this structure will be to enable you to make more money through successful selling,.

If you have any questions or concerns, please feel free to contact me, seller support or anyone here at uBid; our overriding objective is to provide you with a solid and secure platform on which to grow your own business - profitably.
Kind regards,
Scott
Scott Koerner
President and CEO
uBid, Inc.
1140 West Thorndale Ave
Itasca, IL 60143
D. 630-948-4207