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Fri Nov 20 2009 16:48:38

uBid Sellers Worried over Enable Holdings' Financing

By: Ina Steiner

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There have been recent reports from third-party sellers on uBid who complain of late payments from the marketplace. Enable Holdings, parent company of uBid, has been trying to arrange financing. Today's SEC filing show the issue remains serious.

According to the filing, a $500,000 loan in the form of 2009 Convertible Promissory Notes provided by Hdibu LLC, Theodore Deikel and Talos Partners LLC on October 9, 2009, is due on November 30, 2009. From the filing:

The Company is negotiating a financial restructuring with its secured and unsecured creditors which is being done at the same time the Company is attempting to secure further financing.  There is no assurance the Company will be successful with the financial restructuring. If the Company is not successful, substantial doubt exists as to its ability to continue as a going concern.

The full Form 10-Q for the period ended September 30, 2009 is available online. It's not clear how long the company has to get its financing in order. Enable Holdings' CEO Jeff Hoffman was not immediately available for comment.

Third-party sellers on uBid.com fulfill customer orders and had generally been paid weekly by uBid, which processes customer payments. We'll update this blog post as we learn more.

Updated December 30, 2009: See AuctionBytes Newsflash article from December 30 for latest news on resignation of Enable Holdings CEO.

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Readers Comments

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Really? C'mon...

Thu Jan 28 10:12:57 2010

Guess the silence answers the question JOHN.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Jan

Fri Jan 29 18:35:14 2010

ubid still owes me over $1200...not holding my breath.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Any new news?

Wed Feb 3 11:46:14 2010

Any news on what is happening at ubid? Staying in busines?

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Stock down 15% today!

Wed Feb 3 18:10:26 2010

Do not worry though, that is only...wait for it...3 pennies. Too funny.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: UBID SUCKS

Fri Feb 5 21:01:12 2010

Ubid owes us 7k since October and havent heard a word from them. Anyone have ideas on how we should pursue this? We have obviously stoped selling on the site as soon as they were late with out first check.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: really c'mon v2

Sat Feb 6 02:08:19 2010

you stopped selling as soon as they were late with your first check.  C'mon, there were months of late checks, but vendors hung in there.  Better to get something than nothing.  You are about as believable as Wood.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: No payment issues

Sat Feb 6 14:59:58 2010

UBID SUCKS - have you tried contacting Tim Takesue or Miguel Martinez directly?

And why continue selling if 1st payment is not made on time? Seems to a reasonable person that only portends future issues.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: really c'mon v3

Wed Feb 17 18:08:56 2010

Stock closed at fifteen cents today. Better call in those markers sellers. Call the new CEO, maybe he is a bit more concerned paying money that is owed. Or maybe not.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: ubid truth

Fri Feb 19 12:49:20 2010

If you are owed money, ***SUE*** them for conversion and fraud.  If they represented one thing and did another, and you relied on their promise to pay, and you were damaged, that is fraud.

Sue the company and its CFO individually for his fraudulent decision to pay someone else but you.

uBid operates as a virtual consignment house.  If a consignee sells something and pockets your money, you might find a prosecutor in DuPage County (uBis'd county) that will file a felony charge against the company and its CFO, and perhaps Mr. Hoffman as well if he knew about the plan to use UCM money to pay others (such as himself) first.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: really c'mon v4

Fri Feb 19 23:31:27 2010

Best SUE double quick time as the paper is only trading at 13 cents. Yes, that is correct, thirteen. And the shares are being given away like candy again.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: ExecutiveCoffeePot

Tue Mar 9 10:35:57 2010

Sure is quiet here lately. Any news on the new management team? Merchants getting paid on time now?

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: ArmyOfOne

Thu Mar 11 11:03:26 2010

WOW! Now I understand.
I'm sorry this isn't good news for sellers.

I was a disgruntled customer who with a single purchase became aware of UBids's illicit practices. I wondered how they were able to hang on that long. I used all the tools I could think of to help their demise and gleefully watched their stock plummet to 10 cents.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: HOTSUN

Sat Apr 10 02:07:31 2010

What about the buyers who return items and never get their refund, hardly seems fair that a buyer has to pay a fee when you win plus 14.95 for shipping never get a refund when returning an item when it was not as described. I will never purchase fom this company ever again, and will pass this information on to others.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: ??

Mon Apr 19 14:23:53 2010

Are you guys being paid now for current items that you are selling ?

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Thomas Chao
Web Site

Tue Apr 20 11:30:54 2010

We are the ubid/Redtag seller around 2 years.We do not received any payment from 09/2009 until now.We really do not understand why still have the sellers on ubid right now!!!

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Orange Jumpsuit

Mon Jul 5 17:57:16 2010

Five cents and a Mark Cap of under 1M. Sheesh.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: xxx999

Mon Jul 26 12:58:51 2010

i guess it's Pat's turn to be burned

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Mark
Web Site

Mon Aug 30 23:45:07 2010

We are seller on Ubid and we are  in same bad situation as last year- we have not seen a dollar since August 1.2010 - there is definitelly something wrong, they don't reply on email, they don't explained anything, they don't answered phones. Be aware to sell through UBID.com.

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: hj

Thu Sep 2 16:29:22 2010

We are also a UBID Seller and the payments have completely stopped with no explaination.  Phone calls are not returned,  no answer to emails as to where the money is.  Don't sell on UBID!

Perminate Link for uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Mike

Sat Sep 4 11:06:57 2010

We contacted the vendor support regarding the payments. They said the accounts payable has no information at this point and wanted us to contact the CFO. The CFO never answers the phone and replies to the email. The same situation as last year. Please don't sell on ubid any more.

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