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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: Sam

Tue Oct 5 10:21:57 2010

Maria , please call your accountant , you do not know what you are talking about , the new owners can NEVER pay the old ubid debt after Friday . IT IS ILLEGAL TO DO SO!

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

by: Maria

Tue Oct 5 10:39:28 2010

Sam,New owners can still make some arrangement's(It can be in any form) to sellers for there past balance. Again they can only do it at there will. That will bring back the sellers to post again to the site and that will make the site generating money.

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

by: Zee

Tue Oct 5 13:33:20 2010

Ok Maria , let us all know what they do for you .

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

by: Maria

Tue Oct 5 14:30:01 2010

New owners can give some kind of break in there comission for some time to sellers let say if commission was 10% they can charge 5% for some time untill your past balance is zero.This will be the win win situation for both, new owner will get the ongoing postings from sellers and sellers will get there past balance. Although in this case seller will have to wait for a long time but for getting nothing is get it. What sellers think about this option?

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

by: UCM Fool

Tue Oct 5 18:55:18 2010

Maria you are living in dreamland.

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

by: Maria

Wed Oct 6 09:00:54 2010

Always think positive

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

by: UCM Fool

Wed Oct 6 10:23:49 2010

Ok, I am positive that you live in dreamland.

There is no financial incentive for the potential new owners of enable to offer anything to existing vendors, be that ucm or not to help compensate the loss of funds do to a BK. That is the point, to not have to pay out those funds and to once again fleece those that are owed payment. UCM vendors have always been treated as just a revenue source to shoestring the company together while waiting for funding from over enthusiastic investors.

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

by: Maria

Wed Oct 6 10:42:05 2010

Thats why enable holding fails and cannot be in positive side. We all hope new owners will realize that how vital are the sellers to acheive the positive numbers.

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

by: seller

Wed Oct 6 14:25:38 2010

Hi guys, today was supposed to be the court hearing. does anyone know what the final verdict on that court hearing was?

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

by: Maria

Wed Oct 6 15:30:01 2010

Sorry, Court approved it. It is liquidating the EH assets as scheduled on 10/08.

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

by: Mike

Wed Oct 6 19:37:51 2010

Ubid.com is still running and it pays the vendors every Friday.

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

by: LaughingInOrangeJumpSuit

Wed Oct 6 21:42:41 2010

Buh bye.

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

by: Maria

Thu Oct 7 09:49:13 2010

Hmmmmm, It is noticeable that there are lot of sellers who have stopped posting earlier are posting it again on UBID? Somebody knows something?

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

by: Zee

Thu Oct 7 19:40:02 2010

I do not see any new postings on the site .The listings are down 20% from a month ago .

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

by: Mike

Thu Oct 7 21:08:16 2010

I do see some new listings with  large quantity on Ubid. I think most of them believe ubid will pay them on time now.

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

by: Kyle

Thu Oct 7 21:11:40 2010

Ubid does not exist after 10am tomorrow morning,it is a liquidation sale of the Company .

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

by: Mike

Thu Oct 7 21:29:07 2010

They are selling the assets of Enable Holdings, but Ubid is still running, otherwise nobody sells on Ubid.

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

by: thinkaboutit

Thu Oct 7 23:27:16 2010

Think about it, uBid was not turning a profit off of the current business.   At the current volume (last 3 years) rates were not high enough to cover costs.  There are only a couple of good vendors left, the rest of you were there just to feed off the crumbs that fell from the big guy's (HP, @Market, Dyscern) table.  Sure, uBid was great for your business, but it couldn't turn a profit.  So unless one of you guys will take it as your own (and crowd out other vendors), then it will just die.  

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

by: Maria

Fri Oct 8 00:18:29 2010

Its  about time to open the curtain and see who is the new owner. You will be surprise.

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

by: Kyle

Fri Oct 8 07:53:16 2010

Deikel is the real owner of the company , he owns most of the secured debt , he is the one bidding for the assets this morning and will buy the assets for pennies on the dollar and wipe out all the old debt .

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