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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: Kevin

Sat Oct 23 10:19:57 2010

Zee,

Nope nothing as of today. Other then them them doing some updates to uBid  on the 26th. And then doing some changes to redtag. Other then that we not seeing anything that ''compensate'' vendors in any manner.

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

by: Maria

Sat Oct 23 11:11:42 2010

We do not know exactly what the new owner will do. But running the business tactics, I predict that they may want to retain vendors by giving some kind of incentives. it can be either reducing seller commision or it will be like vendors keep selling  and based on that they may get you some percentage back of your sale. Again it may take years to get you somehing it all depend on how much money you lost how much sale you can do and how much traffic will be on the site . That is my 2 cents. pl anybody fill in.

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

by: Kevin

Sat Oct 23 19:10:54 2010

I don't personally count my egg's before they hatch and being a seller for 6 years with them. As long as they go far away with how they use to run things and the new owners do things right in paying the merchants I don't see any reason they can't do something in the right directions for the sellers and or merchants.  As the welcome email said when the new CEO took over something is in the works and so far there my contacts at uBid hasn't let me know much yet. So like getting paid week to week is a waiting game I'm guessing the other will be also.

The only thing I can think of is a lot like Maria,  has said as some merchants are charge 10% some 20% some 5% depending on the items they sell the only reasonable thing from  there side  is to take a % or 2 off.  But doesn't mean they will do that either.

But then again that just my .5%

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

by: Sam

Wed Oct 27 18:24:48 2010

They are not going to do crap for anyone . It is the same people, doing the same thing as before ....

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

by: LaughingInOrangeJumpSuit

Sat Oct 30 22:30:20 2010

So, is the Enable Holdings experiment done? Redtag done? Most of the former upper management gone? Is the new business owner, Sunrise Bidders, going to focus on uBid? Any of the legacy executives left? The new guy knows one of the old execs quite well, will that be an issue?

So many questions.

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

by: Mike

Tue Nov 2 21:02:03 2010

Does anyone know if Ubid has offered any seller rebate program so they can recoup some of debt Enable Holdings owed?

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

by: Sam

Wed Nov 3 09:21:57 2010

Mike did they offer you anything ? Is the new site design helping or hurting your sales ?

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

by: Investorwholost

Thu Nov 4 16:50:38 2010

Sam is correct.  Same people.  Same CFO Mike M.  Same head of merchants, Tim T.  No money, already, again.  Get out now.

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

by: whatareyoutalkingabout

Fri Nov 5 12:24:10 2010

I thought Mike M. was out.  I thought Tim T. was out.  Perhaps you aren't getting money ... but who told you that Martinez was still the CFO?

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

by: Kevin

Fri Nov 5 14:43:32 2010

I had heard from several sources that Mike M was out as well. And I have dealt with Mike in the past on a personal level.  We are getting paid every week.  Nothing new on anything else the new refresh of the site looks good but the overall traffic still sucks.  Any weird on there plans for redtag.

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

by: DS

Mon Nov 8 09:22:09 2010

Redtag is done, it will be deal of the day only site .

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

by: Investorwholost

Mon Nov 8 15:29:04 2010

Dear Whatareyoutalkingabout, I was an investor, not a certified merchant.  They guy who bought the company was on the Board of Enable Holdings for a year or so.  Mike M is back as is Tim!  They are both friends of the new CEO.  Be careful.

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

by: No$$$foryou

Tue Nov 9 18:39:28 2010

"Mike M is back as is Tim!  They are both friends of the new CEO.  Be careful."

If that is true Tim Tak is the new Teflon Don. Talk about nine lives. This guy has the business, management and interpersonal acumen of a piece of tape. Good luck low dollar UCM merchants, this boat is the same boat, only smaller but just as leaky.

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

by: Sam

Wed Nov 10 08:19:28 2010

All you guys who seem to know everything, please list the actual owners of "Sunrise Bidders Inc" for all out there to know in case they want to contact the REAL owners directly .

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

by: Investorwholost

Wed Nov 10 12:27:08 2010

No$$foryou is right - No $ for me and other investors.  My shares are worthless.  As a matter of public record through the bankruptcy proceedings, Sunrise Bidders is Robert Geras, who sat on the board of Enable Holdings for a while.  Tim never left "just took a leave" and is now back.  Mike was gone for a short time and now back.  Good luck merchants!  

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

by: Mike
Web Site

Wed Nov 10 23:58:13 2010

What are you talking about? Mike and Tim are both gone. We receive the check every Monday. They pay on time now.

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

by: Investorwholost

Thu Nov 11 10:00:40 2010

Ok, "Mike" in order to cloak reality, both Tim and Mike have returned under a "consultant" title.  "It's not a lie if you believe it" - George Costanza.

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

by: justsomeguy

Sat Nov 13 17:46:51 2010

one thing is right ... watch out little guys.   It will take sales volume to keep uBid going and to pay vendors.  Right now, it looks like the product is not there.   Historically, customers went to uBid for laptops.   But, look at what's out there today:  Mostly Jewelry  

Rings 17%
Earrings 8%
Necklaces 7%
Mens Jewelry 6%
Cell Phones 5%
Digital Cameras 4%
iPod & MP3 Players 4%
Other Collectibles 4%
Coins 3%
Bracelets & Anklets 3%
Home Decor 3%
Pendants & Lockets 2%
Fine Art 2%
Laptop Computers 2%
Computer Accessories 2%
Gardening & Plants 2%
Computer Components 2%
Video Games 1%
Mens Watches 1%
Software 1%
Portable Electronics 1%
Camcorders 1%
Automotive Gear 1%
GPS Systems 1%
Home Security 1%
Headphones 1%
Car Electronics 1%
Health & Beauty 1%
Home Audio 1%
Sports Equipment 1%
Printers & Scanners 1%
TV Accessories 1%
Hand Tools 1%
DVD Players & DVRs 1%

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

by: oldemployee

Sat Nov 13 23:41:32 2010

i know first hand that uBid/SunRise is still doing the same shady deals. the ceo is now scott something or another. Mike M and Tim T are back as "contractors" and they kept Amy on for a short while also. hope they go under and stay under.

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

by: JonBSeller

Mon Nov 15 14:59:10 2010

Mike as "Moe", Tim as "Larry", and Amy as "Shemp" - The three stooges!

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