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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: noShemp

Mon Nov 15 16:56:00 2010

JonBSeller, if you knew anything about what was going on, Amy was not part of the three stooges.  Mike and Tim ran things their way.

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

by: LaughingInOrangeJumpSuit

Tue Nov 16 14:46:16 2010

Anyone know if Q3 financials still need to be filed? Or are they now redundant just like EH old debts?  

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

by: Te

Fri Nov 19 09:53:08 2010

Can you describe the "shady deals" they are doing ? This forum would be great if everyone just talks facts and not personal opinions .

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

by: Ted

Fri Nov 19 12:05:48 2010

Te - What facts?  This is not a forum to discuss facts, but rather reactions to "Sellers worried" ... worried?  that is not a fact, but opinion.  So if you don't like this forum, don't post in it or read it.  It is all opinion and no facts.  

Run along!

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

by: Jewelry4sale

Fri Nov 19 16:51:41 2010

I'm already worried.  The home page is full of ads linking the end user to other closeout/deal type web sites.  Do they already need to go to that level in order to generate revenue?  I thought it was rule #1 that you want to keep the audience on your site?  I don't see how that can be a good sign for sellers.

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

by: Te

Mon Nov 22 16:20:54 2010


Yes Ted that is correct , re-read my post , I was making a suggestion that the posters should discuss facts about the business not personal opinions ,it would make this forum alot better for all involved , if you do not like my suggestion , than you move on !

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

by: Takoomee

Mon Nov 22 23:47:02 2010

Facts. What rubbish. Who needs facts? This company had always been run on a business plan with a three month window. And that is a fact.

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

by: Ted

Tue Nov 23 10:49:17 2010

Te-

Do you make decisions based upon this forum?   Don't you realize this is really no more than an outlet for frustrated sellers, ex-sellers, and ex-employees.   If you take all of this seriously, then you really do need to run along!

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

by: maria

Wed Nov 24 18:17:49 2010

Ubid. Is stopping the sellers checks from Dec 3rd week. That is a fact and you will see.

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

This user has validated their user name. by: Ming the Merciless

Wed Nov 24 20:02:09 2010

@ Ted (ebay/LieWorld troll nom de jour)

Better to take advice from ex ebay employees who know the devil inside out, frustrated sellers who've been screwed and tattooed and understand the this devil, and ex sellers who prove there is life beyond ebay.

I'll listen to them before I'll pay any attention whatsoever to what the Troll Brigade has to say.

Tomorrow is The Headless Turkey's Day, and he didn't get a pardon from the president.

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

by: Mike

Wed Nov 24 23:13:36 2010

Maria, why did you say Ubid. Is stopping the sellers checks from Dec 3rd week? Please let me know. Thanks

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

by: Ted

Wed Nov 24 23:26:06 2010

@Ming, don't get me wrong ... I was barking at TE for complaining.  What troll brigade .. I still say don't make decisions based upon this forum, but uBid history speaks for itself.

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

by: Kevin

Sat Nov 27 16:59:23 2010

maria,

What is it that you heard about uBid stopping paying us on the December 3rd week?

As we haven't  heard anything about this.  


And to the other posts no matter the forum or message boards there will always be trolls cause some people have nothing else better to do then to spin the facts or make up there own facts.  Just over look them they go away when no one talks about them or care's about there 2 cents.

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

by: Jewelry4sale

Sat Nov 27 20:11:02 2010

Spoke with a seller who said he was cut off and cant sell watches anymore because ubid is going to use one exclusive seller.  More of the same from tim and mike

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

by: maria

Mon Nov 29 18:11:20 2010

Sorry guys. Ubid was not getting any financing. I just heard they might get it and if they really get it then sellers will be fine for a while.(Do not know exactly for how long.)That's my 2 cents. If any body knows more then pl share

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

by: Sret

Tue Nov 30 07:31:32 2010

Maria, cutting off payments would be impossible, because the new ubid stated each vendor has a dedicated account for there sales , so the money has to be there ,  unless this is another ponzi scheme and the Feds need to investigate

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

by: Fred

Tue Nov 30 13:20:48 2010

I have heard the same as Sret posted,  That each of the sellers funds go into a different account then the fee's and other items to run the company. And that only certain people are able to access them funds. So if the payments do stop then something surely needs to be looked into.

However with the new people running the company I would hope it wouldn't be running into the ground already. If so then there really is no hope.

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

by: Jewelry4sale

Tue Nov 30 16:24:14 2010

it sounds like they set up an operating account to run the business and another account to pay sellers, so we are getting paid so far, but Fred - aside from the new CEO it is the SAME people running the business, do not be fooled.  It is that type of dishonesty that scares me about this company

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

by: DibuBoy

Thu Dec 2 12:54:46 2010

Seperate accounts. That is a good idea. Until numbers bleed red and the only way to keep compensation paid and the lights on is to raid the UCM fund. These people are pros, folks. A knife in the back of trusted colleagues is nothing to them, let alone some stranger tyring to scrape a few bucks selling old DVD's or refurbished desktop computers.

Sometimes only trolls know the true cost of passage over the bridge Kevin.

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

by: maria

Fri Dec 10 18:03:46 2010

We are not quite in 3rd week of dec, but already start seeing message in seller central page that ubid is switching from erp to oracle that's why sellers will not see remmitance report but will get checks. We all hope that sellers will get checks

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