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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

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: no watches?

Thu Jan 7 00:27:00 2010

where are the watches?  

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: justwaiting

Thu Jan 7 03:13:54 2010

most likely the vendor pulled inventory

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: anyoneoutthere

Thu Jan 7 08:46:39 2010

House, you still posting?

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: BestDayEver

Thu Jan 7 12:24:14 2010

He was the number one vendor for Q3 2009.

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Richard Zee

Thu Jan 7 17:37:55 2010

Maybe someone should find out from them , they can be found at http://alwaysatmarket.com/Index.aspx

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: going,going,?

Sun Jan 10 14:54:36 2010

any new information on uBid status?

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Wood

Sun Jan 10 15:28:39 2010

Getting paid right on time. Selling like crazy. uBid is really doing great for me.

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: going,going,?

Sun Jan 10 15:43:38 2010

hey wood

me too, so far so good.
some back-pay issues.
i'm not going to let that stagnate cash flow.

still, i worry somewhat at the silence.

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Wood

Sun Jan 10 15:50:00 2010

What are the back pay issues?

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: suspicous

Sun Jan 10 22:33:07 2010

Wood,

Please post a link to one of your auctions on uBid.   I have my doubts that you are legit.

suspicous

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Who is wood

Sun Jan 10 23:39:44 2010

Wood, what category do you participate in? How log have you been a ubid partner?

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: going,going,?

Mon Jan 11 08:12:23 2010

hey wood,

easy big guy.
don't get your panties in a bunch.

like other merchants, there are issues of back payment.

we are still waiting for payments from well over 90 days promissed for payment in Jan-2010.

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: R. Zee

Mon Jan 11 08:16:52 2010

It sounds like wood has been paid in full ,since they seem surprised of back payment issues . So it looks like ubid is paying some people and not others .

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: going,going,?

Mon Jan 11 09:24:50 2010

hey zee,

who knows. maybe wood is a Ubid employee or even a board member. with sales so low, not much more to do.

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Wood

Mon Jan 11 14:49:37 2010

Hopefully none of you go into the detective business. You would lose more money than you did selling on uBid. You are all so negative. What does negative get you? Nothing...I have no problem with uBid. I'm getting paid right on time...

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Wood

Mon Jan 11 16:55:21 2010

ok, here you go

http://www.ubid.com/HP_Mini_110_Intel_Atom_N270_1.6GHz_1GB_1
6GB_10.1%22/a11374642.html

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Wood

Mon Jan 11 17:57:37 2010

THIS WEB ADDRESS WAS NOT POSTED BY WOOD. SOME LIAR POSTED IT...
http://www.ubid.com/HP_Mini_110_Intel_Atom_N270_1.6GHz_1GB_1<
BR>6GB_10.1%22/a11374642.html

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: liar

Mon Jan 11 20:54:12 2010

that is right, it's just too easy to lie when posting anonymously ... ha

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Wood

Mon Jan 11 22:16:10 2010

Liar you are too funny. Best laugh I have had all day reading your post. The money keeps rolling in. No problem with uBid here...That is the truth!

uBid Sellers Worried over Enable Holdings' Financing   uBid Sellers Worried over Enable Holdings' Financing

by: Realityczech

Mon Jan 11 22:30:36 2010

Looks like ubid is back in the money!




Form 8-K for ENABLE HOLDINGS, INC.

11-Jan-2010

Other Events


Item 8.01 Other Information.
On October 9, 2009, Enable Holdings, Inc. (the ''Company'') received total commitments for a $500,000 loan in the form of 2009 Convertible Promissory Notes (the ''Loan'') provided by Hdibu LLC, Theodore Deikel and Talos Partners LLC (collectively, the ''Investors''). Such Loan was



reported on a Form 8-K filed by the Company on October 9, 2009.

The Company hereby announces that it has repaid the Investors the Loan in full on a timely manner pursuant to the terms of such Loan.

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