Bidville President Resigns, Auction Site Seeks Additional Financing
By Ina Steiner
Filings with the SEC show that Bidville's Michael Palandro resigned his position as President, Chief Executive Officer and member of the Board of Directors of Bidville Inc. effective September 21, 2005. The filing said Palandro left to pursue other interests" (http://digbig.com/4esde).
The announcement came 1 day after the company filed its 10-QSB for the period ending June 30, 2005, that stated the company "has experienced a significant loss from operations and has working capital and stockholder deficits. For the period ended June 30, 2005 the Company incurred a net loss of $1,542,819. In addition, the Company has working capital and stockholder deficits of $1,639,587 and $1,518,632 at June 30, 2005." In August, the company had filed a "Notification of Late Filing" of its 10-QSB.
Bidville said in its filing it is pursuing additional equity financing for its operations and to expand its operations. The filing also indicates on August 8, 2005, it placed investor Delmount in formal default due to its failure to meet its obligations (http://digbig.com/4eseq).
On September 23, the site posted on its announcement board a message starting, "First and foremost, we sincerely apologize for the delay in communicating our current situation." The announcement was vague about what the situation was. After stating the site would suspend all billing processes "until the billing, FSF Refunds, and Customer Service issues have been corrected," the announcement said, "Please bear with us during this period of reorganization." It was the first announcement posted in 2 months, and some users have complained that Bidville has not been posting seller listings or responding to inquiries.
AuctionBytes was unable to reach anyone at the company for comment.
About the author:
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to email@example.com.
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