MilesBuzz! - Cyberrebate is in chapter 11

My friend who is a manager for Cyberebate informed me a few moments ago that they filed for chapter 11 today. They have already let go many people just weeks after moving to a larger building here in NY.

Posted on their website :

STATEMENT BY CYBERREBATE.COM, INC.

Wednesday, May 16, 2001; 11:00am EDT

CyberRebate.com, Inc., an on-line retailer headquartered in Long Island, NY, filed for bankruptcy protection under Chapter 11 in the Eastern District of New York at 10 a.m. today.

As of the filing time, CyberRebate.com suspended operations on its Web site.

Questions regarding customers, vendors and others affected by today's action will be resolved as the bankruptcy process proceeds.

Sadly, most employees were released this morning. A small staff will remain to take the company through bankruptcy.

More information will be available once the bankruptcy process gets underway.

Customers will be contacted regarding their rights and remedies.

Moeman,
I'd sure like to have a little chat with your pal the manager. Any chance of putting that manager's e-mail, phone number, or fax number here...? :::smiling sweetly:::

Anyone have any info. on what happens now. Ironically, my first rebate check was scheduled for 5/17/01!

Ditto on the May check. Luckily it wasn't all that much :-(

Chalk it up to experience, I guess.

What happens next is they will probably put together a list of everybody they owe money to and file that with the court papers will list who is handling the case for them, if you are not listed in the filings then you have to contact the agent to make a claim. Depending on how much money and how many assets they have, you may see none, some, or all of your claim.

The court case is public and available on the web, but you have to register with PACER first and it costs seven cents per page. I don't have my PACER login at the office (my last company went under and I'm following that case), but will try to get the filing posted here tonight when I get home. At least that will have the attornies and agents handling the case listed.

I'm afraid that the same will probably happen to Ebates.com I checked their prices and they are outrageous and it takes a long time to get your money back!

Not sure how these people make money.

------------------
Al

Originally posted by afang:
I'm afraid that the same will probably happen to Ebates.com I checked their prices and they are outrageous and it takes a long time to get your money back!

Not sure how these people make money.


Their prices are outrageous? I didn't think Ebates.com sold anything?!?

They are purely a middleman, collecting a commission from their various website "partners" then passing most of that commission back on to you. In theory its a solid business model, except there are too many players in that market for all of them to succeeed.

As noted, I can not see any problem with ebates and they have always done well by me!

BTW - Though I discussed this company with friends and FT'ers via rmail initially, I NEVER did anything with cyberrebate, nor did I post it on FT, for I feared that something like this unfortunate current scenario was likely! http://www.flyertalk.com/forum/frown.gif

Good luck to ALL affected by the filing! http://www.flyertalk.com/forum/smile.gif

I guess one could safely play with syberrebate 6 month ago and earlier, but not in the current times... which is ironic, isn't it - only accelerates the failures.

Good luck to ebates...they always paid back. The legions of online stores that give them business must be shrinking however, that'd be their problem I think.

I wonder when I'll see a check I have scheduled some time in May on dash.com, though, since three emails to their support a while ago were unanswered - yet the site still works, including payment request. Anyone got something from them recently, United miles/checks?

------------------
Get shopping rebates with http://www.dash.com/default.asp?arID=1&referrerMID=1887280961

Does anyone have any information for those of use that were waiting for refund checks from cyberrebate? How ironic that I too was scheduled for my first check on May 17th. I have two refunds scheduled (thankfully not for too much money), but would like to get that back. Any ideas on how to proceed?

Check in SPAM and some of hte other threads, the statement from the Attorney General's office is posted there, not good news, you have to file a claim with the courts. The post has the link for the form and other information. Wouldn't count on getting much per dollar back.

I looked at the court filings and there isn't anything there yet but the lawyer's office address. They have not filed a creditor list or assets or anything like that yet, indeed the court has given them several weeks to come up with that. I would assume since they didn't go in with that information this one will drag out a very long time.

ErthCrclr-
No would probably not be a good time for me to give you the managers email maybe in a couple of weeks. My friend is crushed and never saw this day coming. According to her the company was growing by leaps and bounds and they were in the middle of hiring additional employees. In fact after we met for the first time she tried to recruit me and I actually submitted my CV to their HR dept. My friend is beside herself and in absolute shock. Originally posted by ErthCrclr:
Moeman,
I'd sure like to have a little chat with your pal the manager. Any chance of putting that manager's e-mail, phone number, or fax number here...? :::smiling sweetly:::

hey, if they could launder finances, it'd be a great scam to pull - run cyberrebate for a while and at the peak, take the money and punt http://www.flyertalk.com/forum/smile.gif

merely a thought, i'm not suggesting anything.

Thanks, cordelli. I'll see what the S.P.A.M thread is saying. Thank goodness I'm only waiting for two smaller refunds.

How about credit card used to purchase from Cyberbanko. Is this situation covered by cardholder agreements?

Sounds like a Ponzi scheme to me. Ponzi scheme = Jail time

Originally posted by pactab:
How about credit card used to purchase from Cyberbanko. Is this situation covered by cardholder agreements?

It may not be, you agreed to purchase that monitor for $6,000 and they delivered it, to the credit card company the transaction is complete. Rebates don't enter into the sale agreement side of it. It will be interesting ot see if any credit card companies agree to it, from the other posts some have already said no.

What is cyberrebate's return policy? I would imagine that if you return (or attempt to return) the $6,000 monitor within the terms of their stated policy and they don't refund the $6,000 you've got a legitimate reason for contesting the credit card bill.

There is a new bulletin board that somebody recently set up that might be of interest to those of you who are affected by Cyberrebate's bankruptcy. See http://communities.msn.com/CyberrebateRebateRecoveryAlliance/messageboard.msnw

Originally posted by RobertH:
What is cyberrebate's return policy? I would imagine that if you return (or attempt to return) the $6,000 monitor within the terms of their stated policy and they don't refund the $6,000 you've got a legitimate reason for contesting the credit card bill.

I would assume when they say things like

most employees were released this morning. A small staff will remain to take the company through bankruptcy

That there won't be anybody there taking returns, and you will just get the stuff back. They are under the protection of the bankruptcy laws now, returns, warantees, all of that stuff doesn't count anymore.





[This message has been edited by cordelli (edited 05-18-2001).]

Cordelli:
I just wonder if you ATTEMPT to return the monitor (under the policy in effect when you purchased it) are you protected by the credit card company? I'll bet a lot of people (luckily not me) are going to try to find out.

I heard on the news that Amex will be supporting their customers in this. (ie chargebacks on uncompleted transactions)

The bankruptcy court has added a link to a very short statment about Cyberrebate on their home page. It's a pdf saying they are working out something, it's not necessary to file a claim just yet.

It's at
http://www.nyeb.uscourts.gov/announcements/memorandums/cyberreb.pdf