Global Rewards: 70 billion points, and counting...

 
Old Nov 6, 01, 6:15 am
  #1  
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Global Rewards: 70 billion points, and counting...

That's how many GR points are out there, according to the administrators. wowwee.
Must be all those Diners club points.

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Old Nov 6, 01, 7:38 pm
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Richard, how did you find this out?

70 billion points at, say, 1c per point, is $700 million.

So, would you say that, long before they called in the administrators, they had no chance of honoring these points?
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Old Nov 6, 01, 8:10 pm
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An ex-AN staffer I know told me the Marks had released that stat, but I can't find a media version of it anywhere.

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Old Nov 7, 01, 1:59 am
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It was in the Sydney Morning Herald on Tuesday.
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Old Nov 7, 01, 8:34 am
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<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by MukMuk:
So, would you say that, long before they called in the administrators, they had no chance of honoring these points?</font>
Interesting speculation. Wouldn't it be possible to charge Toomey and others with some form of fraud in that case?
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Old Nov 7, 01, 4:07 pm
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If there are $70 billion points, then each point is worth...

0.20142857142857142857142857142857 cents

The GR liability is $141 million.

Cheers,

Justin

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Old Nov 7, 01, 11:48 pm
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One thing that would be important to know though: How many of those points were actually worth anything under the Global Rewards scheme?

GR had so many signup offers and bonus points with Etrade, one of the phone companies, etc, that I know many people with less GR points than could be redeemed for a flight.

If the GR scheme was re-constituted, those points would still be worth nothing, at least in the short term.
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Old Nov 8, 01, 1:24 am
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According to reports, the average AN Global Rewards member had 27,000 points.

More than enough to do something with, but granted, I'd take it that many didn't have much to play with.

Cheers,

Justin
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Old Nov 8, 01, 8:45 pm
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...which means there were 2.6 million Global Rewards members.
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