Cyberrebate.com Bankruptcy notice emailing
I got this today, in case they missed anyone here's the email:
________________________________ UNITED STATES BANKRUPTCY COURT Firm Id# 11-2301137 EASTERN DISTRICT OF NEW YORK Attorney Id# bp3711 ------------------------------------------------------X IN RE: CYBERREBATE.COM, INC., Chapter 11 Case No.: 01-16534-CEC Debtor. ------------------------------------------------------X PLEASE TAKE NOTICE By order dated September 20, 2001, the Court has ordered that in all instances except as specifically provided in the order, notice need not be given to all members of the creditor body unless a specific request to continue to receive notice is filed with the Clerk of the Court and with a copy to counsel for the Debtor. Such a filed notice should contain the following information: 1. The name and number of this case as it appears above; 2. A request that notice of all proceedings be given to the entity filing the notice; and 3. The name and address to which notice shall be sent. For Web Claimants (defined below) such information should be your email address. Request for such notice should be filed by mail addressed as follows: Clerk of the U.S. Bankruptcy Court 75 Clinton Street Brooklyn, New York 11788 In order to continue to receive notices, a copy of the request must also be mailed to the attorneys for the Debtor whose name and address appears at the bottom of this notice, to the attention of Bonnie L. Pollack, Esq. The order also provides, for Web Claimants (defined as claimants for unpaid rebates who purchased from the Debtor via its Web Site) only, that said claimants receive notice by e-mail in all circumstances other than notice of any bar date for filing claims and the hearings upon Debtor's Plan and Disclosure Statement, as to which the manner of service of notice will be determined at a future time. To the extent any Web Claimant elects to receive written notice instead, the notice described above must contain that election. IF YOU DO NOT FILE SUCH A REQUEST, YOU WILL NOT BE GIVEN NOTICE OF MANY PROCEEDINGS WHICH MAY TAKE PLACE IN THIS CASE. Ruskin, Moscou, Evans & Faltischek, P.C. Attorneys for Debtor 170 Old Country Road Mineola, New York 11501 As of October 15, 2001 Ruskin, Moscou, Evans & Faltischek's address will change to: Ruskin, Moscou, Evans & Faltischek, P.C. East Tower, 15th Floor 190 EAB Plaza Uniondale, NY 11556-0190 |
A little background for the new comers: Cyberrebate offered items for sale at about 10x normal price ($900 gameboys, $160 DVDs, etc) but promised to give 100% back once the rebate form was mailed back. The theory was that they made money by investing the money for the three months or so before you got your money back. Things were fine during the boom times, but as of last May they had declared bankruptcy leaving people with thousands of dollars in unpaid rebates (it looks like the last rebates paid were claims sent in around Christmas time). During the spring of 2000, Cyberrebate did things like offer nice electronics (at 10x price), offer free vacations if you ordered x thousand dollars worth of merchandise, etc, but went bankrupt instead.
So, people had thousands (and in many cases, tens of thousands) worth of merchandise at 10x prices. They realized that they would not get anything from bankruptcy court, so they tried to dispute the charges with their credit cards, claiming that the rebate was part of the transaction. All of the credit cards at first denied all disputes, but over this past summer Visa and, I believe Mastercard and possibly American Express caved in and started refunding the money to people who had been trying to dispute the charges (though most still had the merchandise). Discover card, as of a month ago, was still refusing disputes for cyberrebate purchases. Oh, the cyberrebate customers were pissed, were trying to sue Discover, etc, the last I saw they weren't getting anywhere. The reason that there were a large number of Discover card people is that Discover offered a percentage as cash back (2%?). Thus, people reasoned, they could order, say, $8,000 worth of merchandise from cyberrebate (and actually get ~$1,000 worth of stuff), get $160 cash back from Discover, then get the $8,000 back from cyberrebate. Anyway, let cyberrebate serve as a reminder to you: If it sounds too good to be true, it probably is. And if you still aren't sure, whatever you do, don't throw thousands of dollars at it. |
This situation still pisses me off. Not to sound rude, but all these chargebacks hurt people with a lot more legitimate claims because credit card companies tighten rules and raise interest rates.
I think it is bogus that people conned the credit card people into giving them chargebacks. |
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