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VA files for Chapter 11 !!!!!!!!

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VA files for Chapter 11 !!!!!!!!

Old 08-15-00, 04:33 PM
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Well it looks like I am never going to get my $106 dollar credit now....

Posted on their web site:

"Thank You To Our Customers

Value America has closed its retail operations. Orders which shipped prior to August 11th will be fulfilled. Orders placed prior to August 11th but not shipped by the vendor will not be fulfilled. Please return to this website later this week for more information.

Announcements

Value America's conference call to discuss second quarter 2000 results has been cancelled for Monday, August 14 at 5:00 p.m.

Press Releases "
http://www.valueamerica.com/chapter11.html

Aug. 11, 2000 Press Release

Value America Files for Chapter 11 Protection to Restructure as Electronic Services Business

CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Aug. 11, 2000--Value America, Inc. (NASDAQ:VUSA - news, www.VA.com - news) announced today that it has filed and will reorganize its business under the protection of a Chapter 11 bankruptcy proceeding. The filing was made in the federal bankruptcy court for the Western District of Virginia. The Company also announced that it has discontinued its e-retailing operations and undertaken a reduction in force to concentrate on the development of its electronic services business.

The electronic services business involves operating an infrastructure system for third party manufacturers, vendors and distributors to enable them to fulfill online orders from consumers, arrange for payment, and deliver goods and products to the consumer, through the use of the Internet.

Glenda Dorchak, Chairman and CEO said, "The decision to shut down our Internet retailing business was difficult. Despite tremendous efforts on the part of our employees and the loyalty of our vendors and customers, it has become apparent that the prospect for near term profitability of a company engaged exclusively in the retail side of the electronic commerce industry is not assured." As part of the shutdown today, the Company terminated 185 employees involved in its retailing operations.

According to Dorchak, "The Chapter 11 filing will protect the interest of our many stakeholders and should ensure that our electronic services business has an opportunity to develop and move forward. After careful consideration, and despite our good faith efforts, we were unable to establish to our satisfaction that our Internet retailing operation would become profitable within a reasonable time frame. However, we believe the Company has one of the most sophisticated and commercially viable technology infrastructure backbones in e-commerce today. We also believe that it will prove valuable to other companies who want to launch an e-commerce solution of their own on the Internet."

With the help of outside consultants, the Company said it has conducted extensive market research to understand how other companies, embarking on their own e-commerce solutions, could deploy Value America's experience, processes and technology. The Company also said it subjected its e-services business plan to due diligence reviews by potential commercial partners and received favorable feedback. The Company intends to continue with its e-services development efforts during the Chapter 11 proceeding. Unlike other dot.com companies that have recently filed for bankruptcy protection, Value America said it expected its electronic services business would emerge, on a stand-alone basis, from the reorganization filing and restructuring efforts.

Potential investors and acquirers already have expressed interest in the electronic services business proposition, the Company announced. Dorchak said, "We are hopeful that this filing will give Value America the breathing room it needs to further enhance the value of our technology and infrastructure assets and further explore opportunities for our electronic services business."

About Value America

Value America, Inc. (www.VA.com), based in Charlottesville, Virginia, was a pioneer in online retailing, bringing features of bricks and mortar to Internet commerce in an inventory-less model. It offers its technological and logistical expertise in e-commerce to manufacturers, content providers, and bricks and mortar retailers looking to come online, and to companies that have been unsuccessful in launching their own e-commerce operations.

Old 08-15-00, 05:03 PM
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Musta been all the free $100 VA dollar promotions DVDtalk'ers took advantage of. I only used 1 account and ended up with my Pioneer DV-525 DVD player for a net cost of $20. Along with the 5 free DVDs & the free rentals. Was hoping they'd have another giveaway before they filed for Chapter 11 though.

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Old 08-15-00, 05:35 PM
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I think it's amusing that they're "restructuring" under the pretense of doing for other companies the very thing that led them to go out of business. VA had one of the worst order and order tracking systems that I've ever had the displeasure of using. Now they're going to "operate an infrastructure system for third party manufacturers"?

See you guys in court in another year.
Old 08-15-00, 06:01 PM
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Does anyone know if they can claim refunds on the stuff that was purchased and not claimed/shipped?

Just wondering.

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Old 08-15-00, 06:09 PM
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"The Nasdaq Stock market said it is continuing to halt trading of Value America shares. Trading in the Charlottesville-based company's stock was halted at 4:03 p.m. Friday at the last sale price of 71 7/8 cents a share.
Trading will remain halted "until VA has fully satisfied Nasdaq's request for additional information," the Nasdaq said.
At the time of Friday's halt in trading, VA, a pioneer in Internet retailing, announced it had filed for Chapter 11 bankruptcy protection from creditors.
The company also halted its electronic operations, shut down its Web site and fired 185 employees.
Old 08-15-00, 10:43 PM
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Here's something that's been on my mind for awhile... I purchased Resident Evil Code Veronica for $45 on the basis that they would send me a $25 rebate. Now that it's basically certain that they won't be giving me my rebate, do I have any grounds for disputing the full-price charge with my credit card company? I guess since I already paid the cc bill, it would be nearly impossible to try to dispute it now, huh?
Old 08-17-00, 05:27 PM
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You know what really sucks about that company is that they know that are going chapter 11 how come they still excepted orders?

I think that is b*llsh*t!


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Old 08-18-00, 03:13 AM
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Bobubott I got my $25 rebate from my Code Veronica purchase. I also used my VA$, so it was essentially free for me. I got the rebate about a month ago. I'm not sure this will work, but have you tried calling them?

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Old 08-20-00, 03:14 PM
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BenCJedi/Bobubott, I am in the same predicament, I ordered Code Veronica, used my value dollars, and sent in the rebate, but never heard anything else. Does anyone know of someone to contact about this manner since the phone and web operations are now closed?
Old 08-21-00, 03:29 AM
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I sent an e-mail to Value America, but all I got was an automated e-mail reply, with no indication that a human would ever be answering my e-mail. Attached to the e-mail were details on virtually all the rebate offers they had going on, but Resident Evil wasn't on the list.

I can't remember when I sent in my rebate info, but luckily I kept a copy of the rebate form. It says entries must be received by July 1, and you should receive your rebate within 8 weeks. So, giving Value America the biggest benefit of the doubt, I should have received my check by no later than September 1. What I've decided to do is wait till Sept. 1, and if I still haven't gotten anything, I'm going to dispute it with my credit card company. It's probably a futile attempt, but I guess it's worth a shot. On my credit card statement, there's a list of options to choose from if you dispute a charge. This is the one I'm going to use:

"Although I did engage in the above transaction, I dispute the entire charge or a portion in the amount of $____. I have contacted the merchant and requested a credit adjustment. I either did not receive this credit or it was unsatisfactory. I am disputing this charge because____________."
Old 08-21-00, 11:52 AM
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Good call, I think I will do the same. I did send mine in just before the deadline. Thanks.
Old 08-21-00, 02:36 PM
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Try [email protected] can't guarantee he's still there, but Mike was real helpful with the whole Thin Red Line problem. He went out and bought on at Ciruit City and sent it to me (still had the price sticker on it) since they couldn't get it from their distributors.



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