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Technology Stocks : Value America (VUSA) - Another eBay? -- Ignore unavailable to you. Want to Upgrade?

To: Rajiv who wrote (722)	8/13/2000 8:02:49 AM
From: Elio Madama	Respond to of 734

Rajiv, thanks a lot. I wish with all my heart that you're right. I have 12.000 shares (20k). I was going to sell Friday, but changed my mind because earnings coming out next week. Elio

To: Rajiv who wrote (722)	8/20/2000 11:32:01 PM
From: RockyBalboa	Respond to of 734

Looks like they were even thieving from customers right before the filing.... a complaint alleges: Monday August 14 04:34 PM EDT Value America bankrupt; iMac buyers left stranded by Brad Gibson, bgibson@maccentral.com Online retailer and Macintosh dealer Value America Inc (Nasdaq:VUSA - news), who has been struggling financially for months and filed for Chapter 11 bankruptcy last Friday, has left an unknown number of customers who placed orders for Macintosh computers stranded with no way to contact the company to either get a refund or receive product. The Charlottesville, VA-based company said in a statement Friday it had filed for Chapter 11 bankruptcy, had laid off 185 workers and would now concentrate on developing an electronic services business for companies wanting online ordering, billing and distribution. "The decision to shut down our Internet retailing business was difficult," Glenda Dorchak, Value America's chief executive, said in a statement. "... 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." While the company reels from bankruptcy, customers with outstanding orders -- including those awaiting Apple-branded Macintosh equipment -- are looking for answers. "I ordered an iMac DV from them two weeks ago and now I can't get an answer out of them if I'm getting my money back or getting what I paid for," David Bleck of Livingston, New Jersey told MacCentral. "I was given no indication there was trouble and that they were closing their doors still holding on to my money." Bleck said he has tried contacting Value America through a number of phone numbers, but has had no luck in reaching a company representative. MacCentral attempted to contact the company through five different local phone numbers and received busy signals for more than six hours on all five numbers. Numerous attempts to contact Value America through three listed toll-free numbers resulted in telephone company recordings saying "Your call did not go through. Please try your call again." The company's Web site has been inaccessible since Friday afternoon. Before being taken offline, a company spokesman told the Washington Post an online message was posted saying, "Sorry we are closed." As recently as the week of July 31, Value America was still running nationwide ads for iMac equipment and accessories in USA TODAY. Value America was an Apple-authorized catalog retailer and started selling Macintosh equipment in May of 1999. "They have my money and I want it back," said Sue Clark of Southfield, Michigan, who ordered an iMac and printer in late July. "When I talked to a representative last week, they told me they had been delayed in shipping my order because they were still waiting on iMacs from Apple. I'm guessing now they had no plans on shipping me my order and iMacs were never coming from Apple." Tom Gallagher, President of the Better Business Bureau for Central Virginia based in Richmond said his consumer watchdog organization has monitored Value America for some time and received over 400 complaints about the company last year alone. Gallagher said complaints this year were also high, although he could not produce an exact number. "The majority of complaints lodged against Value America were about refunds not given and an inability to contact the company to either get promised products or money back," Gallagher told MacCentral. "This all could have been avoided with timely and reasonable response from Value America and a refund when justified." Value America was considered by many to be a pioneer in Internet retailing, selling everything from furniture to food to electronics nationwide. In December, Value America announced a major restructuring that involved the departure of its two co-founders and the laying off of more than 300 people. The company then announced it was dropping all of its products except for computers, electronics and office supplies. In March, Value America re-launched its Web site and received a US$90 million equity investment in May from a group of investors. An audit by PricewaterhouseCoopers reported in March that "the company has suffered recurring losses ($143.5 million in 1999) and negative cash flows from operations that raise a substantial doubt about its ability to continue as a going concern." Gallagher said his office will take complaints from customers and will get in contact with Value America "one way or another." Gallagher's office would ultimately receive all complaints regarding Value America despite the company selling nationwide, because his office serves the area where Value America is based. Gallagher recommended those with a dispute against Value America leave a complaint on the BBB's Web site and contact their credit card company immediately to inquire about protection and a refund. "People want to contact their credit card company immediately and talk to them about protection, even if Value America has already debited their credit card," Gallagher stated. Value America customers should review an online BBB document entitled 'What Should You Do When a Business Closes?' for more advice on getting a refund from Value America. In the meantime, Gallagher said those who are owed money from Value America might have a long wait. "I don't know what's going to happen. In a bankruptcy proceeding, all bets are usually off," Gallagher said. dailynews.yahoo.com

To: Rajiv who wrote (722)	8/20/2000 11:35:25 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 734

bbb.org Tips On... What Should You Do When a Business Closes? A Better Business Bureau Consumer Information Series Publication -------------------------------------------------------------------------------- January 1997 You take your TV to a repair shop, but when you return to pick it up, you find that the shop is no longer in business. What do you do when the company you've been doing business with or expect further service from has suddenly gone out of business? Trying to locate a company that has gone out of business can be difficult. The Better Business Bureau suggests the following: Go to the last known location to see if the company has posted any instructions or signs. If not, ask neighboring companies if they know what may have happened. If the business was located in an office building, you should try contacting the landlord of the building. Send a letter to the company's last known address asking the owner to contact you. Even if the business is closed, the mail may be subject to a forwarding order. You can also pay a visit to your Post Office to see if the company has a forwarding address. If you don't know the names of the principals, check with your city or county clerk's office. This may require a personal visit and you may be charged a small fee. If the business is regulated, such as attorneys, doctors, engineers, employment services, new car dealer, etc., contact the licensing agency. If you're not sure whether the company is regulated, contact your state's Department of Licensing & Regulations office. They will be able to tell you how to contact the appropriate regulatory authorities. Contact the Clerk of the Bankruptcy Court in the area where the company was located to see if the company may have filed for bankruptcy. Contact your Better Business Bureau (BBB). The BBB does not trace companies, but it does receive information daily on a number of changes in business locations and ownerships and may be able to help you. If you are successful in locating the owner and the business is not in bankruptcy, you are still owed your services, product, or money. Closing a business does not relieve the owner of his or her obligation to you. If you cannot obtain an appropriate settlement from the company, file a complaint with the Attorney General's office, with Small Claims Court, or seek the help of an attorney. If the company has filed for bankruptcy, you should file a claim with the bankruptcy court. The court will suspend the company's obligations to creditors and customers until it approves a plan to reorganize or liquidate the company. Under the plan you, as a claimant, may or may not get all or part of what you are owed. -------------------------------------------------------------------------------- A Better Business Bureau Publication Supported by Business in the Interest of Consumers Published by: Council of Better Business Bureaus, Inc. 4200 Wilson Blvd., Arlington, VA 22203 The Council of Better Business Bureaus offers this copyright publication to the consumer as a public service on behalf of its members. It is not an endorsement of any kind. Better Business Bureaus are not-for-profit organizations, serving the public interest by promoting ethical business practices in the marketplace.