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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.
See many posts concerning the bankruptcy problems with Cyber-Rebate. They have filed for a chapter 11 reorganization bankruptcy. This is what is means to you if they owe you money. You are one of possibly a million creditors that they owe money to. The bankruptcy, if approved, will allow the company to start anew after paying off certain creditors, most likely those are considered collatoral creditors. Those of you that are owed money for purchasing items from them are considered non-collatoral creditors. It could be possible that the company has enough assets to pay a part of what is owed to non-collatoral creditors but this would be highly unlikely in todays dot-com world of finance. The company will be required to notify all creditors by mail of their situation and what your rights are. The most likely scenerio is that if you are a non-collatoral creditor, your debt will be dismissed by the bankruptcy court, you will not receive any money, you cannot sue for the money. If you are a collatoral creditor (those that ordered and paid for items but did not receive them fall in this catagory), you may get repaid only pennies on the dollar, if you are lucky. I would not expect anything. I attempted to contact the company but my calls were not accepted. You need to keep any proof of any and all transactions made with the company, this may be your only hope of receiving any kind of refund. This shows that even the violitility of todays can have negative effects even on companies that appeared to be doing well.
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.
See many posts concerning the bankruptcy problems with Cyber-Rebate. They have filed for a chapter 11 reorganization bankruptcy. This is what is means to you if they owe you money. You are one of possibly a million creditors that they owe money to. The bankruptcy, if approved, will allow the company to start anew after paying off certain creditors, most likely those are considered collatoral creditors. Those of you that are owed money for purchasing items from them are considered non-collatoral creditors. It could be possible that the company has enough assets to pay a part of what is owed to non-collatoral creditors but this would be highly unlikely in todays dot-com world of finance. The company will be required to notify all creditors by mail of their situation and what your rights are. The most likely scenerio is that if you are a non-collatoral creditor, your debt will be dismissed by the bankruptcy court, you will not receive any money, you cannot sue for the money. If you are a collatoral creditor (those that ordered and paid for items but did not receive them fall in this catagory), you may get repaid only pennies on the dollar, if you are lucky. I would not expect anything. I attempted to contact the company but my calls were not accepted. You need to keep any proof of any and all transactions made with the company, this may be your only hope of receiving any kind of refund. This shows that even the violitility of todays can have negative effects even on companies that appeared to be doing well.