SCOREBOARD FILES CHAPTER 11 (BANKRUPTCY)
The Card Mall
Finally!!!
Score Board files for Chapter 11
CHERRY HILL, N.J., March 19 (Reuters) - Score Board Inc said Thursday it had filed for Chapter 11 bankruptcy protection
because a drop in sports trading card sales had severely hurt its bottom line.
The sports card and memorabilia products company said in a statement that it had defaulted under its secured credit facility
and is developing a strategic plan with its secured lender.
``The market for sports trading cards has experienced a contraction in recent years, resulting in diminished sales by both
Score Board and its competitors,'' Score Board said.
In a statement, the company said that in 1996 it reported sales of $43 million. It said two years earlier in 1994 its sales
were $109 million. The company did not give its 1995 sales results and officials were not available for comment.
The company has not yet reported its 1997 full year or fourth-quarter earnings. It released its most recent earnings figures
on Oct 11, reporting 1997 third-quarter net income of $0.04 per share, or $549,000, versus $0.05 per share or $600,000 in
the third quarter of 1996. Third quarter net sales were $13.3 million versus $14.6 million in the third quarter of 1996.
In the statement, Score Board said during the fiscal years ended Jan 31, 1995, and 1996, and the 11-month period ended
Dec 31, 1996, it reported a net aggregate loss of $59.4 million.
The company said it was ``disappointed that the Chapter 11 filing was necessary, but we believe that it is the best way to
protect all constituencies' interests.''
``We have a respected business franchise in the sports and entertainment marketplace and believe that its value can be
preserved,'' it said.
In December, Score Board chairman Ken Goldin resigned. He was replaced by John White.
The company said Thursday the filing was made with the U.S. Bankruptcy Court for the District of New Jersey.
Jon Varney
Has anybody contacted them about unredeemed redemptions. I tried for a
little bit but wasnt successful. Please post info for all (cause i bet
there are plenty interested). Thanks.
-
JON VARNEY JVa...@prodigy.com (ICASG)
Jon Varney
Ok....i got info. Although not much to tell Took me a second attempt.
Pretty much they should have info to give people about their unredeemed
redemptions by Monday. Not very hopeful but if they ever want any hope
of regaining business...they gotta do something......although i guess
that might be too much to ask.
The Card Mall
In article <6es53c$3hpk$2...@newssvr03-int.news.prodigy.com> BKL...@prodigy.com (Jon Varney) writes:
>From: BKL...@prodigy.com (Jon Varney)
>Subject: Re: SCOREBOARD FILES CHAPTER 11 (BANKRUPTCY)
>Date: 19 Mar 1998 22:09:48 GMT
>
Yes, this is a serious issue - When Marvel (Fleer/Skybox) went into Chapter 11
the overall effect was not a big one for collectors, however, a majority of
Scoreboard's business is in redemption certificates, which is of course an
IOU, and for a company in bankruptcy protection, they do not have to redeem.
You will be a creditor very far down on the list. I wonder if their stuff is
going to be peddled tonight on Shop at Home, I may watch just to see. Their
stock finished today at an all time low of 5/32!
Alan
saige
PRAISE GOD!!!
Warren
CBRFramer
>I wonder if their stuff is
>going to be peddled tonight on Shop at Home,
I saw some of their bals and bats going on QVC. 79.50 for a Willie Mays AND a
Hank Aaron sifned baseball. They (QVC) had Mike Schmidt on.
Richard
Try me at CBRFramer
Jeff Bullingham
All I have to say is what goes around, comes around, and Scoreboard
finally got what they deserved. Wish that idiot Goldin would have gone
down with them.
--
******************************************************************************
Jim U'Ren
On Fri, 20 Mar 1998 01:12:22 -0600, saige <sa...@erols.com> wrote:
>PRAISE GOD!!!
Bout friggin time...now a few more card companies can follow suit!!
And we can get this hobby back to normal!!
The Card Mall
In article <3513b28e.78085264@news> the...@localnet.com (Jim U'Ren) writes:
>From: the...@localnet.com (Jim U'Ren)
>Subject: Re: SCOREBOARD FILES CHAPTER 11 (BANKRUPTCY)
>>PRAISE GOD!!!
Funny thing is, that in this week's SCD, there is an article about Scoreboard
- SCD asked some good questions, such as do they monitor the on-line
personalities, and their answer was basically that once the product left them,
then it was not their responsibility (it was qualified with a statement that
they could decide not to sell to them, like that would happen!)
Anyway, hopefully it is a moot point. Their stock is currently at 14 cents a
share, it is only a matter of time before they disappear. With such cash flow
problems, I doubt they can pay the atheletes to sign, and then their product
will not be redeemed. I'm glad I do not own any Scoreboard certificates, or
shares of stock!
Alan
Mr.
Jim U'Ren wrote in message <3513b28e.78085264@news>...
>On Fri, 20 Mar 1998 01:12:22 -0600, saige <sa...@erols.com> wrote:
>
>>PRAISE GOD!!!
>
>Bout friggin time...now a few more card companies can follow suit!!
>And we can get this hobby back to normal!!
Hobby??? Where? Where do you see a hobby? All I have been seeing lately is
"Investment". The so called "Hobby" died years ago. True collectors is an
endangered species. Not many left. I hope another company comes along like
Score Board to piss investors off.
Jim U'Ren
Well...personally, I am in it for the HOBBY...I collect Kerry Collins,
and have 596 of his cards....of course I sell other extras I have
aquired through opening boxes to sell to pay to buy more Collins,
there are many collectors, I have a list of about 100 people that I
actively trade with, about 10 are favre, 10 Collins, 5 emmitts, 5
marino and the rest are a varied assortment of team/old cards and
other players...trading is not close to being dead...not in my
experience....
- James J. U'Ren -=-=- Lockport, NY -
- UGT3 Good Traders Commitee Member -
- Tradelists at: http://www.localnet.com/~theedge/trade.html -
PJensen647
>From: the...@localnet.com (Jim U'Ren)
>Well...personally, I am in it for the HOBBY...I collect Kerry Collins,
>and have 596 of his cards....of course I sell other extras I have
>aquired through opening boxes to sell to pay to buy more Collins
I do the same thing with what I collect - teams from Wisconsin. I keep those,
and sell or trade the rest to get more.
sbnyc
I tried via letter and more recently (last week) a phone call.
I was told that the "computers were down" and that I should wait three
weeks. I've already waited a year for my
Doc Gooden auto'd baseball.
I think we should get a class-action suit going.
Anybody with me?
steve.
Jon Varney <BKL...@prodigy.com> wrote in article
<6es53c$3hpk$2...@newssvr03-int.news.prodigy.com>...
Alan Cohen
I think it is too much to ask. Based on their past behavior, they tend
to have the material very late. Their cash flow problems have a lot to
do with that I assume, because if you can't pay the athletes, they
aren't going to sign. I think if Scoreboard has the material in stock,
then people might have a chance of getting it, but if it is not in
stock, I don't see that happening. I doubt they will rebound. This is
very different than any other company going into Chapter 11 (like
Marvel) since Scoreboard's material is almost exclusively redemption
based these days. While I hate to see collectors get ripped off, I think
Scoreboard being gone is a good thing.
Alan
Steve & Elizabeth
a Kobe fullsize signed BKB. We have been more thatn patient until
recently when they wouldnt let us talk to the person we normally spoke
with(Donna). They automatically switched us to the legal Dept. This
companies fate was inevitable. No company that practices the floating
of either money or merchandise ever survives. The sad thing is that
the collectors are the only ones to pay. Carnival barker Ken Goldin
will live to hawk his wares elsewhere whether it be under the name of SB
or another. If collectors are smart they will steer clear of any company
that this individual is associated with.I call into question the
integrity of a company that places the same redemption card in the
following year for items that have not been fulfilled from the previous.
Also I have seen three different versions of the 97 SB autographed
collection Eddie George Gold auto. supposedly #'d of 350.I have
personally seen versions #'d 280,300 and the 350 they noted. I figure
they get around that by saying that is all he signed in that one
particular signing.Still amounts to 1000 or so autos and a definite
misrepresentation of the truth. I have already spoken to my attorney and
she says to contact the company and ask for the name of the "authorized
agent for service of process" and file a small claims suit naming the
shop\s where you purchased the cards as well as the distributor and SB
for the full amount of all boxes purchased trying to obtain any
particular player. In my case that was 13 boxes. I have personally
boycotted even letting them know that I was doing so until my item was
either redeemed or a satisfactory replacement made and have asked
my friends to do the same. If this company is not going to treat us
fairly then lets boycott them out of the Sportscard and Memerobilia
market. I am willing to initiate a class action suit if enough people
are willing to get involved. My attorney also feels that collectors
calls to the U.S Attorney Generals office is warranted especially in
the case where subsequent redemption cards were re-issued with
outstanding ones existing. Sorry for the long read but you touched on
a nerve. Thanks Steve & Elizabeth Gilmore
winston, Oregon
DGrim16589
I have a few redemptions outstanding from proline gems that I wonder if Ill
ever see. I dont buy a lot of scoreboard items, but I did get a couple of
boxes cheap.
While its easy to bash them, Ill put in a good word. Back in 95, I found a 5
sport hot box at retail. That got me into the "strive for 5" redemption game.
I sent in 6 sets, each redeemable for autographed memorabilia from a select
list of players. After months of waiting, I received 6 nolan ryan autoed
baseballs. I complained (would have liked some variety), and they "let" me
exchange one ball for a dykstra autoed bat. I did, but I still felt slighted,
so I sent a 3 page letter of gripes to Ken Goldin. It was more of getting
things off my chest about how to make collectors happy. About a month later,
as I arrived home from work, there was a pile of UPS boxes on my doorstep.
Inside were a pete rose bb, mario lemieux plaque, emmitt litho, joe smith ball
and kerry collins ball, all autoed. I was thrilled, although there was no
letter or anything explaining the shipment.
Anyway, bye scoreboard or classic or whatever youre calling yourself these
days. Ill miss your stuff on the discount tables
dan
Vintage Sports Investments
Couldn't have happened to a shittier company.
Maybe there is a God.......
---m
PS- I'm Back...........
------------------------------------------------------------------------------
**** ALWAYS BUYING CARDS of PRE WAR AND 50's AS WELL AS PSA ****
Vintage Sports Investments
P.O. Box 6766 Lawrenceville, NJ 08648-0298
PSA Authorized Dealer - Mail for details
Ask for a scan of any card we have
NONSPORT
Steve & Elizabeth <gil...@pioneer-net.com> wrote:
>>file a small claims suit naming the shop\s where you purchased the cards as
well as the distributor and SB for the full amount of all boxes purchased
trying to obtain any particular player.<<
Did your attorney say why the shop(s) had any responsibility for your not
receiving your redemptions?
Assuming they sold you a factory sealed product, they fulfilled their
obligation...X$ for Y# factory sealed boxes. I don't believe they have any
responsibility in respect to what you get from the box or redemptions therein.
This would be like saying "X product has a refractor distributed at a ratio of
1/36 and you didn't get one, therefore, the shop owner is responsible and must
return your money.
Please clarify.
Happy collecting,
M
Ask to be placed on our non sport e-mail list for daily
updates of the longest running auction on the net.
NOW IN OUR 23rd MONTH!
Bid on Inserts, Rare Cards, Unusual Cards, Autographs,
Promos, Sell Sheets, Licensing Slicks and much more!
Alan Cohen
PJensen647 wrote:
>
> >From: dgrim...@aol.com (DGrim16589)
>
> >Anyway, bye scoreboard or classic or whatever youre calling yourself these
> >days. Ill miss your stuff on the discount tables
>
> business. Isn't it reorganization?
Technically, yet. Marvel (Fleer) is currently in Chapter 11, and they
will rebound. There is so much about the way that Scoreboard does
business that suggests they will NOT rebound - The biggest factor is
that their business is based on sports memorabilia, people buy "tickets"
to redeem this material. If they are having cash flow problems, then
they can not pay the athletes to sign, and if they can not pay the
athletes to sign, they can't redeem! I have heard from a good source
(big dealer) that they do not have much of an inventory left, so it
looks pretty bad for them (which is good) but bad for collectors who
will get screwed (which is very bad)
Alan