posted on February 21, 2002 12:43:37 AM new
Yowzers! I always thought it would happen, but I never expected it to take this long.
BidBay has settled the trademark suit with eBay, and will no longer be operating under the name BidBay.
They're also changing their business model to some hokey multi-level marketing scheme (this was done by some other auction site a couple years ago, but I can't remember their name).
And, they've withdrawn their SB-2 filing! So much for the fabled IPO....
posted on February 21, 2002 06:46:46 AM new
Can anything of these tiny third level auctions ever hope for an IPO? Every hope to make real money? Methinks not.
[ edited by bidsbids on Feb 21, 2002 02:15 PM ]
The filing also revealed that one of BidBay.com's largest shareholders, Donald Dayer, is barred from promoting or selling stock due to previous fraudulent activities. Dayer received a permanent injunction from the Federal Trade Commission in U.S. District Court in 1996 "for the fraudulent telemarketing of investments in FCC paging licenses," according to the filing.
The injunction prohibits Dayer from participating in "the advertising, promotion, offering for sale of any investment, whether directly or indirectly, or through any business entity, unless Dayer first obtains a performance bond in the principal sum of $275,000."
According to the SB-2, Dayer owns 18.7 percent of BidBay.com's common shares and was "instrumental" in the online auction site's establishment.
Dayer now faces legal proceedings in Pennsylvania, along with BidBay.com and John Montgomery, who is not listed as one of the company's principal shareholders. The defendants allegedly violated an August 22, 2000, summary order to cease and desist from selling stock in the state when Montgomery offered to sell BidBay.com shares to an unidentified Pennsylvania resident in October 2000.
The SB-2 adds that BidBay.com "will not be able to sell securities in the State of Pennsylvania in the future." However, BidBay.com Vice President Wes Cooley told AW that this issue has been resolved. Pending the payment of a fine, the company will be able to sell shares in the state through a licensed broker, said Cooley.
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And lest you should wish to believe Wes Cooley's version of things, it is important to note his history of lying:
"A recent AP story reports that BidBay Vice President and former Oregon congressman Wes Cooley was convicted of lying about his war record in the Oregon Voters' Pamphlet and sentenced to two years of probation."
posted on February 26, 2002 09:06:19 AM new
Does anybody think that Auctiondiner will do as well, or become as popular as Bidbay? Its going to be kinda hard rebranding to a new name.
I think its going to have a huge impact on their company.
posted on August 3, 2002 09:50:17 PM new
Replaced by an even better auction site and a great new marketing plan... the MLA. Now it's to become Bidway.com which is even BETTER!
This is a great site, with TopNOTCH management, and excellent customer service. Everyone should check out Bidway.com when it's fully online!
